Global Stocks steady; Oil slips amid OPEC+ dispute

Asian stocks were steady Monday after U.S. equities extended a rally on speculation the Federal Reserve has scope to continue providing substantial stimulus support. Oil dipped amid OPEC+ tension.

Shares slipped in Japan and Hong Kong, and fluctuated in China, where cybersecurity probes into ride-hailing giant Didi Chuxing as well as some other online platforms highlighted Beijing’s push to curb the influence of the nation’s internet companies. Chinese technology firms fell in Hong Kong.

The S&P 500 reached a record for a seventh day Friday after a U.S. jobs report signaled the economy is gaining steam but not at a pace that would prompt the central bank to taper stimulus quickly.
U.S. equity contracts edged down, as U.S. stock and bond markets closed for the July 4 Independence Day holiday.

Oil was around $75 a barrel amid an OPEC+ dispute. The standoff between Saudi Arabia and the United Arab Emirates leaves the global economy guessing how much oil it will get next month.

While the U.S. jobs report eased concerns about the Fed’s hawkish pivot last month, central banks around the world are beginning to pull back from the emergency stimulus they deployed to fight the pandemic-driven global recession.
Events to watch this week:

Reserve Bank of Australia policy decision Tuesday
FOMC minutes Wednesday
The Group of 20 finance ministers and central bankers meet in Venice on Friday
China PPI and CPI data released on Friday

Stocks
S&P 500 futures dipped 0.1% as of 1:42 p.m. in Tokyo. The S&P 500 rose 0.8% Friday
Nasdaq 100 futures fell 0.1%. The Nasdaq 100 rose 1.2%
Japan’s Topix index fell 0.2%
Australia’s S&P/ASX 200 Index added 0.1%
South Korea’s Kospi index rose 0.4%
Hong Kong’s Hang Seng Index shed 0.5%
China’s Shanghai Composite Index rose 0.2%
Euro Stoxx 50 futures added 0.1%

Currencies
The Japanese yen was at 111.13 per dollar
The offshore yuan was at 6.4648 per dollar, up 0.1%
The Bloomberg Dollar Spot Index increased 0.1%
The euro traded at $1.1854

Bonds
The yield on 10-year Treasuries declined three basis points to 1.42% Friday; futures were futures little changed
Australia’s 10-year bond yield dipped about four basis points to 1.43%
Commodities
West Texas Intermediate crude shed 0.1% to $75.10 a barrel
Gold was at $1,787.83 an ounce

Bloomberg/Hauwa Abu