{"id":127854,"date":"2021-06-07T07:19:09","date_gmt":"2021-06-07T07:19:09","guid":{"rendered":"https:\/\/precoinnews.com\/?p=127854"},"modified":"2021-06-07T07:19:09","modified_gmt":"2021-06-07T07:19:09","slug":"asia-shares-hesitate-china-imports-underpin-resources","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/asia-shares-hesitate-china-imports-underpin-resources\/","title":{"rendered":"Asia shares hesitate, China imports underpin resources"},"content":{"rendered":"

SYDNEY (Reuters) – Asian shares turned sluggish on Monday as relief over a benign U.S. jobs report was chilled by caution ahead of key inflation data, while a coronavirus outbreak in Taiwan took an increasing toll on hard-pressed chip makers.<\/p>

FILE PHOTO: A man wearing a protective face mask, following an outbreak of the coronavirus, talks on his mobile phone in front of a screen showing the Nikkei index outside a brokerage in Tokyo, Japan, February 26, 2020. REUTERS\/Athit Perawongmetha\/File Photo<\/figcaption>

Data out of Beijing showed China\u2019s imports grew at their fastest pace in 10 years as it sucked up resources, a boon for everything from copper to iron ore prices.<\/p>\n

Rising costs and supply bottlenecks were a hurdle for exports, though, and Chinese blue chips eased 0.5%.<\/p>\n

Taiwan stocks lost 0.2% as a spike in COVID-19 cases hit three tech companies in northern Taiwan, including chip packager King Yuan Electronics.<\/p>\n

MSCI\u2019s broadest index of Asia-Pacific shares outside Japan slipped 0.1% and risked a fourth straight session of losses. Japan\u2019s Nikkei edged up 0.3% and touched its highest in almost a month.<\/p>\n

Investors were wary on how shares of major tech firms would react to the G7\u2019s agreement on a minimum global corporate tax rate of at least 15%, although getting the approval of the whole G20 could be a tall order.<\/p>\n

So far, the reaction was muted with both Nasdaq and S&P 500 futures down 0.2%. EUROSTOXX 50 futures and FTSE futures eased 0.1%.<\/p>\n

Also of interest will be the tussle over U.S. President Joe Biden\u2019s proposed $1.7 trillion infrastructure plan with the White House rejecting the latest Republican offer.<\/p>\n

While the 559,000 rise in May U.S. jobs missed forecasts it was still a relief after April\u2019s shockingly weak report. The jobless rate at 5.8% showed there was a long way to go to reach the Federal Reserve\u2019s goal of full employment.<\/p>\n

\u201cThe data was perfect for a goldilocks type outlook for risk: not too hot to bring in fears of a faster Fed taper, and not too cold to worry about the outlook for the recovery,\u201d said NatWest Markets strategist John Briggs.<\/p>\n

\u201cThis caused a weaker USD, better stocks, reinforced the earlier bid in commodities, and boosted emerging markets.\u201d<\/p>\n

Attention will now turn to the U.S. consumer price report on Thursday where the risk is of another high number, though the Fed still argues the spike is transitory.<\/p>\n

Briggs suspected Fed officials might open the door to talking about tapering at the June policy meeting, with the start coming in early 2022 and a rate hike not until 2024.<\/p>\n

The European Central Bank holds its policy meeting on Thursday and is widely expected to maintain its stimulus measures with tapering a distant prospect.<\/p>\n

Yields on U.S. 10-year notes were a fraction higher at 1.57%, after diving 7 basis points on Friday and back to the bottom of the trading range of the last three months.<\/p>\n

That drop, combined with an improvement in risk appetite, put the dollar on the defensive. It was last at 90.173 against a basket of currencies, having slipped from a top of 90.629 on Friday.<\/p>\n

The euro was holding at $1.2167, after bouncing from a three-week trough of $1.2102 on Friday, while the dollar was back at 109.45 yen from a peak of 110.33.<\/p>\n

The pullback in the dollar helped gold steady at $1,885 an ounce, up from a low of $1,855 on Friday. [GOL\/]<\/p>\n

Oil prices ran into profit-taking after Brent topped $72 a barrel for the first time since 2019 last week as OPEC+ supply discipline and recovering demand countered concerns about a patchy global COVID-19 vaccination rollout. [O\/R]<\/p>\n

Brent slipped 29 cents to $71.60 a barrel, while U.S. crude eased 22 cents to $69.40.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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