Asian Stocks Trim Gains Amid Ukraine Talks Concerns
Asian markets pared earlier gains, while European equity index futures dipped amidst concerns over ongoing discussions on the Ukraine crisis and a pullback in Chinese shares.
Chinese Market Performance
China's benchmark stock index shifted to a loss, while Hong Kong-listed tech stocks retreated from near a three-year high.
Currency Movements
The US dollar strengthened against most G-10 peers, with the Bloomberg dollar index ending a three-day decline.
US Treasuries
US Treasury yields rose as trading resumed after the Presidents' Day holiday.
Federal Reserve Comments
Federal Reserve Governor Christopher Waller indicated that recent economic data supported maintaining interest rates until further progress on inflation is observed.
Chinese Economy Outlook
Chinese stocks initially rallied due to expectations of increased support for the private sector following a meeting between President Xi Jinping and business leaders. However, analysts cautioned that more steps are needed for a sustained bull market.
Commodities
Oil prices stabilized after OPEC+ delegates discussed the possibility of postponing output restoration. Gold held its gains, supported by central bank buying and inflows into bullion-backed ETFs.
Key Events This Week
* UK jobless claims and unemployment rate (Tuesday)
* Bank of England Governor Andrew Bailey's speech (Tuesday)
* Canada CPI (Tuesday)
* New Zealand rate decision (Wednesday)
* UK CPI (Wednesday)
* US FOMC minutes and housing starts (Wednesday)
* China loan prime rates (Thursday)
* Eurozone consumer confidence (Thursday)
* G-20 foreign ministers meeting (Thursday-Friday)
* Japan CPI (Friday)
* Eurozone manufacturing and services PMI (Friday)
* UK and US manufacturing and services PMI (Friday)
Market Movements
* S&P 500 futures up 0.2%
* S&P/ASX 200 futures unchanged
* Japan's Topix up 0.3%
* Hong Kong's Hang Seng up 0.5%
* Shanghai Composite down 1.1%
* Bloomberg Dollar Spot Index up 0.2%
* Euro down 0.3% to $1.0456
* Bitcoin down 1.1% to $95,319.23
* Ether down 4.1% to $2,664.39
* 10-year Treasury yield up three basis points to 4.51%
* West Texas Intermediate crude up 1% to $71.47 a barrel
* Spot gold up 0.5% to $2,912.05 an ounce