Bloomberg
(Bloomberg) -- Asian stocks, U.S. and European equity futures rose Monday as investors focused on the prospect of additional fiscal stimulus and supportive Federal Reserve policy amid the worsening pandemic. The dollar dipped.Stocks outperformed in South Korea and Hong Kong though Japanese shares were little changed. U.S. futures pointed higher, with Nasdaq 100 contracts leading gains ahead of a slew of tech earnings reports this week. The S&P 500 slipped Friday on sobering virus trends. Treasury yields edged up.Hong Kongās stock market was boosted by a surge in Tencent Holdings Ltd. The Internet giant has become a prime target for traders from mainland China who are flooding record amounts of cash into Hong Kong-listed shares this year.Global stocks are close to all-time highs as expansive stimulus assuages concerns stemming from additional coronavirus lockdowns and the patchy rollout of vaccines, which has led to a tougher start for the world economy in 2021 than earlier expected.U.S. lawmakers are sparring over President Joe Bidenās proposed $1.9 trillion Covid-19 relief plan but investors continue to expect some additional spending to materialize eventually. Traders are also hoping Fed Chair Jerome Powell will provide reassurance after Wednesdayās policy meeting that $120 billion of monthly bond purchases wonāt be tapered any time soon.āInvestors see continued open-spigot monetary policy and more fiscal stimulus,ā said Marc Chandler, chief market strategist at Bannockburn Global Forex. āCoupled with the vaccineās rollout, it will generate a critical mass of more robust economic growth as the year progresses.āGlobal coronavirus cases are nearing the 100 million mark, with the U.S. stepping up surveillance of virus variants to monitor their impact on inoculations. Mexican President Andres Manuel Lopez Obrador said in a tweet that he is infected with Covid-19.Elsewhere, oil and gold were steady and Bitcoin traded at around $33,000 after tumbling last week.These are some key events coming up in the week ahead:Microsoft Corp., Apple Inc., Tesla Inc., Facebook Inc., UBS Group AG and Samsung Electronics Co. are among companies reporting results.Chinese President Xi Jinping is due to speak at the World Economic Forumās āThe Davos Agenda 2021ā online event on Monday.Peopleās Bank of China Governor Yi Gang and European Central Bank Chief Economist Philip Lane speak at a conference on Monday.Data on U.S. home prices and consumer confidence come Tuesday.The Federal Open Market Committee monetary policy decision and briefing by Chair Jerome Powell are scheduled for Wednesday.Fourth-quarter GDP, initial jobless claims and new home sales are among U.S. data releases Thursday.U.S. personal income, spending and pending home sales come Friday.These are the main moves in markets:StocksS&P 500 futures rose 0.4% as of 2:36 p.m. in Tokyo. The S&P 500 fell 0.3% on Friday.Japanās Topix index was little changed.South Koreaās Kospi index added 2.1%.Hang Seng Index rose 1.9%.Australiaās S&P/ASX 200 Index rose 0.4%.Shanghai Composite added 0.6%.Euro Stoxx 50 futures rose 0.3%.CurrenciesThe Bloomberg Dollar Spot Index shed 0.2%.The yen was at 103.69 per dollar, up 0.1%.The offshore yuan climbed 0.2% to 6.4838 per dollar.The euro was at $1.2181.The British pound added 0.2% to $1.3714.BondsThe yield on 10-year Treasuries was at 1.09%.CommoditiesWest Texas Intermediate crude was flat at $52.29 a barrel.Gold was little changed at $1,855 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.Ā©2021 Bloomberg L.P.
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