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Asian Stocks Steady as U.S. Shrugs Off CPI Jump: Markets Wrap

by capitalizefinancial
June 11, 2021
in Markets
0

Asian stocks were steady Friday after U.S. shares and Treasuries rallied as investors judged that a jump in inflation is likely to be transitory, leaving scope for ongoing central-bank support.

Equities edged up in Hong Kong and dipped in Japan and China. U.S. equity contracts crept higher following a climb in the S&P 500 to a record overnight and a technology rally that boosted the Nasdaq 100. Meme-stocks favored by day traders, such as GameStop Corp., plunged.

The 10-year U.S. Treasury yield held most of an earlier drop to 1.43%, its lowest point since March. The yield had briefly jumped in U.S. hours on above-forecast gains in consumer prices. The dollar retreated.

The U.S. CPI increase in May was driven largely by categories associated with a broader reopening of the economy, as vaccinations bring the pandemic under control. Despite some signs of wider price pressures, concerns about a spike in longer term borrowing costs that could destabilize global markets have eased.

This latest market reaction suggests investors are aligning with the Federal Reserve’s view that inflationary pressures are temporary and that any changes in ultra-accommodative policy will likely happen very gradually.

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