Stocks and equity futures were steady, commodities rose and the dollar dipped Tuesday amid optimism about the economic recovery from the pandemic. Treasury yields ticked higher.
MSCI Inc.’s gauge of Asian equities edged up to the highest level in over a month. Exports data helped South Korean stocks to a modest gain, Hong Kong rose and Japan inched lower. Sentiment was helped by reports signaling manufacturing grew in Asia in May despite Covid-19 flareups. S&P 500, Nasdaq 100 and European futures were little changed following a U.S. holiday.
The dollar weakened versus most Group of 10 peers, and the offshore yuan was stable following China’s latest effort to restrain the currency. The pound rallied to a three-year high on vaccine-led reopening optimism for the U.K. Australia’s dollar trimmed gains after the central bank left key policy settings unchanged.
Oil climbed after the OPEC+ alliance forecast a tightening market. Commodities from iron ore to copper also pushed higher, a reminder of the rising costs that are stoking concerns about faster inflation and possible reductions in stimulus.
