We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now
Picture: 123RF/BLUE BAY
Picture: 123RF/BLUE BAY

Asian stocks fell on Monday and US equity futures erased a climb as tightening monetary policy kept sentiment in check.

MSCI Inc’s gauge of Asia-Pacific shares hit the lowest since June 2020 amid drops in Japan and Hong Kong and mixed performance in China, where banks kept their main lending rates unchanged. 

S&P 500 contracts turned lower, while those for the Nadsaq 100 reversed a gain of more than 1%.

Bitcoin slid anew, sinking back below the closely watched $20,000 mark. A volatile crypto slump has become emblematic of the pressure on a range of assets from sharp Federal Reserve interest-rate hikes to tame high inflation.

The dollar was mixed against key peers. Crude oil added to a near-7% Friday plunge. Treasury futures advanced — there’s no cash trading as Wall Street is closed Monday for a holiday.

Markets are set to remain on edge amid elevated price pressures and concern that monetary tightening in a range of nations portends more losses.

“Data over the coming months will indeed point to the need for a greater degree of tightening, and market prices will need to adjust,” Sonal Desai, chief investment officer at Franklin Templeton Fixed Income, wrote in a note.

In the latest Fed commentary, governor Christopher Waller said he would support another 75-basis-point rate increase at the central bank’s July meeting should economic data come in as he expects.

Bank of Cleveland Fed president Loretta Mester said the risk of a US recession is increasing, adding it will take several years to return to the 2% inflation goal. Fed chair Jerome Powell is due to appear before US lawmakers this week.

Some of the main moves in markets:


  • S&P 500 futures fell 0.1% at 3.48am. The S&P 500 rose 0.2% on Friday.
  • Nasdaq 100 futures rose 0.1%. The Nasdaq 100 rose 1.2% Friday.
  • Japan’s topix index fell 1.1%.
  • Australia’s S&P/ASX 200 index fell 0.6%.
  • South Korea’s kospi fell 2.3%.
  • Hang seng index fell 0.4%.
  • Shanghai composite index was little changed.
  • Euro Stoxx 50 futures fell 0.4%.


  • The Bloomberg dollar spot index was steady.
  • The euro was at $1.0496.
  • The Japanese yen was at 135.07 per dollar.
  • The offshore yuan was at 6.7088 per dollar.


  • The yield on 10-year Treasuries advanced three basis points to 3.23% Friday.
  • Australia’s 10-year bond yield fell 10 basis points to 4.04%.


  • West Texas Intermediate crude fell 0.5% to $109.03 a barrel.
  • Gold was at $1,839.61 an ounce.

Bloomberg News. More stories like this are available on bloomberg.com


Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.