Asian stocks look set to slide Tuesday as European shares fell and U.S. stock futures headed lower albeit in thin holiday trading. The dollar steadied and oil climbed.
Futures in Japan, Australia and South Korea indicate a lower open as the Stoxx Europe 600 Index fell for the first time in four days. The yen steadied after retreating from a 15-month high. European markets were the center of investor attention on Monday as U.S. stocks and Treasuries took a break for Presidents’ Day holiday. Traders return to their desks in Hong Kong on Tuesday, while Chinese markets reopen on Thursday.
Investor focus now turns to the the U.S. Treasury, which opens its auction floodgates this week, beginning with $151 billion of short-term bills on Tuesday. With little in the way of significant economic data on the schedule, the sales will provide the clearest gauge yet of how steeply bond yields may rise in the world’s largest economy.
Elsewhere, oil climbed above $62 a barrel for the first time in more than a week as an alliance of some of the world’s largest oil producers signaled further cooperation to tighten supplies through the end of the year. Bitcoin broke above $11,000.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
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