An upbeat June payrolls report already has the market wagering heavily on a 75 basis points rise from the Fed
Sydney — Asian shares were mostly under water on Monday as investors braced for a US inflation report that could force another supersized hike in interest rates, and the start of an earnings season in which profits could be under pressure.
While Wall Street did eke out some gains last week, the market mood will be tested by earnings from JPMorgan and Morgan Stanley on Thursday, with Citigroup and Wells Fargo the day after. On Monday, S&P 500 futures were down 0.4% and Nasdaq futures off 0.5%. Euro Stoxx 50 futures fell 0.6% and FTSE futures 0.7%.
Japan's conservative coalition government was projected to have increased its majority in upper house elections on Sunday, two days after the assassination of former prime minister Abe Shinzo.A major hurdle will be Wednesday's US consumer price report, in which markets see headline inflation accelerating further to 8.8% but a slight slowdown in the core measure to 5.8%.
Likewise, Treasury yields climbed around 10 basis points on the jobs report and the 10-year stood at 3.09% on Monday, up from a recent low of 2.746%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The rand is being tested as fears of a US recession mountThe rand’s 9% plunge in the past month may be just the beginning for the South African currency, whose resilience is being tested by fears of a US recession even as local fundamentals remain supportive.
Read more »
Volkswagen takes on US, China rivals with battery factoryVolkswagen has set itself the ambitious aim of becoming the world's biggest electric car manufacturer by 2025.
Read more »
China vs US The battle for digital supremacy in AfricaSPONSORED: Join GGA_org, China vs US the battle for digital supremacy in Africa where industry leaders will contribute knowledge on how Africans view the competing approaches of global powers, providing pathways for Africa’s own strategies. Register here:
Read more »
South African rand weakens after strong U.S. jobs dataSouth Africa's rand weakened against the dollar on Friday, as strong U.S. job data cemented expectations that the Federal Reserve may hike interest rate by another 75 basis points later this month.
Read more »
SA's Afrigen partners with US on mRNA vaccine researchSA's Afrigen Biologics Ltd said on Friday that it will collaborate with US government researchers to develop mRNA vaccines and therapeutics.
Read more »
Wish you were here, Cyril tells us from Europe, while we plunge deeper into the darkWhile you sat freezing in the dark, your president was having the time of his life in Europe, gallivanting with the most powerful men in the world, writes Barney Mthombothi.
Read more »