Oil prices bounce more than $3 a barrel to recoup some of Friday’s losses as safe-haven bonds and the yen lose ground
Sydney — US stock futures led a market rebound on Monday as investors prepared to wait a few weeks to see if the Omicron coronavirus variant would really derail economic recoveries and the tightening plans of some central banks.
“Another key difference is there are far higher vaccination take-up rates globally now compared with when Delta emerged,” said Craig James, chief economist at asset manager CommSec. Bonds gave back some of their hefty gains, with Treasury futures down 13 ticks. The market had rallied sharply as investors priced in the risk of a slower start to rate hikes from the US Federal Reserve, and less tightening by some other central banks.Two-year Treasury yields edged up to 0.56%, after falling 14 basis points on Friday in the biggest drop since March last year. Fed fund futures had pushed the first rate rise out by about a month.
The economic diary is also busy this week with China’s manufacturing PMIs on Tuesday to offer another update on the health of the Asian giant. The US ISM survey of factories is out on Wednesday, ahead of payrolls on Friday.
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