- Asia-Pacific shares trade mixed as traders await full markets’ return.
- China’s Caixin PMI nears forecast, RBA signals July as an action-day.
- US Treasury yields jump, stock futures remain indecisive ahead of ISM Manufacturing PMI.
- Inflation, stimulus and tapering remain as the key concerns ahead of Friday’s US NFP.
Lingering doubts over the global economic recovery and the top-tier central bankers’ next moves trouble Asian equity traders during the first day of June. The equity moves also justify mixed data from regional leaders as well as the RBA’s request for the next meeting to momentum traders.
MSCI’s index of Asia-Pacific shares outside Japan eases from April-end top, down 0.07% intraday. Japan’s Nikkei 225 struggles as Capital Spending and PMIs fail to offer any clear direction, down 0.20% by the press time of pre-European open.
South Korea’s KOSPI cheers upbeat Trade Balance and activity data for May with mild gains as regional heavy-weight China dislikes Yuan’s appreciation and witnesses another sign of peaking economic recovery, namely the Caixin Manufacturing PMI for May. India’s BSE Sensex struggles for a clear direction near 51,920 as optimism surrounding government stimulus fades.
Elsewhere, Australia’s ASX 200 drops 0.20% amid RBA’s inaction but New Zealand’s NZX 50 again prints over 1.0% daily gain as odds of RBNZ rate hike eases.
S&P 500 Futures couldn’t justify the month-start jump in the US 10-year Treasury yield but commodities are on the front foot, especially gold and WTI oil, amid the downbeat US dollar.
Moving on, US ISM Manufacturing PMI will be the key event of the day as traders seek early signals of Friday’s NFP and the upcoming Fed meeting. Meanwhile, chatters over US stimulus, Eurozone CPI and UK unlock, as well as PMIs, may entertain intraday traders.
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