(Bloomberg) -- Global stocks and equity futures started the week in mixed fashion amid concern about rising coronavirus cases in countries from the U.S. to Australia. Gold prices rose.
S&P 500 Index contracts reversed an early slide of as much as 1% to push higher, while European futures retreated. Asian markets slipped in a choppy low volume session with Hong Kong underperforming in wake of China’s latest moves on a national-security law. Treasuries were little changed, as was the dollar. Crude oil hovered below $40 a barrel in New York.
Australian shares reversed early declines, as did the local dollar, in the wake of Victoria tightening the populous state’s restrictions due to fresh cases. In the U.S., California reported record new cases and Florida infections jumped more than the weekly average. China’s Beijing outbreak appeared to fade, however.
Markets remain vulnerable as governments gradually ease coronavirus lockdowns and travel restrictions to revive growth while attempting to control the spread of Covid-19. Meanwhile, China over the weekend released details of a proposed national security law that would give the mainland the right to directly prosecute Hong Kong residents for still vaguely defined offenses.
“Shares remain technically overbought and vulnerable to a further correction or period of consolidation, but we continue to see it as a pause in a rising trend,” said Shane Oliver, a global investment strategist at AMP Capital Investors Ltd. “Fear about a second wave of coronavirus cases continues.”
Here are some key events coming up:
MSCI Inc. on Tuesday announces its market classification review for 2020.The IMF will release new 2020 growth projections on Wednesday.U.S. jobless claims, durable goods and GDP data are due Thursday.Policy decisions are expected from central banks in Turkey and the Philippines Thursday.A rebalance of Russell indexes is due on Friday.
These are the main moves in markets:
Stocks
Futures on the S&P 500 rose 0.2% as of 7:20 a.m. in London. The index fell 0.6% on Friday.Japan’s Topix index fell 0.2%.Hong Kong’s Hang Seng fell 0.9%.South Korea’s Kospi fell 0.4%.Australia’s S&P/ASX 200 Index was flat.Shanghai Composite Index fell 0.2%.Euro Stoxx 50 futures declined 1.3%.
Currencies
The yen was flat at 106.90 per dollar.The offshore yuan was steady at 7.0702 per dollar.The Aussie rose 0.3% to 68.59 U.S. cents.The euro bought $1.1197.
Bonds
The yield on 10-year Treasuries was at 0.69%.Australia’s 10-year yield remained at 0.86%.
Commodities
West Texas Intermediate crude oil fell 0.6% to $39.53 a barrel.Gold climbed 0.4% to $1,751 an ounce.
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