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* Asian scholarships: https://tmsnrt.rs/2zpUAr4
* Nikkei up 1%, Nomura signals possible loss to US unit
* Bullish markets ahead of Biden’s infrastructure plan
* The US dollar holds recent gains against the euro and the yen
* Oil backed by Suez blockade, OPEC meeting to come
By Wayne Cole
SYDNEY, March 29 (Reuters) – Asian stock markets turned mixed on Monday as U.S. equity futures slipped and investors awaited details of the trillions of U.S. budget spending that many rely on to boost the economy. global economic recovery.
Optimism about the U.S. economy was fueled by the rollout of vaccination with some 143 million vaccines given to nearly 94 million people, long before the rollout in Europe.
President Joe Biden is expected to flesh out his infrastructure spending plans on Wednesday, while the wage bill is expected to rise by 630,000 on Friday as speculation could reach a million or more.
“We expect the global economy to grow vigorously at 6.4% this year, fueled by a significant US fiscal stimulus, with positive spillover effects for the rest of the world,” said Barclays economist Christian Keller .
“The rise in inflation over the next few months is expected to be transient, and core central banks seem determined to look into it.”
The largest MSCI index of Asia-Pacific stocks outside of Japan rose 0.3%, with activity limited by the approaching end of the quarter. Chinese blue chips rose 0.5%.
Japan’s Nikkei added 1%, although there was some nervousness when Nomura announced that its US unit could suffer a $ 2 billion customer-related loss.
There has also been some caution after a wave of $ 20 billion in block trades hit the markets on Friday, apparently linked to investment fund Archegos Capital.
So far, Nasdaq futures were down 0.5% and S&P 500 futures were down 0.4%.
The prospect of faster economic growth in the United States has sparked speculation about higher inflation and weighed on Treasury prices. Yields on US 10-year notes eased slightly to 1.66% on Monday, but were still not far from the recent 13-month high of 1.754%.
European yields were limited by active purchases from the European Central Bank, widening the yield advantage of the dollar against the euro. The single currency was last at $ 1.1786, after hitting a five-month low at $ 1.1760 last week.
TD Securities analysts noted that the euro found no advantage in a very strong German IfO survey on Friday, which showed corporate morale at an almost two-year high and signs of recovery in the securities sector. services.
“This suggests that market positioning still remains significantly biased towards the long side of EURUSD – even though the spot has seen a significant decline via the 200-day moving average,” they wrote in a note. “We continue to focus on downside risks from here.”
The dollar was also firm at 109.70 yen, hitting its highest since early June on Friday at 109.84. The dollar index stood at 92.776, after hitting its highest since mid-November.
The rebound in yields weighed on gold, which offers no fixed yield, and left it at $ 1,730 an ounce.
Oil prices, and commodities in general, have been supported by speculation that a blockage in the Suez Canal could take weeks to clear, delaying oil shipments by a million barrels per day. There are now more than 300 ships waiting to pass through the sea route which accounts for 12% of world trade.
The market will be cautious ahead of an OPEC meeting this week, which will have to decide whether to extend supply limits or loosen the taps.
Brent fell 7 cents to $ 64.50 in early trading, while US crude fell 24 cents to $ 60.73 a barrel.
(Editing by Richard Pullin and Sam Holmes)
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