Asian Shares Pare Initial Gains, Dollar Edges Up: Markets Wrap

(Bloomberg) — Asian stocks and US equity-index futures pared their initial gains Monday as technology stocks lost momentum. The dollar strengthened and crude oil trimmed its earlier drop.

MSCI’s Asia Pacific Index edged up 0.1%, after having climbed as much as 0.8% earlier. South Korea’s Kospi Index fell 0.3%, reversing earlier gains of as much as 3%. US equity-index futures also trimmed their advance.

Attention was firmly on chipmakers with Nvidia Inc.’s server assembly partner Hon Hai Precision Industry Co. reporting stronger-than-expected sales. SK Hynix Inc. shares dropped over 1%, ahead of this week’s listing of $29 billion American depositary receipts.

Oil was little changed even as energy flows through the Strait of Hormuz persisted and OPEC+ signaled higher supplies. Brent traded around $72.10 a barrel as shipping through the US-protected corridor in the waterway showed signs of recovering. OPEC+ members also backed another modest rise in collective quotas for next month.

A Bloomberg gauge of the dollar edged up, while yields on the 10-year Treasury yields slipped two basis points to 4.47%.

Corporate News:

EasyJet Plc agreed in principle to a takeover offer of more than £5 billion from Castlelake LP, which swooped in as the UK budget carrier was reeling from soaring jet fuel prices and suppressed demand after the Iran war. Nvidia Corp.’s server assembly partner Hon Hai Precision Industry Co. reported a bigger-than-expected 40% jump in quarterly sales and said AI demand is growing further. Samsung Electronics Co. plans to raise average third-quarter DRAM prices by about 20% from the previous three months and has verbally notified some customers, China Business News reported on Saturday, citing unidentified people familiar with the matter. A federal judge ordered the Pentagon to give Alibaba Group Holding Ltd. a reprieve from a law that caused all of its lobbyists to drop it as a client while she considers the constitutionality of the measure. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.3% as of 11 a.m. Tokyo time Nikkei 225 futures (OSE) fell 0.9% Japan’s Topix rose 0.3% Australia’s S&P/ASX 200 was little changed Hong Kong’s Hang Seng rose 0.5% The Shanghai Composite rose 0.3% Euro Stoxx 50 futures were little changed Currencies

The Bloomberg Dollar Spot Index rose 0.1% The euro was little changed at $1.1429 The Japanese yen fell 0.3% to 161.81 per dollar The offshore yuan was little changed at 6.7892 per dollar Cryptocurrencies

Bitcoin rose 1.3% to $63,508.12 Ether rose 0.5% to $1,784.9 Bonds

The yield on 10-year Treasuries declined two basis points to 4.47% Japan’s 10-year yield advanced one basis point to 2.790% Australia’s 10-year yield declined one basis point to 4.79% Commodities

West Texas Intermediate crude rose 0.2% to $68.85 a barrel Spot gold rose 0.2% to $4,186.23 an ounce This story was produced with the assistance of Bloomberg Automation.

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