
Asian markets set to open higher as investors await Beijing-Washington trade meeting and China data
China Shenzhen
Real444 | E+ | Getty Images
Asian markets were set to climb Monday as investors awaited trade talks between the U.S. and China later in the day, following accusations between the two over breaching deal terms agreed in Geneva last month.
Trade tensions are seemingly easing as China has reportedly granted temporary approvals for the export of rare earths, while jetliner Boeing Co has begun commercial jet deliveries to the Asian superpower.
China is also slated to release a slew of data, including its consumer and wholesale inflation readings for May. Economists polled by Reuters expect consumer prices to have fallen by 0.2% year on year, while PPI is forecast to have declined by 3.2% from a year earlier..
Futures for Hong Kong's Hang Seng index stood at 23,801 pointing to a marginally higher open compared to the HSI's last close of 23,792.54.
Japan's benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 37,975 while its counterpart in Osaka last traded at 37,980, against the index's Friday close of 37,741.61.
Australian markets are closed for a public holiday.
U.S. equity futures were mostly flat in early Asian trade.
All three key benchmarks on Wall Street jumped last Friday, after the non-farm payrolls data came in better-than-expected.
U.S. payrolls climbed 139,000 in May, the Bureau of Labor Statistics reported Friday, above the Dow Jones forecast of 125,000 for the month but less than the downwardly revised 147,000 in April.
The Dow Jones Industrial Average popped 443.13 points, or 1.05%, to close at 42,762.87. The blue-chip index was up more than 600 points at its highs of the session.
Meanwhile, the the broad-based S&P 500 also gained 1.03% — surpassing the 6,000 level for the first time since late February — and settling at 6,000.36, while the Nasdaq Composite rallied 1.20%, to end at 19,529.95.
— CNBC's Sean Conlon and Jesse Pound contributed to this report.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
37 minutes ago
- Yahoo
China Consumer Deflation Streak Persists as Price Wars Rage
(Bloomberg) -- China's consumer deflation extended into a fourth month, as price wars intensified while a spending boost during two national holidays failed to offset the drag from weak domestic demand. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The consumer-price index fell 0.1% in May from a year earlier, the National Bureau of Statistics said Monday. Factory deflation persisted into a 32nd month, with producer prices falling the most in nearly two years. The threat of entrenched deflation in China will likely linger for months to come as consumers hunker down after a prolonged property slump and companies become mired in price wars. The risk is compounded by trade frictions with the US, even as the two countries agreed to continue talks after a call last week between Donald Trump and Xi Jinping. Asian stocks opened higher with trade negotiations set to resume in London on Monday, while positive jobs data in the US eased recession fears. The benchmark CSI 300 Index of onshore stocks rose as much as 0.5%. The talks offer a glimmer of hope that the world's two largest economies can defuse tensions and potentially lower tariffs that reduce US demand for Chinese goods and potentially worsen China's industrial overcapacity and intensify price wars. In the latest example of cutthroat competition, carmaker BYD Co. slashed prices by as much as 34% on almost a dozen of its electric and plug-in hybrid models, stoking concerns of another wave of discounting in the EV market. Holidays at the beginning and end of May brought temporary respite, however, when demand for services heated up during a popular time for travel and visiting family. What Bloomberg Economics Says... 'There's no end in sight for deflationary pressures in China yet... Policymakers are delivering on budget plans but resources don't appear to be going where they could make a difference for consumers. Price wars in goods and services aren't helping, either.' — Eric Zhu, economist Read the full note here. Dong Lijuan, chief statistician at the NBS, blamed the steep decline in producer prices on a high base last year and a drop in global prices for oil products and chemicals. Meanwhile, prices of coal and other raw materials at home declined because of ample inventory, further dragging down the index, she said in a statement accompanying the data release. Losses in jobs and incomes caused by US tariffs threaten to weaken the ability and willingness of Chinese consumers to spend, likely prompting manufacturers and service providers to cut prices. A program to subsidize consumer purchases has boosted sales of home appliances since last year, but economists have warned the effect won't last and comes at the expense of other goods. The Economic Daily, an outlet overseen by China's cabinet, published a front-page editorial on Sunday calling for better policy to support consumption, including by easing regulations and lifting income. Morgan Stanley economists led by Robin Xing said last week that they see deflation 'getting deeper, not better,' warning China's economic growth may decelerate quickly in the second half of the year 'with slower exports and a sluggish consumption appetite.' The International Monetary Fund projects China's consumer inflation will average zero this year, the lowest of the almost 200 countries it covers. That would be the weakest reading for China since 2009, when the global financial crisis hammered exports. The latest monthly surveys of purchasing managers showed output prices weakening both in manufacturing and services. In May, the rate of discounting in the services sector reached the steepest in eight months, according to a report last week from Caixin and S&P Global. A recent Bloomberg survey of 67 economists also showed deflationary pressure is expected to get worse in China. Consumer prices will likely increase by just 0.3% in 2025 from a year ago, the lowest projection since Bloomberg began polling the question in 2023. Producer prices are now expected to decline 2% this year, worse than the 1.8% previously estimated by the economists, according to the survey. --With assistance from Josh Xiao. (Updates with more details.) The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data


CNBC
an hour ago
- CNBC
Dollar frail on weak economic data, trade uncertainty lingers
The dollar softened on Thursday, stuck near six-week lows after weak U.S. economic data revived fears of slow growth and high inflation, while the euro was steady ahead of an expected interest rate cut from the European Central Bank. The soft data, which showed U.S. services sector contracted for the first time in nearly a year in May and an easing labor market, led to a rally in Treasuries, with the yield on the U.S. 10-year Treasury note hovering at four-week lows. The dollar was a tad lower against the yen at 142.80, while the euro stood at $1.1424, not far from the six-week high it touched at the start of the week. Sterling last fetched $1.3557. Markets have been rattled since U.S. President Donald Trump announced a slate of tariffs on countries around the globe on April 2, only to pause some and declare new ones, leading investors to look for alternatives to U.S. assets. The dollar weakness has been the story of the year, with foreign exchange strategists surveyed by Reuters expecting further declines on mounting concerns about the U.S. federal deficit and debt. The dollar index, which measures the U.S. currency against six others, was at 98.749 and has dropped about 9% this year, poised for its weakest yearly performance since 2017. Investors are now awaiting Friday's monthly payrolls figures to gauge the state of the labor market after payroll processing firm ADP reported that U.S. private payrolls increased far less than expected in May. The more comprehensive employment report on Friday is expected to show that non-farm payrolls increased by 130,000 jobs in May after advancing by 177,000 in April, according to a Reuters survey of economists. The unemployment rate is forecast to hold steady at 4.2%. "May's payrolls data tomorrow will be important to see if investor concerns are valid or overdone. A soft labor market report is likely to result in outsize falls in the U.S. dollar," said Mansoor Mohi-uddin, chief economist at Bank of Singapore. Trump on Wednesday redoubled his calls for Federal Reserve Chair Jerome Powell to lower interest rates after the ADP data was released. Markets have priced in 56 basis points of rate cuts this year from the Fed, with traders pricing in a 95% chance for easing in September, LSEG data showed. In other currencies, the Australian dollar was 0.22% higher at $0.6507, while the New Zealand dollar rose 0.24% to $0.60425. Investors remain worried about U.S. trade negotiations and the lack of progress in hashing out deals ahead of the early July deadline. Trump called China's Xi Jinping tough and "extremely hard to make a deal with" on Wednesday, exposing frictions after the White House raised expectations for a long-awaited phone call between the two leaders this week. Attention will also be on Europe, where the central bank is widely expected to cut rates by 25 basis points later on Thursday. Investors will look for clues for what comes after that even as the case grows for a pause in its year-long easing cycle. The ECB has cut rates seven times in 13 months as inflation eased from post-pandemic highs, seeking to prop up a euro zone economy that was struggling even before Trump's erratic economic and trade policy dealt it yet another blow. "Lower energy prices, forthcoming fiscal stimulus, and reduced global recession risks warrant a wait-and-see approach to further policy moves," said Laura Cooper, head of macro credit and investment strategist at Nuveen. "While a potential insurance cut could come in September, it will be contingent on incoming data – yet risks appear skewed to the upside amid depressed trade-led expectations."


Business Insider
2 hours ago
- Business Insider
Stock Market News Review – Stock Futures Dip with Key Events Ahead
U.S. stock futures slightly dipped on Sunday evening, with the S&P 500 (SPX) hovering just below record territory. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 were down 0.14%, 0.04%, and 0.07%, respectively, at 8:06 p.m. EST, June 8. Confident Investing Starts Here: Meanwhile, all three major indexes finished their second winning week in a row. The S&P 500 ended above 6,000 for the first time since February 21 and is now less than 3% below its all-time closing high. This week starts off busy, with U.S. and China officials holding trade talks in London and Apple (AAPL) kicking off its 2025 Worldwide Developers Conference today. Later in the week, investors will watch closely for fresh inflation data, with May's Consumer Price Index (CPI) due Wednesday and May's Producer Price Index (PPI) on June 12, Thursday.