Stocks stage small bounce as investors weigh cenbanks' next moves

* Fed policymakers including Powell to speak this week

* French yields rise after Macron election loss

* Dollar dips but remains near two-decade highs

* Graphic: Global asset performance Link

* Graphic: World FX rates Link

By Tommy Wilkes

LONDON, June 20 (Reuters) - Stock markets chalked up modest gains on Monday after last week's hefty losses as investors braced for a host of U.S. Federal Reserve speakers this week, where they could underline a commitment to fight inflation whatever rate pain required.

Trading was thinned by a U.S. holiday.

The euro was little moved after French President Emmanuel Macron lost control of the National Assembly in an on Sunday, a major setback that could throw the country into political paralysis. However, French government bond yields rose, a sign of investor nervousness.

The Euro STOXX .STOXX was last up 0.5%. Germany's DAX .GDAXI gained 0.43%, while French shares underperformed slightly but were still 0.25% higher .FCHI despite Macron's electoral setbacks.

Holger Schmieding, an economist at Berenberg, said Macron's party would now have to learn the art of compromise to push ahead with its policies.

"As most Republicans and other mainstream forces in France are less interested in strengthening European integration than Macron, his ability to shape and promote the European agenda will be even more limited than before," he said.

Nasdaq futures NQc1 climbed 0.78% while S&P 500 futures ESc1 rallied 0.69%.

The bounce in futures markets follows the S&P 500 falling almost 6% last week to trade 24% below its January high.

In Asia, shares fell on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lost 0.1% and Tokyo's Nikkei .N225 0.74%.

Chinese blue chips .CSI300 increased 0.5%, aided by news President Joe Biden was considering removing some tariffs on China.

The focus on the path for interest rates and inflation is likely to dominate markets this week.

A series of central bank hikes last week, including a surprise move by the Swiss National Bank, will be followed by more tightening as policymakers try to tame soaring prices - investors predict heightened volatility until there is some clarity on a peak in inflation and central bank policy tightening.

Relief seems unlikely this week with British inflation figures expected to show another alarmingly high reading that could push the Bank of England into hiking at a faster pace.

A number of central bankers are also on the speaking calendar this week, led by a likely hawkish testimony from Federal Reserve Chair Jerome Powell's to the U.S. House of Representatives on Wednesday and Thursday.

"Markets are still digesting the higher re-pricing of Fed rate expectations, and global risk assets may struggle to show any sustainable rebound for now. All this should keep the dollar mostly in demand in a week where markets will focus on Powell's testimony," ING analysts said in a note.


The Fed last week vowed its commitment to containing inflation was "unconditional", while Fed Governor Christopher Waller said on Saturday he would support another hike of 75 basis points in July.

"Financial conditions are likely to tighten further, consumers are experiencing a significant negative sentiment shock, energy and food supply disruptions have worsened and the outlook for foreign growth has deteriorated," warned analysts at Nomura, saying a mild recession in the fourth quarter is more likely than not.

The dollar had strengthened broadly on the hawkish outlook and the dollar index last traded at 104.37 =USD . Though that was down 0.3% on the day it was still not far from last week's two-decade high of 105.790.

The euro rose 0.3% to $1.0526 EUR=EBS , helped by investors focusing on the European Central Bank tools to fight a widening of bond spreads between members of the currency bloc. The single currency, however, was still close to last week's trough at $1.0357.

The yen has been under broad pressure as the Bank of Japan stuck doggedly to its super-easy policies. It gained slightly on the dollar on Monday to 134.90 yen JPY= , having reached its lowest since 1998 last week.

After massive moves last week, government bond markets were generally calmer.

Bitcoin BTC=BTSP recovered earlier losses to trade little changed at $20,580, having bounced sharply over the weekend amid talk of a single large buyer.

Oil prices edged lower again after a sharp retreat late last week amid concerns a global recession would curb demand.

Brent LCOc1 weakened 0.25% to $112.84, while U.S. crude CLc1 lost 0.05% to $109.5 per barrel.

Global FX performance Link
Global asset performance Link
Expectations of higher U.S. rates have soared Link

Additional reporting by Wayne Cole in Sydney, editing by Mark
Heinrich and Alex Richardson

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。