Asian stocks were steady Monday after U.S. equities extended a rally on speculation the Federal Reserve has scope to continue providing substantial stimulus support. Oil dipped amid OPEC+ tension.
Shares slipped in Japan and fluctuated in Hong Kong and China, where cybersecurity probes into ride-hailing giant Didi Chuxing as well as some other online platforms highlighted Beijing’s push to curb the influence of the nation’s internet companies.
Chinese technology firms fell in Hong Kong. The S&P 500 reached a record for a seventh day Friday after a U.S. jobs report signaled the economy is gaining steam but not at a pace that would prompt the central bank to taper stimulus quickly.
U.S. equity contracts edged down. U.S. stock and bond markets are closed for the July 4 Independence Day holiday. Oil was around $75 a barrel amid an OPEC+ dispute.
The standoff between Saudi Arabia and the United Arab Emirates leaves the global economy guessing how much oil it will get next month. While the U.S. jobs report eased concerns about the Fed’s hawkish pivot last month, central banks around the world are beginning to pull back from from the emergency stimulus they deployed to fight the pandemic-driven global recession.
