GLOBAL MARKETS-Stocks cheer prospects for low rates, oil rides pipeline outage higher

* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Weak U.S. jobs data eases concerns about inflation
* Cyber attack puts upward pressure on oil prices
* Trades watching Treasury yields to gauge inflation outlook

By Stanley White
TOKYO, May 10 (Reuters) - Stocks rose on Monday amid
speculation that interest rates will remain low due to receding
inflationary pressure, while oil and gas prices jumped after a
cyber attack on a U.S. pipeline operator unnerved markets.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS rose 0.3%, while U.S. stock futures EScv1 rose
0.14%.
Australian stocks .AXJO hit their highest in more than a
year, boosted by gains in miners, but shares in China .CSI300
fell 0.74%. Japanese shares .N225 gained 0.53%.
Euro Stoxx 50 futures STXEc1 were up 0.42%, German DAX
futures FDXc1 were up 0.32%, and FTSE futures FFIc1 rose
0.37%, pointing to a strong start to the European session.
U.S. nonfarm payrolls data on Friday showed jobs growth
unexpectedly slowed in April, which gave equities a lift but put
downward pressure on the dollar and U.S. Treasury yields.
Oil and gasoline futures extended gains after a cyber attack
shut down a U.S. pipeline operator that provides nearly half of
the U.S. east coast's fuel supply.
"It certainly pushes back the timetable for Fed tapering,
perhaps to December from the prior expectations of the Jackson
Hole Symposium in late August," Chris Weston, head of research
at broker Pepperstone in Melbourne, wrote in a memo.
"A softer payrolls is good for the reflation trade; the
dollar weakened across the FX spectrum. We've also seen a solid
bid in equity indices and futures are up."
On Friday the Dow Jones Industrial Average .DJI and the
S&P 500 .SPX rose to record closing highs after disappointing
data on the U.S. jobs market eased concerns about a spike in
consumer prices. In recent weeks, some investors had been placing bets that a
robust U.S. economic recovery from the coronavirus pandemic
would force the Federal Reserve to raise interest rates earlier
than the central bank has outlined.
However, the weak nonfarm payrolls report caused a rapid
reversal in some of these trades, which rippled through stocks,
bonds, and major currencies.
The focus now shifts to U.S. consumer price data due on
Wednesday, which will help investors determine whether they need
to scale back their inflation expectations even further.
MSCI's broadest index of global stock markets
.MIWD00000PUS hit a record high on expectations that low rates
will continue to spur lending and economic growth.
The dollar index =USD against a basket of six major
currencies edged up to 90.237 but was still near its weakest
since Feb. 25.
The British pound GBP=D3 jumped to the highest in more
than two months against the greenback, but worries about
Scottish independence could curb sterling's gains, traders said.
China's onshore spot yuan CNY=CFX strengthened to 6.4265
per dollar, the highest since Jan. 29.
In the cryptocurrency market, ether ETH=BTSP rose to a
record above $4,000. Bigger rival bitcoin BTC=BTSP rose to
$58,920.
The yield on benchmark 10-year Treasury notes US10YT=RR
steadied at 1.5931% in Asia on Monday after having plunged to a
two-month low of 1.4690% on Friday.
U.S. crude CLc1 ticked up 0.51% to $65.23 a barrel. Brent
crude LCOc1 rose to 0.53% to $68.64 per barrel in Asian
trading as the disruption to U.S. supplies rattled energy
markets. O/R
Gasoline futures on the New York Mercantile Exchange RBc1
rose 1.43% to $2.1574 a gallon, near a three-year high.
The White House is working closely with top U.S. fuel
pipeline operator Colonial Pipeline on Sunday to help it recover
from a ransomware attack that forced the company to shut its
main fuel lines. "The major takeaway is the bad guys are very adept at
finding new ways to penetrate infrastructure," Andrew Lipow,
president of Lipow Oil Associates told Reuters. "Infrastructure
has not developed defences that can offset all the different
ways that malware can infect one's system."

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