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GLOBAL MARKETS-Stocks look to gain on payrolls miss, oil up after cyber attack

Stock MarketsMay 10, 2021 08:10
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© Reuters.

* 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 to see how far Treasury yields fall
*

By Stanley White
TOKYO, May 10 (Reuters) - Stocks rose on Monday amid
speculation that interest rates will remain low for an extended
period due to the receding risk of a rapid acceleration in
inflation, while oil 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 0.49%
Futures for Japan's Nikkei JNIc1 rose 0.03%. Australian
S&P/ASX 200 futures YAPcm1 were down 0.06%. U.S. stock futures
EScv1 rose 0.12%.
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 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.
The dollar index .DXY , which tracks the greenback against
a basket of six currencies edged 0.09% lower to 90.15.
Spot gold prices XAU= rose 0.15% to $1,833.31 an ounce.
The yield on benchmark 10-year Treasury notes US10YT=RR
steadied at 1.5824% in Asia on Monday after having plunged to a
two-month low of 1.4690% on Friday.
West Texas Intermediate crude futures CLc1 rose 0.89%
to $65.48 a barrel, while Brent crude
LCOc1 rose 0.94%to $68.92 in Asian trading as the disruption
to U.S. supplies rattled energy markets. O/R
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. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
World FX rates YTD http://tmsnrt.rs/2egbfVh
Global asset performance http://tmsnrt.rs/2yaDPgn
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

GLOBAL MARKETS-Stocks look to gain on payrolls miss, oil up after cyber attack
 

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