Saturday , February 27 2021

US equity futures retreat, dollar edges higher


Markets were mildly risk-off on Monday as investors weighed strong economic data from China, US President-elect Joe Biden’s stimulus plans and surging coronavirus trends.
Carrefour SA tumbled 5.8%, leading Europe’s Stoxx 600 lower, after Canada’s Alimentation Couche-Tard Inc. abandoned talks on a $20 billion merger. The dollar ticked higher, oil prices were weaker and US equity futures dipped.
Asian chip stocks and Huawei Technologies Co. suppliers dropped after Reuters reported that the US is planning to revoke their licenses to work with the Chinese company. In Seoul, Samsung Electronics Co. falls as much as 3.4%.
“Markets needed a breather or even a pull back to justify reflationary expectations,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors.
Global shares slipped last week after optimism about the $1.9 trillion US aid package, and the so-called reflation trade, faltered into a holiday weekend. US financial markets are closed Monday for the Martin Luther King holiday.
Meanwhile, Janet Yellen is expected to affirm the US’s commitment to market-determined exchange rates and provide assurances that the US won’t seek a weaker currency for competitive trade advantages, the Wall Street Journal reported, citing Biden transition officials familiar with preparation for her confirmation hearing as Treasury
On the coronavirus front, cases topped 95 million, while the US death toll from the
pandemic neared 400,000.
Norway expressed increasing concern about the safety of the Pfizer Inc. vaccine on elderly people with serious underlying health conditions after deaths in 29 people who received inoculations.

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