Business Maverick: Asian Stock Futures Mixed; U.S. Shares Climb: Markets Wrap

Futures pointed higher in Japan and Australia, and retreated in Hong Kong. U.S. contracts were little changed in Asia trading. The Trump administration said it could no longer certify Hong Kong’s political autonomy from China, a move that could have far-reaching consequences on its special trading status with the U.S. Still, the S&P 500 climbed to an 12-week high, holding above technical levels considered key by chart watchers.

“Eventually we will see a recovery but to be honest I think analysts are still way too optimistic about corporate profits,” David Kelly, chief global strategist at JPMorgan Asset Management, said on Bloomberg TV. “We are in for a much deeper profit slide than investors are expecting and that does make the stock market somewhat vulnerable.”

China’s daily currency fixing will be closely watched as the offshore yuan tests the weakest level on record amid speculation the government would be willing to permit a weaker currency in response to fresh punitive measures from the U.S. Elsewhere. the Stoxx Europe 600 Index ended higher and Italy’s government bonds rose after details emerged of Europe’s 750 billion euros fiscal stimulusThursday brings the U.S. jobless claims reading for the week ended May 23.Euro-area data due Friday is forecast to show consumer inflation fell to 0.1% on May from 0.4% the previous month.Futures on the S&P 500 Index were flat as of 7:26 a.m. in Tokyo. The gauge rose 1.5% on Wednesday.Futures on Australia’s S&P/ASX 200 Index rose 0.9%.

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