SINGAPORE -Asian stocks were subdued on Monday as traders pondered the U.S rates outlook, while the euro rose after the first-round voting in France's shock snap election was won by the far-right, albeit with a smaller share than some polls had projected.
Exit polls showed Marine Le Pen's National Rally winning around 34% of the vote, comfortably ahead of leftist and centrist rivals but the chances of eurosceptic, anti-immigrant RN winning power next week will depend on the political dealmaking by its rivals over the coming days. The focus now shifts to next Sunday's runoff and will depend on how parties decide to join forces in each of the country's 577 constituencies for the second round, and could still result in a majority for RN.
A private sector survey on Mondayshowed China's manufacturing activity grew at the fastest pace in more than three years due to production gains, even as demand growth slowed. In the 12 months through May, the PCE price index increased 2.6% after advancing 2.7% in April. Last month's inflation readings were in line with economists' expectations. They remain above the Fed's 2% target for inflation.
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