Japanese and Australian equities rose, and US futures were steady after the S&P 500 and Nasdaq 100 snapped three-week losing streaks on Friday. Crude oil dropped more than 1.5% amid concerns that global demand is softening. Markets in China, Hong Kong and South Korea are closed for holidays on Monday.for further interest-rate hikes in Europe. The yen held most of Friday’s rebound after officials in Tokyo increased their jawboning of the currency over the weekend.
Investors are also awaiting August US inflation data on Tuesday, with headline CPI expected to cool to an 8% a year pace while the core measure that excludes food and energy is seen accelerating. Traders almost fully expect another jumbo-sized Fed hike next week, following two 75-basis-point increases.
“A downside surprise in US CPI is likely more of a concern and that could see the dollar weakening further,” Charu Chanana, a strategist at Saxo Capital Markets, said on Bloomberg Television. “We’ve seen some glimpses of that, you know, towards the end of last week. That could potentially be a risk to watch, particularly this week.”
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