In Asia, Chinese blue chips gained 1.1 per cent after the economy was reported to have grown 6.5 per cent in the fourth quarter, on a year earlier, topping forecasts of 6.1 per cent. — Reuters pic
China reported more than 100 new Covid-19 cases for the sixth consecutive day, with rising infections in the northeast fuelling concern of another wave when hundreds of millions of people travel for the Lunar New Year holiday. Poor US consumer spending data last week helped Treasuries pare some of their recent steep losses and 10-year yields were trading at 1.097 per cent, down from last week’s top of 1.187 per cent.
E-Mini futures for the S&P 500 traded flat, though Wall Street will be closed on Monday for a holiday. He warned that in the months ahead investors would need to pay particular attention to “risks of a monetary policy reversal, rising equity valuations, and the rate of the post-pandemic recovery”.