Hong Kong Stocks Set for Gains on Tencent Optimism: Markets Wrap

-- Hong Kong stocks were poised for gains on Tuesday following a rally in US-listed Chinese shares overnight. Other Asian stocks were set for a cautious opening ahead of key US inflation data this week.Macron Puts French Banks in Play With Plan to Transform Europe

US stocks and bonds are facing upside risk this week as traders keep building long positions, said Goldman Sachs Group Inc.’s Scott Rubner. Commodity trading advisors’ equity and fixed-income demand is notable, with a so-called “green sweep” showing up in most of Goldman’s models. This means investors will keep piling in even if the market goes down.The S&P 500 hovered near 5,220. Heavily shorted companies got a lift as GameStop Corp.

Before Wednesday’s CPI print, economists will parse US producer prices data on Tuesday to assess the impact of categories that feed into the Fed’s preferred inflation gauge — the personal consumption expenditures price index. Fed Chair Jerome Powell is also scheduled to speak Tuesday. The stock market “setup” has left it at a critical juncture, according to Matt Maley at Miller Tabak + Co. The fact that equities saw a material decline in April, followed by a nice bounce leaves them vulnerable to a “double top” — which is one of the most-bearish signals in technical analysis.

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