All of which sets up Powell's important congressional testimonies this week, starting Wednesday at the House Financial Services Committee and Thursday at the Senate Banking Committee. Friday also brings the crucial February jobs data.
After a strong Friday, S&P500 futures kept most of their gains early Monday, though they were marginally down before the bell. Treasury yields retreated.
OPEC+ members extended supply cuts again on Friday, keeping crude oil prices steady after touching year-highs. But year-over-year crude gains were low.
China's markets rose ahead of Tuesday's annual National People's Congress, which is anticipated to present moderate stimulus plans to stabilise economy but not a clear path to tackle the country's underlying structural imbalances. Premier Li Qiang may set a 5% growth target for 2024.
But property problems persist. Realty developers (.CSI000952), opens new tab fell 3.6% to lag other sectors, while China Vanke (000002.SZ) fell 4.7%. On Monday, investors liquidated China Vanke stock and bonds due to liquidity concerns, despite fundraising plans and business partner assurances.
European Central Bank and Bank of Canada policy announcements highlight a busy week for G7 central banks. Britain releases its annual budget.
Bitcoin, already up more than 50% this year, broke past $65,000 as a flood of money brought it within 5% of record levels.
U.S. markets may be influenced by the following events on Monday: * Philadelphia Federal Reserve President Patrick Harker speaks * U.S. Treasury auctions 3-, 6-month bills American corporation earnings: Archer-Daniels-Midland, GitLab, Viant Technology, Eos Energy, etc.
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