Asian shares wobbled on Monday amid sharp losses in gold and oil prices, while the dollar reached four-month highs on the euro after an upbeat U.S. jobs report lifted bond yields.
The U.S. Senate came closer to passing a $1 trillion infrastructure package, though it still has to go through the House.Investors were still assessing whether Friday's strong U.S. payrolls report would take the Federal Reserve a step nearer to winding back its stimulus.
However, the pace of tapering was still up in the air and would decide when an actual rate hike came, he said. The Fed is currently buying $120 billion of assets a month, so a $20 billion taper would end the programme in six months whilst a $10 billion tapering approach would take a year. Figures for July CPI due this week are also expected to confirm inflation has peaked, with prices for second hand vehicles finally easing back after huge gains.In the meantime, stocks have been mostly underpinned by a robust U.S. earnings season. BofA analysts noted S&P 500 companies were tracking a 15% beat on second quarter earnings with 90% having reported.
"Guidance is stronger than average but consensus estimates for two-year growth suggest a slowdown amid macro concerns."
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