China PMIs fall
Sentiment was boosted during the session when the US Infrastructure bill was submitted to the Senate floor on Sunday evening, US time. The draft was the outcome of lengthy bipartisan negotiations and will now be amended. According to political observers, a vote on the (yet-to-be-amended) bill will take place later this week.
Chinese authorities fining three private education firms (the crackdown on this sector was a cause for falls in China equities markets last week) and an accelerating COVID-19 epidemic in the country were on the other side of the sentiment ledger (and an increase in restrictions). Manufacturing PMIs from China fell from the previous month’s findings during the weekend and Monday.
Oil prices were dribbling lower in Sunday evening US trade, and Chinese stock markets were lower (HK and Shanghai Comp both a little lower as I post… live update just before to going to post… both now positive for the session!). Equities in Australia soared as a result of the announcement that Square will acquire a local buy-now-pay-later firm for approximately $US23 billion in stock. There have been minor ranges and little net change from late Friday levels across major FX rates.
Bitcoin had a good weekend, generally retaining its late-week gains, but has given a little back in the Monday afternoon. BTC/USD is back under US$40,000 as I write this, but only by a little margin.
Etheruem had a good weekend, but it is down from its peak from early Monday: