SINGAPORE, June 8 (Reuters) – Asian markets were poised to fall on Monday after Wall Street’s nine-week winning streak ended in heavy tech selling, while Israeli strikes \u200con Beirut sent oil and the dollar higher.<\/p>\n
Futures and Friday’s U.S. exchange-traded fund \u200cmoves pointed to sharp drops in Japan and South Korea and S&P 500 futures were down 0.2% in early \u200bAsia trade.<\/p>\n
The Nasdaq had dropped 4.2% on Friday, with selling concentrated in semiconductor stocks after a hot jobs report ramped up expectations for Federal Reserve interest rate hikes, slamming the brakes on what has been a sparkling AI-led rally.<\/p>\n
Two-year Treasury yields rose more than 11 basis points \u200con Friday and benchmark 10-year Treasury \u2060futures were about five ticks lower early on Monday morning in Asia.<\/p>\n
“The AI-drives-everything narrative frayed last week,” said Bob Savage, head of markets \u2060macro strategy at BNY.<\/p>\n
“Whether this is a healthy pause in the nine-week equity rally or a top remains the key question. The IPO focus on SpaceX and Anthropic is part of the pause \u2013 \u200bwhether to \u200bmake room for the new market cap or \u200bto rethink value.”<\/p>\n
The week ahead is \u200cheadlined by the giant SpaceX listing, expected to price on Thursday and trade on Friday, but will also have inflation in focus with U.S. consumer price data due on Wednesday and central bank meetings in Canada and Europe.<\/p>\n
Last week, bitcoin notched its heaviest weekly drop since the collapse of crypto exchange FTX in late 2022, falling about 16%. It was hovering \u200cjust shy of $63,000 on Monday.<\/p>\n
SpaceX’s debut is expected to \u200bbe followed by other mega IPOs in the coming \u200bmonths from Anthropic and OpenAI, raising \u200bso much money that brokers are nervous it could draw down other \u200cassets.<\/p>\n
The Mideast situation also remains delicate, and \u200bBrent crude futures were \u200bup about 2.6% to $95.45 a barrel on Monday morning after an Israeli attack on Beirut prompted Iran to direct a salvo of missiles at Israeli targets.<\/p>\n
OPEC+ agreed \u200bon Sunday to the fourth \u200cincrease in its oil output targets in as many months.<\/p>\n
In currency trade the dollar \u200bwas firm and holding above 160 yen and pushed the Australian dollar \u200bto $0.7038. The euro hovered at $1.1518.<\/p>\n
(Editing by Aurora Ellis)<\/p>\n","protected":false},"excerpt":{"rendered":"SINGAPORE, June 8 (Reuters) – Asian markets were poised to fall on Monday after Wall Street’s nine-week winning…\n","protected":false},"author":2,"featured_media":481509,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[2372,114,85,46,195786],"class_list":["post-481508","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-asian-markets","tag-business","tag-il","tag-israel","tag-winning-streak"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/481508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=481508"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/481508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/481509"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=481508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=481508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=481508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}