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– Bloomberg news

U.S. equity-index futures headed higher as investors wagered that the Federal Reserve will maintain monetary support in coming months as a rebound in the world’s biggest economy stokes inflation fears.

Contracts on the S&P 500 and Nasdaq 100 gauges pointed to gains after U.S. stocks closed mixed on Friday. The dollar and Treasuries were steady. Bitcoin advanced above $35,000 following another weekend of big swings. The Stoxx Europe 600 struggled for traction while shares posted small gains in Japan, China and Australia but retreated in Hong Kong.

China’s crackdown on commodities speculation weighed on raw-material prices, with steel dropping more than 5% and iron ore tumbling by close to the daily limit. Bloomberg’s industrial metals subindex declined for a fourth day to a one-month low.

Implied volatility for major global indexes remains subdued, suggesting investors aren’t pricing in a surprise from the Fed in the next six months. While market-based gauges of inflation expectations have declined recently, concerns linger that the post-pandemic recovery could stoke price pressures, and some countries also face Covid-19 spikes. Robust corporate earnings, especially in Europe, is underpinning stock prices.

“It’s going to be a very mixed market over the next several months until we get more information on what’s really going to happen with inflation and how the stimulus in the U.S. affects spending there, but also how the coronavirus really progresses,” JoAnne Feeney, a partner at Advisors Capital Management LLC, said in a Bloomberg TV interview.

WTI crude oil climbed above $64 a barrel amid further signs the U.S. is recovering from the pandemic. Traders also monitored progress in talks to revive an Iranian nuclear deal that could lead to increased global crude supply.

Here are some events this week week:

  • Consensus by CoinDesk brings prominent crypto voices together to discuss NFTs, exchanges and the role of central banks. Fed Governor Lael Brainard and Bridgewater founder Ray Dalio will participate. Through May 27.
  • Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.
  • CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.
  • U.S. initial jobless claims, GDP, durable goods, pending home sales, Thursday.

These are some of the main moves in markets:

Stocks

  • The Stoxx Europe 600 was little changed as of 9:23 a.m. London time
  • Futures on the S&P 500 rose 0.4%
  • Futures on the Nasdaq 100 rose 0.5%
  • Futures on the Dow Jones Industrial Average rose 0.4%
  • The MSCI Asia Pacific Index rose 0.1%
  • The MSCI Emerging Markets Index fell 0.2%

Currencies

  • The Bloomberg Dollar Spot Index fell 0.1%
  • The euro rose 0.2% to $1.2202
  • The Japanese yen rose 0.2% to 108.77 per dollar
  • The offshore yuan rose 0.1% to 6.4285 per dollar
  • The British pound was little changed at $1.4156

Bonds

  • The yield on 10-year Treasuries was little changed at 1.61%
  • Germany’s 10-year yield was little changed at -0.14%
  • Britain’s 10-year yield declined two basis points to 0.81%

Commodities

  • Brent crude rose 1.6% to $67 a barrel
  • Spot gold was little changed

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