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Global Markets Move Higher as Economic Concerns Ease

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07/10/2017 | 09:54am CEST
By Riva Gold and Ese Erheriene 

Global stocks started the week slightly higher after a solid jobs report on Friday helped ease worries over the U.S. economy.

The Stoxx Europe 600 edged up 0.2% in the early minutes of trading Monday, with bank shares continuing to benefit from a recent climb in government bond yields. Asian markets mostly advanced, tracking gains overseas, while futures pointed to a 0.2% opening gain for the S&P 500 after shares of financial companies lifted the index to weekly gains.

Central banks are likely to remain in focus this week after signs that they might tighten policy put pressure on the government bond market. Federal Reserve Chairwoman Janet Yellen is set to offer semiannual testimony before congressional committees while the Bank of Canada is widely expected to undertake its first rate increase in seven years.

Yields on 10-year Treasury notes edged down to 2.388% Monday from 2.393% on Friday, their highest settlement in nearly two months, while 10-year German bund yields edged down to 0.567% from 0.569%. Yields move inversely to prices.

Earlier, equity markets were broadly higher in Asia on Monday, after a strong U.S. jobs report Friday boosted the dollar and U.S. stocks.

Japan's Nikkei Stock Average rose 0.8% after closing at its lowest level in three weeks on Friday. The dollar strengthened against the yen, topping Yen114--a level not seen in two months--which helped propel local exporter stocks.

The Bank of Japan raised its view on five of the nation's nine regional economies in a report released Monday, but Bank of Japan Gov. Haruhiko Kuroda also said he was ready to make appropriate policy adjustments if necessary to maintain inflation, putting the currency under pressure.

Hong Kong's Hang Seng added 0.7% as index heavyweight HSBC advanced, while Australia's S&P/ASX 200 rose 0.4%, spurred by gains in bank stocks.

Chinese shares were held back by concern about the pace of initial public offerings picking up. Over the weekend, Chinese regulators cleared as many as nine IPOs, putting some pressure on local stocks as investor attention turns toward new issues. The Shanghai Composite fell 0.2%, while the Shenzhen Composite, where more new companies list, fell 0.6%.

Data released Monday showed China's producer prices held steady in June, ending a three-month deceleration, while consumer inflation was also unchanged from May.

The start of trading was delayed in both India and Indonesia on Monday morning for what is being said were separate technical issues. Investors seemed unmoved as India's Sensex stock index climbed to record highs Monday, rising 0.8%. Indonesia's JSX edged down 0.2%.

Megumi Fujikawa and Kevin Kingsbury contributed to this article.

Write to Riva Gold at [email protected] and Ese Erheriene at [email protected]

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