Despite crude oil surpassing $120 a barrel, Wall Street equities climbed on Monday, matching gains in Asia and Europe on hints of Chinese curbs being eased and investors taking projected interest rate rises in the coming days in stride.
As risk appetite improved, the dollar was little changed against the euro ahead of a European Central Bank policy meeting on Thursday, but it was lower against commodity currencies such as the Canadian, Australian, and New Zealand dollars.
The major U.S. stock indices were up to some 1% or more, as were the big country indices for Britain, Germany, France, and Italy.
A Wall Street Journal report that Chinese regulators are concluding probes into ride-hailing giant Didi Global Inc and the easing of domestic COVID curbs have bolstered sentiment.
Didi shares surged 52.2% on the Journal report, and the news helped Hong Kong’s Hang Seng tech index close to 4.6% higher.
The US consumer price index (CPI) is expected to have risen 0.7% in May, compared with a rise of 0.3% in April, and annual inflation is unchanged at 8.3%, according to economists polled by Reuters.
The three U.S. debt auctions this week are likely to push yields higher as banks and investors prepare to absorb the issuance. The yield on 10-year Treasury notes was up 6.3 basis points at 3.018%.
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