ECONOMY

All You Need To Know Going Into Trade On July 20

A global stocks selloff continued in Asia early Tuesday as the spread of the delta coronavirus variant stokes concerns about the resilience of the economic recovery and bolsters haven assets.

Equities fell in Japan, Australia and South Korea but the drops were orderly. U.S. contracts edged up after the S&P 500 fell the most in two months on a reversal of the reopening trade as cyclicals like energy and financial shares slid.

The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.16% at 15,717 as of 6:55 a.m.

Long-term Treasury rates ticked up, after spiraling Monday to their lowest since February and flattening the yield curve. Ten-year yields climbed back above 1.2%. The dollar held gains while the yen steadied.

Oil stabilized after sinking on an OPEC+ deal to boost supply into 2022. Bitcoin traded just above the closely watched $30,000 level.

Geopolitical jitters also resurfaced on Monday after the U.S., the U.K. and their allies said the Chinese government has been the mastermind behind a series of malicious ransomware, data theft and cyber-espionage attacks against public and private entities — including the sprawling Microsoft Exchange hack earlier this year.

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