Asian equities came off session highs, swinging between modest gains and losses after benchmarks in Hong Kong and mainland China retreated.
Shares in Hong Kong fell 1.1% on lower-than-usual trading volumes, with the city facing its most damaging typhoon since 2018. Stocks in mainland China dropped 1% while a broader gauge of Asian shares was little changed.
Asian chip-related stocks rose after Nvidia Corp.’s investment in OpenAI. There was no cash trading of Treasuries due to a holiday in Tokyo.
The Indian rupee fell to a record low against the dollar. Stock-index futures for Europe gained 0.2% while contracts for the S&P 500 were little changed after the index closed at an all-time high.
Gold has hit record highs and stocks have surged $15 trillion from April lows, with the US economy holding firm through President Donald Trump’s tariff war and sentiment buoyed by the Federal Reserve’s first interest-rate cut this year.
That run now faces a test, with earnings season looming and investors awaiting fresh Fed signals, including a speech by Chair Jerome Powell on Tuesday.
