European and Asian markets were on the rise on Monday morning as optimism regarding China’s economic recovery continues to rise. Such investor confidence appeared to outweigh concerns over a flailing dollar as U.S. borrowing costs are expected to remain higher for longer.
The Stoxx Europe 600 edged 0.2% higher, marking its fifth daily rise in six days, while the MSCI Asia Pacific Index embarked on a 0.6% rise. The Shanghai Composite Index embarked on its biggest rise since November.
U.S. futures retreated, on the other hand, with contracts on the S&P 500 and the Nasdaq 100 declining by 0.1% each. Dow Jones futures remained little changed.
As investor confidence wavered following hawkish comments by the Federal Reserve, U.S. Treasury futures wavered, with the yield on 10-year Treasuries standing at 3.81%. The Bloomberg Spot Dollar Index remained little changed, however, the offshore yuan strengthened against the U.S. dollar by 0.2%, standing at 6.8631 per dollar.
Looking at commodities, oil futures advanced, with brent crude oil rising by 0.9% to $83.76 per barrel while spot gold remained largely unchanged. Bitcoin continued its fall after its resurgence last week, retreating 0.3% to $24,470. Ether rose 0.4% to $1,692.62.