Japan shares set for higher start; mainland China markets closed

SINGAPORE – Shares in Japan looked set for a higher start on Monday as investors followed the yield curve of the US Treasury and also the developments of the war in Ukraine.

The Nikkei futures contract in Chicago was at 27,730, while its counterpart in Osaka was at 27,690. That compares with the recent closing of the Nikkei 225 at 27,665.98.

Elsewhere in Australia, the SPI futures contract stood at 7,488, against the recent close of the S&P / ASX 200 at 7,493.80.

Markets in mainland China are closed for holidays Monday and Tuesday this week.

A close look at some of the U.S. Treasury’s revenue reversed on Friday when short-term rates jumped following the release of jobs data stateside, raising concerns about a potential recession on the horizon.

The benchmark 10-year Treasury yield last sat at 2.3895%, while the rate on the 2-year Treasury note was at 2.4625%. Yields move inversely to prices, with 1 basis point equal to 0.01%.

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The US dollar index, which follows the greenback against a rate of its peers, was at 98,614, compared to levels below 98 seen at the end of March.

The Japanese yen traded at 122.61 per dollar, stronger than levels above 124 seen against the greenback last week. The Australian dollar was at $ 0.7487, after trading in a range between $ 0.747 and $ 0.753 for much of last week.

– CNBC’s Patti Domm has contributed to this report.

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