Premarket: Global shares see thin trading with major markets closed for holiday

Asian shares firmed on Monday as investors braced for a busy run of inflation data that could set the scene for a European rate cut as soon as next week and a U.S. policy easing within a few months.

“Consumer and producer price data suggest core PCE inflation lost further momentum in April after a strong start to the year,” analysts at TD Securities said in a note. The ECB’s chief economist told the Financial Times newspaper that the central bank was ready to start cutting, but policy would still need to be restrictive this year.

The BOJ holds its policy meeting on June 14 and there is some chance it may buck the global trend and hike rates again, albeit to a modest 0.15 per cent. Chinese blue chips firmed 0.4 per cent, with the major release this week being surveys of manufacturing and services for May on Friday. In currency markets, attention was again centered on the yen and the risk of Japanese intervention ahead of the 160.00 level. The dollar stood at 156.78 yen, having added 0.9 per cent last week and close to its recent top of 160.245. Japan renewed its push to counter excessive yen falls during a weekend gathering of Group of Seven finance leaders, after a recent rise in bond yields to a 12-year high failed to slow the currency’s decline.

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