*Global stocks mixed as Asia rides Friday’s Wall Street rally to three-month highs, while Europe retreats following uneven China trade data.
*China’s May trade surplus hits a record-high $62.93 billion, but a mild drop in exports belies a worrying 16.7% plunge in imports.
*Benchmark 10-year Treasury note yields remain over 0.9% following Friday’s 2.5 million jobs shock as investors await the Fed’s reply later this week.
*Global oil prices gain as OPEC members, as well as Russia and Mexico, agree to extend their record output cuts until the end of July.
*U.S. equity futures suggest a firmer open for Wall Street as the S&P 500 flirts with break-even for the year and the Dow heads for 28,000.
U.S. equity futures bumped higher Monday, following on from Friday’s jobs-related surge that lifted benchmarks to the highest levels since early March, as investors parsed uneven trade data from China and await the Federal Reserve’s response to last week’s employment report.
The S&P 500 now just 1.1% from break-even for the year, and the Dow Jones Industrial Average firmly past the 27,000 marks, investors appeared reluctant to boost stocks further in the early Monday session heading into a light week for corporate earnings and economic data highlighted by the Fed’s two-day policy meeting which ends on Wednesday.
The U.S. equity futures look cautious heading into the week, however, with contracts tied to the Dow indicating a 150 point gain and those linked to the S&P 500 suggesting a 10.5 point bump to the upside at the opening bell.
Benchmark 10-year U.S. Treasury bond yields, which retreated to a multi-week high of 0.956% amid Friday’s rally, were trading at around 0.92% in early European dealing as the U.S. dollar index eased 0.1% against a basket of six global currencies to 96.839.
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