U.S. equity futures struggled for direction on Monday, pointing to a subdued open on Wall Street as traders assess the outlook for monetary policy ahead of key inflation data later this week.
Contracts on the S&P 500 fluctuated after the gauge jumped 1.9 per cent Friday to halt its longest losing streak since February. Nasdaq 100 futures were flat. PacWest Bancorp rose as much as 16 per cent in premarket trading, extending Friday’s brisk rally and leading gains in U.S. regional banks as they recover from a selloff fueled by worries over the health of the financial system and the recent collapse of several lenders. A gauge of the dollar slipped for a fifth straight day.
“Unless we see a sharp turnaround in the inflation numbers, the Fed ought to be quite comfortable with where policy rates are right now,” Tai Hui, chief Asia market strategist at JPMorgan Asset Management, said on Bloomberg Television. The European Central Bank needs to continue raising interest rates amid a “too high” underlying inflation rate, Governing Council member Klaas Knot said Sunday. ECB President Christine Lagarde also signaled that there are more hikes to come after the central bank last week raised the deposit rate by a quarter-point to 3.25 per cent, following three moves of double that size.
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