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Asian markets on Monday will have their first opportunity to react to Friday's blowout U.S. jobs data and strong rise on Wall Street, although sentiment and direction could be skittish following developments in Israel and Gaza at the weekend.
If the market impact of events in the Middle East is limited, however, Wall Street's rally on Friday should set the tone for trading in Asia on Monday, with China also open for business again after the Golden Week Holiday. U.S. bond yields rose and the yield curve steepened, but the fact Wall Street rallied too suggests investors may be adjusting their view of the U.S. economy - perhaps it is strong enough to withstand higher borrowing costs, and the natural rate of interest is higher than currently priced.
In that sense, a deluge of top-tier Chinese economic data and events this week including consumer and producer inflation, trade, credit and lending growth, and money supply will cast further light on whether the world's second largest economy is back on track.Figures on Saturday showed that China's foreign exchange reserves fell $45 billion in September to $3.115 trillion from $3.16 trillion in August. Analysts had expected a decline to $3.115 trillion.
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