Asian stocks held steady on Monday, while Wall Street futures stayed firm ahead of key earnings reports from major tech companies.The Japanese yen also remained stable, as investors brushed off the weekend election results that weakened Prime Minister Shigeru Ishiba’s ruling coalition.The outcome, though unfavourable for the government, had already been factored into markets, Reuters reported.Ishiba vowed to stay on as Prime Minister, while a market holiday in Japan further tempered volatility. Yen firmed slightly, trading at 148.29 per dollar. While Nikkei was closed, futures rose to 39,875, just above Friday’s close of 39,819. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, while South Korea’s benchmark index rose 0.4%.US stock futures edged higher ahead of key tech earnings, with S&P 500 and Nasdaq futures up 0.1% each, both hovering near record highs. Investors remained focused on international trade developments, hoping for progress before the US imposes new tariffs on August 1.US Commerce Secretary Howard Lutnick expressed optimism over a potential deal with the European Union, and reports suggest that a meeting between Presidents Trump and Xi could happen, possibly by October.In the bond market, US Treasury futures held firm.The market is still assessing Federal Reserve signals, after Governor Christopher Waller reiterated support for a rate cut, in contrast to Fed Chair Jerome Powell’s more cautious stance. Traders now see a 61% chance of a rate cut in September, rising to 80% by October, according to Reuters.Euro traded steady at $1.1630, retreating from its recent high of $1.1830, while the dollar index slipped slightly to 98.40.Gold was flat at $3,348 an ounce, while platinum continued its strong run, recently touching its highest level since August 2014. Oil prices were narrowly higher as markets weighed possible supply increases from OPEC+ against the potential impact of EU sanctions on Russian crude. Brent crude rose 0.1% to reach $69.36 a barrel while US crude prices increased by 0.1%, settling at $67.39 per barrel.
