Shares seesaw in Asia as earnings loom, oil skids
SPY•Asian shares eased while U.S. and European futures firmed as investors looked ahead to earnings. Brent fell 1.6% to $103.01 a barrel, and U.S. crude lost 1.9% to $90.11.
1. Markets open unevenly
South Korean stocks fell 2.2%, Taiwanese shares eased 0.5% and Chinese blue chips added 0.1%. S&P 500 futures edged up 0.3%, while Nasdaq futures gained 0.4%; European futures also rose.
2. Oil slips on supply uncertainty
Brent futures fell 1.6% to $103.01 a barrel and U.S. crude futures lost 1.9% to $90.11. Confusion over whether Russia would or could increase energy exports followed President Donald Trump's announcement of an energy ceasefire between Ukraine and Russia and proposal for Russia to increase diesel exports.
3. Earnings and data ahead
Major U.S. banks are due to kick off earnings season on Tuesday. TSMC will likely report a sixth consecutive quarter of record earnings on Thursday, while U.S. consumer and producer prices and retail sales are due this week. CPI is expected to rise 0.6% monthly to an annual 3.7%, while core CPI is forecast to increase 0.2% monthly and 2.5% annually.
