U.S. stocks rise as fears over technology clampdown ease

Asian stocks rose Wednesday, and U.S. futures were steady as concerns over China's technology clampdown eased a little and company earnings helped counter worries about the delta strain of Covid - 19. Hong Kong rallied after Chinese state media tempered an attack on gaming companies, bolstering Tencent Holdings Ltd. Shares slipped in Japan, where SoftBank Group Corp. retreated on a potential block of its $40 billion sales of Arm Ltd. to the chip company Nvidia Corp. U.S. equity contracts were steady in the wake of a record high near S&P 500 shares. Europe's Futures rose. Investors are monitoring regulatory risks in China as Beijing continues with a crackdown on tech giants. The Revenue of Alibaba Group Holding Ltd. came late for the first time in over two years, a sign of the clampdown's toll on production and distribution lines in the world economy. The New 10 - year yield held its retreat, while Japan's 10-year yield fell to zero for the first time since December. Oil weakened toward $70 to one barrel. The delta strain is exacerbating concerns that the rebound from the Pandemic is losing steam. Solid earnings have propelled U.S. and European shares to all-time highs, weathering the spread of the more contagious Covid - 19 variant as well as a burst of inflation attributed to pandemic-linked bottlenecks. In comparison, the mood in Asia is more somber over China's regulatory broadsides and lagging vaccination rates that are delaying economic openinging across the region. The delta variant is not going to delay the recovery, it's just going to stop it, said Laila Pence, Pence Wealth Management President, on Bloomberg Television. 'The Federal Reserve will have a lot more inflation. It is likely that there will be inflation in the next few years? The delta variant has pushed the threshold for herd immunity to well over 80% and potentially approaching 90%, according to an Infectious Diseases Society of America briefing. Analysts at the other end are reviewing China's economic growth projections for China as officials grapple with the largest Covid-19 outbreak since the beginning of the pandemic. In New Zealand, jobs data strengthened rate-hike bets, bolstering its currency and sapping the 10 year bond. Key U.S. jobs data expected later this week could stoke market swings if they lead investors to adjust expectations over the Federal Reserve's likely timeline for eventually discontinuing stimulus. Fed Vice Chair Richard Clarida will discuss monetary policy on Wednesday. The Treasury quarterly reporting announcement is expected WednesdayFederal Reserve Vice Chair Richard Clarida due to speak WednesdayBank of England is expected to keep its benchmark interest rate and its bond-buying target unchanged ThursdayReserve Bank of India monetary policy decision briefing FridayThe U.S. jobs report is expected to show another robust month of hiring Friday Our business research articles provide in depth analysis of MLIV’s market data. As of 7: 11 am, the S&P 500 futures were flat in London. The Nasdaq 100 Futures rose 0.8%. The Nasdaq 100 rose 0.7% Japan's Topix index fell 0.5% Australia's S&P ASX 200 Index added 0.4% Hong Kong's Hang Seng Index rose 1.3% India's Best Stock Index rose 0.8% China's Shanghai Composite index increased 0.8% Euro Stoxx 50 futures rose 0.4% The yen traded at 109.09 per dollarThe offshore yuan rose 0.1% to $64282 per dollarThe Bloomberg Dollar Spot Index fell 0.1% The euro was small changed at $1.1872 the previous rate was to reach $ The yield on 10- year bonds was held to about 1.17% Australia's 10-year bond yield fell about one basis point to about 1.15%. West Texas Intermediate crude rose 0.3% to $70.37 a barrelGold fell at $1,812. 47 an ounce, after 0.1% fall to $70.47 a barrel.