* Asian stock markets: tmsnrt.rs/2zpUAr4
* Asian stocks lose gains as Nasdaq futures fall
* The Senate passes a $ 1.9 trillion stimulus, which will be signed in a few days
* Dollar gains on the euro, the yen as the United States yields ahead
* Oil prices rise to a one-year high as Saudi facilities attack
SYDNEY, March 8 (Reuters) – Stock markets rallied on Monday as the U.S. Senate approved a $ 1.9 trillion stimulus bill predicted faster global economic growth, but it also put new pressure on Treasuries and technological stocks with high valuations.
Optimistic economic news continued as China’s exports rose 155% in February compared to a year earlier, when much of the economy closed to fight the coronavirus.
“With the passage of the Senate, we expect growth momentum to accelerate and we anticipate that global GDP growth will increase to 7.5% annualized during the middle quarters of the year,” JPMorgan economists said in a note.
“Every $ 1 trillion in fiscal stimulus adds up to about $ 4 to $ 5 to EPS, which is up 6-7% over the rest of the year.”
However, analysts also expected a sharp acceleration in inflation, caused in part by the recent rise in oil prices, which boosted bond yields and extended equity valuations, especially in space. high technology.
This caused Nasdaq futures to reverse initial gains to fall 1.0%, dragging the S&P 500 futures 0.2%.
MSCI’s broader index of Asia-Pacific equities outside of Japan continued to fall by 0.5%, while Chinese blue notes fell 0.9%.
The Japanese Nikkei held on to a gain of 0.2%, while EUROSTOXX 50 futures were still up 0.8% and FTSE futures 0.9 %%.
Equity investors had been passionate about U.S. data showing that non-farm payrolls rose by 379,000 jobs last month, while the unemployment rate fell to 6.2%, in a positive sign of business income, expenses and profits.
U.S. Treasury Secretary Janet Yellen tried to counter inflation concerns by noting that the real unemployment rate was closer to 10% and that there was still a lot of strike in the labor market.
Still, ten-year U.S. Treasury yields still hit a one-year high of 1.625% as a result of the data and stood at 1.59% on Monday. Yields rose 16 basis points during the week, while German yields fell 4 basis points.
The European Central Bank is meeting on Thursday amid talks to protest the recent rise in eurozone yields and perhaps reflect on how to curb further increases.
The divergent trajectory on yields propelled the dollar against the euro, which fell to a three-month low of $ 1.1892 and was last set at $ 1.1904.
BofA analyst Athanasios Vamvakidis argued that the powerful mix of US stimulus, faster reopening and increased consumer firepower was a clear positive for the dollar.
“Including the proposed current stimulus package and an added benefit of a second-half infrastructure bill, total US tax support is six times greater than the EU recovery fund,” he said. “The Fed also supports the fact that the U.S. money supply is growing twice as fast as the eurozone.”
The dollar index rose sharply to levels not seen since late November and stood at 92,057 for the last time, well above its recent low of 89,677.
It also gained in the low-yielding yen, reaching a nine-month high of 108.63, and changed hands for the last time at 108.41.
The jump in yields has weighed on gold, which offers no fixed return, leaving it at $ 1,705 an ounce and just above the nine-month low.
Oil prices rose to record highs in more than a year after Yemen’s Houthi forces fired drones and missiles at the heart of Saudi Arabia’s oil industry on Sunday, raising concerns about production.
Prices had already been backed by the decision by OPEC and its allies not to increase supply in April.
Brent rose $ 1.44 a barrel to $ 70.80, while US crude rose $ 1.36 to $ 67.45 a barrel.
Wayne Cole Reports; Edited by Sam Holmes