Stock market information displayed on a TV at the Nasdaq MarketSite in New York, US, on Wednesday, 15 June 2022. (Photo: Michael Nagle / Bloomberg via Getty Images) 
A benchmark of Asian shares headed for its highest close since August and was approaching a technical bull market. The greenback fell versus most of its major counterparts, with notable weakness versus the Norwegian krone and the Australian and Canadian dollars.
China’s offshore yuan strengthened through the 7-per-dollar level for the first time in nearly three months. The Hang Seng China Enterprises Index rallied as much as 4%.
Oil advanced on the prospect of more demand from China, as OPEC+ kept output steady and sanctions on Russian crude kicked in. Iron ore and copper climbed.
Chinese authorities eased Covid testing requirements across major cities over the weekend as Beijing appears to be engineering a gradual shift away from its strict Covid Zero policy amid elevated cases and public protests.
Meanwhile, Treasury yields climbed during Asian trading after last week’s wild moves following the US jobs report. Government bond yields in Australia and New Zealand fell.
Stronger-than-expected US jobs figures on Friday prompted traders to increase their wagers on where rates will top out in the current tightening cycle, rather than changing their bets for the size of the increase at the Federal Reserve’s December meeting. Policymakers are still expected to deliver a downshift to a 50 basis points hike at the gathering.
Employers added more jobs than forecast and wages surged by the most in nearly a year. Nonfarm payrolls increased 263,000 in November, while the unemployment rate held at 3.7%. Average hourly earnings rose twice as much as predicted.
Key events this week:
S&P Global PMI for the Euro zone, Monday
US factory orders, durable goods orders, ISM services index, Monday
ECB president Christine Lagarde speaks, Monday
Australia interest rate decision, Tuesday
US trade, Tuesday
EIA crude oil inventory report, Wednesday
Eurozone GDP, Wednesday
US MBA mortgage applications, Wednesday
ECB president Christine Lagarde speaks, Thursday
US initial jobless claims, Thursday
China PPI, aggregate financing, money supply, new yuan loans, Friday
US PPI, wholesale inventories, University of Michigan consumer sentiment, Friday. BM/DM