GLOBAL MARKETS-Shares, dollar cheer U.S. stimulus, bonds downcast

* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Nikkei rises 0.9%, S&P 500 futures add 0.3%
* Senate passes $1.9 trln stimulus, set to be signed in days
* Dollar gains on euro, yen as U.S. yields race ahead
* Oil prices jump to 1-year high as Saudi facilities
attacked

By Wayne Cole
SYDNEY, March 8 (Reuters) - Asian shares rallied on Monday
while the dollar held near three-month peaks after the U.S.
Senate passage of a $1.9 trillion stimulus bill augured well for
a global economic rebound, though it also put fresh pressure on
Treasuries.
There was also upbeat news in Asia, as China's exports
surged 155% in February compared with a year earlier when much
of the economy shut down to fight the coronavirus. BofA analyst Athanasios Vamvakidis argued the potent mix of
U.S. stimulus, faster reopening and greater consumer firepower
was a clear positive for the dollar.
"Including the current proposed stimulus package and further
upside from a second-half infrastructure bill, total U.S. fiscal
support is six times greater than the EU recovery fund," he
said. "The Fed is also supportive with U.S. money supply growing
two times faster than the Eurozone."
The prospect of yet faster growth helped MSCI's broadest
index of Asia-Pacific shares outside Japan .MIAPJ0000PUS firm
0.5%. Japan's Nikkei .N225 gained 0.9%, and Chinese blue chips
.CSI300 0.7%.
S&P 500 futures ESc1 rose 0.3%, after a sharp turnaround
on Friday. EUROSTOXX 50 futures STXEc1 caught up with Wall
Street by rising 1.2% and FTSE futures FFIc1 1.3%.
Equity investors took heart from U.S. data showing nonfarm
payrolls surged by 379,000 jobs last month, while the jobless
rate dipped to 6.2% in a positive sign for incomes, spending and
corporate earnings. U.S. Treasury Secretary Janet Yellen tried to counter
inflation concerns by noting the true unemployment rate was
nearer 10% and there was still plenty of slack in the labour
market.
Yet yields on U.S. 10-year Treasuries US10YT=TWEB still
hit a one-year high of 1.625% in the wake of the data, and stood
at 1.59% on Monday. Yields increased a hefty 16 basis points for
the week, while German yields actually dipped 4 basis points.
The European Central Bank meets on Thursday amid talk it
will protest the recent rise in euro zone yields and perhaps
mull ways to restrain further increases.
The diverging trajectory on yields boosted the dollar on the
euro, which fell away to a three-month low of $1.1892 EUR= ,
and was last pinned at $1.1926.
Ned Rumpeltin, European head of FX strategy at TD
Securities, said the break of chart support at $1.1950 was a
bearish development which targeted $1.1800.
"The solid U.S. employment report could be the final missing
piece of the stronger USD narrative," he added. "This should put
the dollar in a much stronger position relative to other major
currencies."
The dollar index duly shot up to levels not seen since late
November and was last at 91.897 =USD , well above its recent
trough of 89.677.
It also gained on the low-yielding yen, reaching a
nine-month top of 108.63 JPY= , and was last changing hands at
108.40.
The jump in yields has weighed on gold, which offers no
fixed return, and left it at $1,713 an ounce XAU= and just
above a nine-month low.
Oil prices were up the highest levels 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 supported by a decision by OPEC and
its allies not to increase supply in April. O/R
Brent LCOc1 climbed $1.70 a barrel to $71.06, while U.S.
crude CLc1 rose $1.63 to $67.72 per barrel.

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