Premarket: China shares soar, Japan slides as yen pinned near intervention zone

U.S. futures are higher while Britain and eurozone markets are closed for holiday

Chinese shares led a rally around most of Asia on Monday amid a broadly optimistic global economic backdrop, but Japanese shares tumbled with the yen pinned near levels that have traders on guard for a currency intervention.

Expectations for easier U.S. monetary policy lifted gold to a fresh record high, while crude oil remained firm amid a tighter supply-demand picture, with China’s economy improving and expectations of OPEC+ output cuts. “Once the U.S. central bank has gained an upper hand over inflation and tamed it decidedly, markets may even be poised for a multi-year rally.”

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