Europe's hawk signals summer easing

The hawkish member of the European Central Bank, Joachim Nagel, pointed to the summer months for interest rate cut discussions. Despite developments in the Middle East that signal conflicts may expand, oil prices continue to be stable. Brent crude, which fell 0.2 percent on Monday, was trading above $78 a barrel in the morning hours. Yields are rising on bonds that are being traded again after the holiday in the US, while the dollar is rising. Yields are rising on US government bonds across all maturities, while 10-year and two-year yields are up around six basis points. The Bloomberg Dollar Index rose 0.3 percent to exceed 1,230 points. In parallel with rising bond yields, there is low appetite in stock markets. Almost all major Asia Pacific indices lost value, while the MSCI Asia Pacific Index also declined. Futures are in the red on the S&P 500 and Nasdaq 100, which closed flat on Monday.