* Asian stock markets: tmsnrt.rs/2zpUAr4
* Asian stocks lose gains as Nasdaq futures slide
* Senate issues $ 1.9 trln stimulus to be signed in days
* Dollar appreciates against euro, yen as US returns race ahead
* Oil prices jump to the highest level in 1 year as a result of attacks by Saudi facilities
SYDNEY, March 8 (Reuters) – Stock markets changed mixed on Monday as U.S. Senate approval of a $ 1.9 trillion stimulus bill advanced well for faster global economic growth, but also put fresh pressure on high-valued government bonds and technology stocks .
The positive economic news continued as Chinese exports rose 155% in February, compared to a year earlier, when much of the economy was shut down to fight the coronavirus.
“With the passing of the Senate, we expect growth momentum to accelerate and forecast global GDP growth to rise to 7.5% year-on-year in the middle of the year,” JPMorgan economists said in a note.
“Every $ 1 trillion in fiscal stimulus adds about $ 4- $ 5 to earnings per share, which is an increase of 6-7% for the rest of the year.”
However, analysts also expected a sharp acceleration in inflation, boosted in part by the latest spike in oil prices, which pushed bond yields and stock valuations, especially in the high-tech sector.
That caused Nasdaq futures to reverse early gains to lose 1.0%, pushing S&P 500 futures down 0.2%.
MSCI’s widest index of Asia-Pacific stocks outside Japan followed with a drop of 0.5%, while Chinese blue chips lost 0.9%.
Japan’s Nikkei clung to a gain of 0.2%, while EUROSTOXX 50 futures are still up 0.8% and FTSE futures 0.9%.
Equity investors had taken to heart the US data, which showed that nonfarm payrolls rose 379,000 jobs last month, while the unemployment rate fell to 6.2%, which is a positive sign for incomes, expenses and corporate earnings.
US Treasury Secretary Janet Yellen tried to address inflation concerns by noting that the actual unemployment rate was closer to 10% and that there was still a lot of slack in the labor market.
Still, in the wake of the data, 10-year US Treasury yields still hit a one-year high of 1.625%, reaching 1.59% on Monday. Interest rates rose 16 basis points this week, while German rates even fell 4 basis points.
The European Central Bank will meet on Thursday amid a talk that it will protest the recent hike in euro-zone yields and perhaps consider ways to curb further gains.
The diverging interest rate trajectory boosted the dollar against the euro, which dropped to a three-month low of $ 1.1892 and was last locked at $ 1,1904.
BofA analyst Athanasios Vamvakidis argued that the strong mix of US stimulus, faster reopening and increased consumer firepower was a clear positive for the dollar.
“Including the current proposed stimulus package and further up from a second-half infrastructure bill, total US fiscal support is six times greater than the EU’s recovery fund,” he said. “The Fed is also backing with the US money supply growing twice as fast as the Eurozone.”
The dollar index shot up sharply to levels not seen since late November, last standing at 92,057, well above its recent low of 89,677.
It also gained on the low yielding yen, reaching a nine-month high of 108.63, last changing hands at 108.41.
The increase in yields weighed on gold, which offers no fixed return, leaving it behind at $ 1,705 an ounce and just above its nine-month low.
Oil prices soared at their highest levels in more than a year after Yemeni Houthi forces fired drones and rockets into the heart of Saudi Arabia’s oil industry on Sunday, raising concerns about production.
Prices were already supported by a decision by OPEC and its allies not to increase the offer in April.
Brent climbed $ 1.44 a barrel to $ 70.80, while US crude oil rose $ 1.36 to $ 67.45 a barrel.
Reporting by Wayne Cole; Editing by Sam Holmes