Japan stocks set for higher start; mainland China markets closed

SINGAPORE — Shares in Japan looked set for a higher start on Monday, as investors continue to monitor the U.S. Treasury yield curve as well as developments from the war in Ukraine.

The Nikkei futures contract in Chicago was at 27,730 while its counterpart in Osaka was at 27,690. That compared against the Nikkei 225’s last close at 27,665.98.

Elsewhere in Australia, the SPI futures contract sat at 7,488, against the S&P/ASX 200’s last close at 7,493.80.

Markets in mainland China are closed on Monday and Tuesday this week for holidays.

A closely watched part of U.S. Treasury yields inverted on Friday as short-term rates jumped following the release of jobs data stateside, raising concerns over a potential recession on the horizon.

The benchmark 10-year Treasury yield last sat at 2.3895%, while the rate on the 2-year Treasury note was at 2.4625%. Yields move inversely to prices, with 1 basis point equal to 0.01%.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.614, as compared to levels below 98 seen in late March.

The Japanese yen traded at 122.61 per dollar, stronger than levels above 124 seen against the greenback last week. The Australian dollar was at $0.7487, having traded in a range between $0.747 and $0.753 for much of last week.

— CNBC’s Patti Domm contributed to this report.