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Asia Stocks Are Mixed, U.S. Futures Trade Lower: Markets Wrap
(Bloomberg) -- Asian stocks were mixed and U.S. futures slid after U.S. President Donald Trump signed a bill backing Hong Kong protesters, spurring another threat of retaliation from China and raising concerns about the prospect for an interim trade deal.The yen nudged higher and the yuan lower amid the increase in bilateral strains. Hong Kong shares recouped an initial drop to trade flat, with China’s statement stopping short of any immediate retaliatory action. Chinese shares had a modest decline. Japanese stocks were mostly flat. Earlier, the S&P 500 hit a fresh record high after U.S. economic data beat analysts’ expectations. The pound rose after a poll suggested the U.K. election could deliver a large majority for the Conservative Party.With volumes light ahead of the Thanksgiving break and little in the way of direct trade news, Trump’s signing of a bill increasing American scrutiny of Hong Kong was one of the few narratives for investors. A global benchmark of developing and emerging-market equities remains just below its all-time record, on course for a third month of gains.“The bad news is, the trade war is still on,” Andy Kapyrin, director of research at RegentAtlantic Capital LLC, told Bloomberg TV. “I really don’t see substantial progress on trade with China,” and markets will perceive Trump’s signing of the bill negatively, he said.Elsewhere, a drop in Latin American currencies turned into a rout Wednesday as Chile’s peso, Brazil’s real and Colombia’s peso all hit record lows.Here are some key events coming up this week:The U.S. celebrates Thanksgiving on Thursday, when equity and bond markets will be shut.Euro area inflation for October is due Friday.The Bank of Korea sets policy on Friday.These are the main moves in markets:StocksJapan’s Topix index fell 0.2% as of 1:41 p.m. in Tokyo.South Korea’s Kospi index dipped 0.2%.Hong Kong’s Hang Seng was little changed.Shanghai Composite Index lost 0.3%.Australia’s S&P/ASX 200 Index climbed 0.2%.Futures on the S&P 500 fell 0.3%. The underlying gauge rose 0.4% on Wednesday.Euro Stoxx 50 futures dropped 0.2%.CurrenciesThe yen rose 0.1% to 109.45 per dollar after slipping 0.5% on Wednesday.The offshore yuan fell 0.2% at 7.0262 per dollar.The pound added 0.1% to $1.2927.BondsThe yield on 10-year Treasuries rose about three basis points to 1.77% Wednesday.Australia’s 10-year yield fell one basis point to 1.01%.CommoditiesWest Texas Intermediate crude fell 0.4% to $57.89 a barrel.Gold rose 0.1% to $1,456.35 an ounce.\--With assistance from Romaine Bostick, Scarlet Fu and Sophie Caronello.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-climb-u-notches-214531086.html?.tsrc=rss
(Bloomberg) -- Asian stocks were mixed and U.S. futures slid after U.S. President Donald Trump signed a bill backing Hong Kong protesters, spurring another threat of retaliation from China and raising concerns about the prospect for an interim trade deal.The yen nudged higher and the yuan lower amid the increase in bilateral strains. Hong Kong shares recouped an initial drop to trade flat, with China’s statement stopping short of any immediate retaliatory action. Chinese shares had a modest decline. Japanese stocks were mostly flat. Earlier, the S&P 500 hit a fresh record high after U.S. economic data beat analysts’ expectations. The pound rose after a poll suggested the U.K. election could deliver a large majority for the Conservative Party.With volumes light ahead of the Thanksgiving break and little in the way of direct trade news, Trump’s signing of a bill increasing American scrutiny of Hong Kong was one of the few narratives for investors. A global benchmark of developing and emerging-market equities remains just below its all-time record, on course for a third month of gains.“The bad news is, the trade war is still on,” Andy Kapyrin, director of research at RegentAtlantic Capital LLC, told Bloomberg TV. “I really don’t see substantial progress on trade with China,” and markets will perceive Trump’s signing of the bill negatively, he said.Elsewhere, a drop in Latin American currencies turned into a rout Wednesday as Chile’s peso, Brazil’s real and Colombia’s peso all hit record lows.Here are some key events coming up this week:The U.S. celebrates Thanksgiving on Thursday, when equity and bond markets will be shut.Euro area inflation for October is due Friday.The Bank of Korea sets policy on Friday.These are the main moves in markets:StocksJapan’s Topix index fell 0.2% as of 1:41 p.m. in Tokyo.South Korea’s Kospi index dipped 0.2%.Hong Kong’s Hang Seng was little changed.Shanghai Composite Index lost 0.3%.Australia’s S&P/ASX 200 Index climbed 0.2%.Futures on the S&P 500 fell 0.3%. The underlying gauge rose 0.4% on Wednesday.Euro Stoxx 50 futures dropped 0.2%.CurrenciesThe yen rose 0.1% to 109.45 per dollar after slipping 0.5% on Wednesday.The offshore yuan fell 0.2% at 7.0262 per dollar.The pound added 0.1% to $1.2927.BondsThe yield on 10-year Treasuries rose about three basis points to 1.77% Wednesday.Australia’s 10-year yield fell one basis point to 1.01%.CommoditiesWest Texas Intermediate crude fell 0.4% to $57.89 a barrel.Gold rose 0.1% to $1,456.35 an ounce.\--With assistance from Romaine Bostick, Scarlet Fu and Sophie Caronello.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-climb-u-notches-214531086.html?.tsrc=rss
