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Asia Stocks Drift; U.S. Yields Near 20-Month Low: Markets Wrap
(Bloomberg) -- Stocks in Asia drifted Wednesday as investors took a breather following four weeks of gains. U.S. Treasury yields were back near 20-month lows following a disappointing run of economic data.Japanese shares slipped at the open, while South Korean and Australian equities were little changed, along with U.S. futures. Wall Street saw a volatile session Tuesday, with Treasuries and gold surging and crude oil tumbling as the S&P 500 Index swung between gains and losses before logging another record high. News on European Central Bank and Federal Reserve leadership appointments underlined the prospect for easier monetary policy, which could offer support for a range of assets. Traders may also be positioning for Thursday’s U.S. holiday; American markets will also shut early Wednesday.“We have an inflation in financial assets,” said Kirk Hartman, chief investment officer at Wells Fargo Asset Management, on Bloomberg Television. “Some caution and some flight to gold, flight to the safety of Treasuries makes some sense -- because everybody is scratching their heads and saying how does this end.”There was little further on the trade front Tuesday. U.S.-China talks are headed in the right direction, but will take time, White House trade adviser Peter Navarro told CNBC. Bank of England Governor Mark Carney warned that rising protectionism risks a “widespread slowdown” in the global economy that may require a major policy response.Next up comes data on U.S. private hiring, factory orders and the services sector on Wednesday, with June’s government jobs report coming Friday.On the personnel front, Christine Lagarde was nominated to take the helm of the ECB later this year, ushering in a candidate analysts anticipate will take up departing President Mario Draghi’s mantle in providing stimulus. And President Donald Trump said he’s planning to nominate Christopher Waller and Judy Shelton to serve on the Fed Board, candidates seen as likely to advocate lower interest rates.Elsewhere, oil climbed off its lows after an industry report showed a contraction in U.S. crude stockpiles last week.Here are some key events coming up:U.S. equity markets close at 1 p.m. Wednesday and all day Thursday for the Independence Day holiday. The bond markets close early Wednesday.The U.S. jobs report is due Friday and is projected to show non-farm payrolls rose by 164,000 in June, rebounding from 75,000 the month prior.And here are the main moves in markets:StocksFutures on the S&P 500 Index slid 0.1% as of 9:08 a.m. in Tokyo. The underlying gauge rose 0.3% Tuesday.Japan’s Topix fell 0.7%.Australia’s S&P/ASX 200 Index was little changed.Kospi also little changed.CurrenciesThe yen was at 107.78 per dollar.The euro was flat at $1.1289.The offshore yuan held at 6.8830 per dollar.BondsThe yield on 10-year Treasuries was at 1.97% after declining five basis points Tuesday.Australia’s 10-year yield slid to 1.31%, down about two basis points.CommoditiesWest Texas Intermediate crude gained 0.4% to $56.50 a barrel after sliding Tuesday.Gold rose 0.8% to $1,429.30.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, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-slip-treasury-rally-230500175.html?.tsrc=rss
(Bloomberg) -- Stocks in Asia drifted Wednesday as investors took a breather following four weeks of gains. U.S. Treasury yields were back near 20-month lows following a disappointing run of economic data.Japanese shares slipped at the open, while South Korean and Australian equities were little changed, along with U.S. futures. Wall Street saw a volatile session Tuesday, with Treasuries and gold surging and crude oil tumbling as the S&P 500 Index swung between gains and losses before logging another record high. News on European Central Bank and Federal Reserve leadership appointments underlined the prospect for easier monetary policy, which could offer support for a range of assets. Traders may also be positioning for Thursday’s U.S. holiday; American markets will also shut early Wednesday.“We have an inflation in financial assets,” said Kirk Hartman, chief investment officer at Wells Fargo Asset Management, on Bloomberg Television. “Some caution and some flight to gold, flight to the safety of Treasuries makes some sense -- because everybody is scratching their heads and saying how does this end.”There was little further on the trade front Tuesday. U.S.-China talks are headed in the right direction, but will take time, White House trade adviser Peter Navarro told CNBC. Bank of England Governor Mark Carney warned that rising protectionism risks a “widespread slowdown” in the global economy that may require a major policy response.Next up comes data on U.S. private hiring, factory orders and the services sector on Wednesday, with June’s government jobs report coming Friday.On the personnel front, Christine Lagarde was nominated to take the helm of the ECB later this year, ushering in a candidate analysts anticipate will take up departing President Mario Draghi’s mantle in providing stimulus. And President Donald Trump said he’s planning to nominate Christopher Waller and Judy Shelton to serve on the Fed Board, candidates seen as likely to advocate lower interest rates.Elsewhere, oil climbed off its lows after an industry report showed a contraction in U.S. crude stockpiles last week.Here are some key events coming up:U.S. equity markets close at 1 p.m. Wednesday and all day Thursday for the Independence Day holiday. The bond markets close early Wednesday.The U.S. jobs report is due Friday and is projected to show non-farm payrolls rose by 164,000 in June, rebounding from 75,000 the month prior.And here are the main moves in markets:StocksFutures on the S&P 500 Index slid 0.1% as of 9:08 a.m. in Tokyo. The underlying gauge rose 0.3% Tuesday.Japan’s Topix fell 0.7%.Australia’s S&P/ASX 200 Index was little changed.Kospi also little changed.CurrenciesThe yen was at 107.78 per dollar.The euro was flat at $1.1289.The offshore yuan held at 6.8830 per dollar.BondsThe yield on 10-year Treasuries was at 1.97% after declining five basis points Tuesday.Australia’s 10-year yield slid to 1.31%, down about two basis points.CommoditiesWest Texas Intermediate crude gained 0.4% to $56.50 a barrel after sliding Tuesday.Gold rose 0.8% to $1,429.30.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, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-slip-treasury-rally-230500175.html?.tsrc=rss
