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Asia Stocks Drop After U.S. Fall; Dollar Steadies: Markets Wrap
(Bloomberg) -- Asian stocks headed for a second week of losses as a fresh selloff in U.S. megacap technology shares highlighted the lingering concern over valuations in certain pockets of the market. Treasuries and the dollar were steady.Japanese shares opened modestly lower along with those in South Korea and Australia. S&P 500 contracts nudged higher. In a topsy-turvy U.S. session, the Nasdaq lost more than 2% amid lingering worries that ma five-month rally stretched valuations too far. Crude dropped back toward $37 a barrel in New York.Global stocks are heading for the first back-to-back weekly declines since March after a rally that added $7 trillion alone to U.S. equity values. Signs are mounting that the pandemic continues to upend the global economy, with U.S. data showing cracks in recent labor-market strength. Europe has also re-emerged as a virus hot spot. Meanwhile, U.S. lawmakers remain far apart on a fresh relief bill.“What happens when people take profits, is they sell what’s been working,” Anna Han, equity strategist at Wells Fargo Securities LLC, said on Bloomberg TV. “In the short term with the election season coming, we’re a little concerned.”Here are some key events coming up:U.S. CPI data is due Friday, with consumer prices expected to have risen in August.These are the main moves in markets:StocksS&P 500 futures added 0.4% as of 9:18 a.m. in Tokyo. The index fell 1.8% on Thursday.Japan’s Topix index declined 0.1%.South Korea’s Kospi index slid 0.1%.Australia’s S&P/ASX 200 Index dropped 1%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro bought $1.1826, up 0.1%.The yen was at 106.13 per dollar.The offshore yuan was little changed at 6.8410 per dollar.BondsThe yield on 10-year Treasuries remained at 0.68%.Australia’s 10-year yield fell three basis points to 0.90%.CommoditiesWest Texas Intermediate crude dropped 0.4% to $37.17 a barrel.Gold was at $1,943.50 an ounce, down 0.1%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-drop-u-retreat-221513681.html?.tsrc=rss
(Bloomberg) -- Asian stocks headed for a second week of losses as a fresh selloff in U.S. megacap technology shares highlighted the lingering concern over valuations in certain pockets of the market. Treasuries and the dollar were steady.Japanese shares opened modestly lower along with those in South Korea and Australia. S&P 500 contracts nudged higher. In a topsy-turvy U.S. session, the Nasdaq lost more than 2% amid lingering worries that ma five-month rally stretched valuations too far. Crude dropped back toward $37 a barrel in New York.Global stocks are heading for the first back-to-back weekly declines since March after a rally that added $7 trillion alone to U.S. equity values. Signs are mounting that the pandemic continues to upend the global economy, with U.S. data showing cracks in recent labor-market strength. Europe has also re-emerged as a virus hot spot. Meanwhile, U.S. lawmakers remain far apart on a fresh relief bill.“What happens when people take profits, is they sell what’s been working,” Anna Han, equity strategist at Wells Fargo Securities LLC, said on Bloomberg TV. “In the short term with the election season coming, we’re a little concerned.”Here are some key events coming up:U.S. CPI data is due Friday, with consumer prices expected to have risen in August.These are the main moves in markets:StocksS&P 500 futures added 0.4% as of 9:18 a.m. in Tokyo. The index fell 1.8% on Thursday.Japan’s Topix index declined 0.1%.South Korea’s Kospi index slid 0.1%.Australia’s S&P/ASX 200 Index dropped 1%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro bought $1.1826, up 0.1%.The yen was at 106.13 per dollar.The offshore yuan was little changed at 6.8410 per dollar.BondsThe yield on 10-year Treasuries remained at 0.68%.Australia’s 10-year yield fell three basis points to 0.90%.CommoditiesWest Texas Intermediate crude dropped 0.4% to $37.17 a barrel.Gold was at $1,943.50 an ounce, down 0.1%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-drop-u-retreat-221513681.html?.tsrc=rss
