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Asia Stocks Push Higher as Trade Mood Swings Again: Markets Wrap
(Bloomberg) -- Asian stocks posted modest gains Tuesday as the erratic trade narrative turned hopeful, lifting U.S. equities. The dollar and Treasury yields were little changed.Shares climbed in Tokyo and Seoul, and were little changed in Sydney. S&P 500 futures retreated. Earlier, U.S. shares rose after President Donald Trump was positive on prospects for a trade deal and France’s Emmanuel Macron said things were moving forward between the U.S. and China. The S&P 500 Index closed near session highs in a broad-based rally, though volume was almost 20% below average. The yen ticked higher and the yuan was little changed.Addressing reporters at the end of the Group of 7 meetings in France, Trump said the Chinese “want to make a deal very badly.” Earlier Monday Trump said the prospects for a deal with China are better now than at any time since negotiations began last year, even as a top state-media editor in Beijing questioned his version of events.The dialing down of trade tensions between the world’s two largest economies will be greeted with relief by investors as a tumultuous month for global markets comes to an end. Still, sentiment remains cautious amid signs of a slowing global economy and as previous periods of trade calm have been quickly ended by surprise escalations.“August may be coming to a close, but volatility does not appear to be going anywhere,” Erik Knutzen, chief investment officer, multi-asset class, at Neuberger Berman, said in a note Tuesday. “As the late cycle continues, markets will likely remain sensitive to the daily news flow, with many letting headlines drive short-term decisions.”Elsewhere, oil recovered losses and gold was steady.Events to keep an eye on this week:China industrial profits are out Tuesday.The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.Bank of Korea policy decision and briefing is on Friday.Here are the main moves in markets:StocksS&P 500 futures fell 0.1% as of 8:16 a.m. in Tokyo. The S&P 500 Index increased 1.1%.Japan’s Topix Index rose 1%.South Korea’s Kospi Index climbed 0.6%.S&P/ASX 200 Index rose 0.2%.CurrenciesThe yen rose 0.2% to 105.95 per dollar after weakening 0.7%.The offshore yuan was steady at 7.1691 per dollar.The Bloomberg Dollar Spot Index was flat after rising 0.3%.The euro was steady at $1.1100, after falling 0.4%.BondsThe yield on 10-year Treasuries fell one basis point to 1.53%.Australia’s 10-year bond yield rose four basis points to 0.93%.CommoditiesGold was little changed at $1,528 an ounce.West Texas Intermediate crude rose 0.4% to $53.84 a barrel.To contact the reporters on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.net;Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-seen-higher-trade-233113346.html?.tsrc=rss
(Bloomberg) -- Asian stocks posted modest gains Tuesday as the erratic trade narrative turned hopeful, lifting U.S. equities. The dollar and Treasury yields were little changed.Shares climbed in Tokyo and Seoul, and were little changed in Sydney. S&P 500 futures retreated. Earlier, U.S. shares rose after President Donald Trump was positive on prospects for a trade deal and France’s Emmanuel Macron said things were moving forward between the U.S. and China. The S&P 500 Index closed near session highs in a broad-based rally, though volume was almost 20% below average. The yen ticked higher and the yuan was little changed.Addressing reporters at the end of the Group of 7 meetings in France, Trump said the Chinese “want to make a deal very badly.” Earlier Monday Trump said the prospects for a deal with China are better now than at any time since negotiations began last year, even as a top state-media editor in Beijing questioned his version of events.The dialing down of trade tensions between the world’s two largest economies will be greeted with relief by investors as a tumultuous month for global markets comes to an end. Still, sentiment remains cautious amid signs of a slowing global economy and as previous periods of trade calm have been quickly ended by surprise escalations.“August may be coming to a close, but volatility does not appear to be going anywhere,” Erik Knutzen, chief investment officer, multi-asset class, at Neuberger Berman, said in a note Tuesday. “As the late cycle continues, markets will likely remain sensitive to the daily news flow, with many letting headlines drive short-term decisions.”Elsewhere, oil recovered losses and gold was steady.Events to keep an eye on this week:China industrial profits are out Tuesday.The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.Bank of Korea policy decision and briefing is on Friday.Here are the main moves in markets:StocksS&P 500 futures fell 0.1% as of 8:16 a.m. in Tokyo. The S&P 500 Index increased 1.1%.Japan’s Topix Index rose 1%.South Korea’s Kospi Index climbed 0.6%.S&P/ASX 200 Index rose 0.2%.CurrenciesThe yen rose 0.2% to 105.95 per dollar after weakening 0.7%.The offshore yuan was steady at 7.1691 per dollar.The Bloomberg Dollar Spot Index was flat after rising 0.3%.The euro was steady at $1.1100, after falling 0.4%.BondsThe yield on 10-year Treasuries fell one basis point to 1.53%.Australia’s 10-year bond yield rose four basis points to 0.93%.CommoditiesGold was little changed at $1,528 an ounce.West Texas Intermediate crude rose 0.4% to $53.84 a barrel.To contact the reporters on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.net;Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-seen-higher-trade-233113346.html?.tsrc=rss
