NewsFeeder
Headline News
Asia Stocks See Back-to-Back Gain; Dollar Retreats: Markets Wrap
(Bloomberg) -- Asian stocks headed for their first back-to-back gain in two weeks on continuing optimism that the deadly coronavirus epidemic may be waning in some key epicenters. The dollar dipped.Stocks gained more than 2% in Tokyo, and over 1% in Hong Kong and Seoul. Futures on the S&P 500 were little changed after the index closed up 7%, at its highest since March 13. China’s stocks climbed and the yuan was steady as markets there reopened in the wake of further targeted stimulus by the central bank over the break. The Australian dollar advanced ahead of a policy decision by the Reserve Bank of Australia. Oil rose past $27 a barrel in New York.The mostly upbeat tone in markets comes amid more signs that the coronavirus crisis may be easing in some areas. Italy, France, Germany and Spain reported lower numbers of new cases. In New York, Governor Andrew Cuomo said deaths were showing indications of hitting a plateau. U.K. deaths slowed for a second day, even as they passed 5,000. Japanese Prime Minister Shinzo Abe is expected to announce a month-long state of emergency Tuesday.While bulls are pointing to more attractive valuations and unprecedented stimulus, bears are fretting about dismal economic data and the rising corporate costs of the pandemic and subsequent shutdown. JPMorgan Chase & Co.’s Jamie Dimon said the pandemic will lead to a major economic downturn and stress mirroring the meltdown that nearly brought down the U.S. financial system in 2008.“Optimism on the direction of equity markets will be difficult to maintain until we see more clarity on the corporate earnings outlook and until the dispersion of analysts’ forecasts subsides,” Marija Veitmane, a multi-asset strategist at State Street Global Markets, said in a note.Elsewhere, the pound steadied after declining as Prime Minister Boris Johnson, who was hospitalized Sunday after 10 days in isolation, was moved to an intensive-care unit as his condition worsened.These are some of the main moves in markets:StocksS&P 500 futures rose 0.2% as of 10:30 a.m. in Tokyo. The S&P 500 Index increased 7% in New York.Topix index climbed 2.5%.Australia’s S&P/ASX 200 Index rose 1%.Kospi index gained 1.3%.Hong Kong’s Hang Seng Index rose 1.5%.Shanghai Composite Index was up 1.6%.MSCI Asia Pacific Index rose 1.8%.Euro Stoxx 50 futures gained 1%.CurrenciesThe yen traded at 109.03 per dollar, up 0.2%, after depreciating 0.6%.The offshore yuan was little changed at 7.1033 per dollar.The euro was little changed at $1.0801.The British pound traded at $1.2245.BondsThe yield on 10-year Treasuries climbed one basis point to 0.68%.Australia’s 10-year bond yield climbed five basis points to 0.83%.CommoditiesWest Texas Intermediate crude rose 3.3% to $26.93 a barrel. It declined 8% in the previous session.Gold was up 0.1% to $1,662.50 an ounce, adding to a 2.5% advanceFor 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/asian-stocks-build-rally-virus-221129834.html?.tsrc=rss
(Bloomberg) -- Asian stocks headed for their first back-to-back gain in two weeks on continuing optimism that the deadly coronavirus epidemic may be waning in some key epicenters. The dollar dipped.Stocks gained more than 2% in Tokyo, and over 1% in Hong Kong and Seoul. Futures on the S&P 500 were little changed after the index closed up 7%, at its highest since March 13. China’s stocks climbed and the yuan was steady as markets there reopened in the wake of further targeted stimulus by the central bank over the break. The Australian dollar advanced ahead of a policy decision by the Reserve Bank of Australia. Oil rose past $27 a barrel in New York.The mostly upbeat tone in markets comes amid more signs that the coronavirus crisis may be easing in some areas. Italy, France, Germany and Spain reported lower numbers of new cases. In New York, Governor Andrew Cuomo said deaths were showing indications of hitting a plateau. U.K. deaths slowed for a second day, even as they passed 5,000. Japanese Prime Minister Shinzo Abe is expected to announce a month-long state of emergency Tuesday.While bulls are pointing to more attractive valuations and unprecedented stimulus, bears are fretting about dismal economic data and the rising corporate costs of the pandemic and subsequent shutdown. JPMorgan Chase & Co.’s Jamie Dimon said the pandemic will lead to a major economic downturn and stress mirroring the meltdown that nearly brought down the U.S. financial system in 2008.“Optimism on the direction of equity markets will be difficult to maintain until we see more clarity on the corporate earnings outlook and until the dispersion of analysts’ forecasts subsides,” Marija Veitmane, a multi-asset strategist at State Street Global Markets, said in a note.Elsewhere, the pound steadied after declining as Prime Minister Boris Johnson, who was hospitalized Sunday after 10 days in isolation, was moved to an intensive-care unit as his condition worsened.These are some of the main moves in markets:StocksS&P 500 futures rose 0.2% as of 10:30 a.m. in Tokyo. The S&P 500 Index increased 7% in New York.Topix index climbed 2.5%.Australia’s S&P/ASX 200 Index rose 1%.Kospi index gained 1.3%.Hong Kong’s Hang Seng Index rose 1.5%.Shanghai Composite Index was up 1.6%.MSCI Asia Pacific Index rose 1.8%.Euro Stoxx 50 futures gained 1%.CurrenciesThe yen traded at 109.03 per dollar, up 0.2%, after depreciating 0.6%.The offshore yuan was little changed at 7.1033 per dollar.The euro was little changed at $1.0801.The British pound traded at $1.2245.BondsThe yield on 10-year Treasuries climbed one basis point to 0.68%.Australia’s 10-year bond yield climbed five basis points to 0.83%.CommoditiesWest Texas Intermediate crude rose 3.3% to $26.93 a barrel. It declined 8% in the previous session.Gold was up 0.1% to $1,662.50 an ounce, adding to a 2.5% advanceFor 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/asian-stocks-build-rally-virus-221129834.html?.tsrc=rss
