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Asia Stocks See Modest Gains; Dollar Extends Drop: Markets Wrap
(Bloomberg) -- Asian stocks started the week with gains after Friday’s U.S. jobs report smashed expectations and bolstered hope of a quick economic rebound. The dollar extended its recent slump.Equities climbed modestly in Japan, China and Hong Kong, while Korean shares lost much of an early advance. Australia’s markets were closed for a holiday. S&P 500 contracts were largely flat after the index posted a third weekly advance last week. The dollar headed for an eighth straight day of declines, while 10-year Treasuries retained last week’s losses.With U.S. shares close to wiping out their losses for the year, investor focus turns to the Federal Reserve’s policy meeting this week, with officials likely to re-commit to using their full range of tools to support the U.S. economy during the pandemic. Meanwhile, global governments are gradually easing their coronavirus lockdowns to revive growth while controlling the spread of Covid-19.“Markets have responded positively to falling infection rates in the major economies, and signs of increased consumption as countries emerge from lockdown,” Gavekal Research analysts wrote in a weekend note. “But by buying at present valuations, investors appear to be pricing in a perfect Keynesian recovery in the second half of the year.”Crude oil fluctuated Monday, as traders mull prospects for further gains in the wake of six straight weekly advances. OPEC at the weekend agreed to a one-month extension of its record oil-production cuts. What to watch this week:New York City will begin re-opening after recording its first day since March with no virus fatalities. India starts a phased lifting of its nationwide lockdown. The Netherlands and Belgium plan to open bars and restaurants. New Zealand could remove most of its remaining restrictionsECB President Christine Lagarde attends a European Parliament hearing MondayJapanese Prime Minister Shinzo Abe’s government will submit a second extra budget to parliament MondayFederal Reserve policy decision is Wednesday. Officials are expected to leave rates above zero and re-commit to using their full range of toolsOECD releases its economic outlook Wednesday, a twice-yearly analysis of the economic prospects of member countriesEuro-area finance ministers meet Thursday to discuss the EU’s recovery package and Eurogroup presidency successionGolf’s PGA holds its first tournament since the coronavirus lockdowns -- the Charles Schwab Challenge in Fort Worth, Texas. Spanish soccer league La Liga will resumeHere are the major moves in markets:StocksS&P 500 futures gained 0.2% as of 12:06 p.m. in Tokyo. The index closed 2.6% higher Friday.Japan’s Topix Index rose 0.6%.South Korea’s Kospi Index edged up 0.2%.Shanghai Composite was up 0.4%.Hang Seng Index rose 0.4%.CurrenciesThe Japanese yen was little changed at 109.50 per dollar.The offshore yuan slipped 0.1% to 7.0792 per dollar.The euro was little changed at $1.1291.The British pound rose 0.3% to $1.2701.BondsThe yield on 10-year Treasuries was little changed at 0.89%.Japanese 10-year yields were little changed at about 0.04%.CommoditiesWest Texas Intermediate crude climbed 0.8% to $39.86 a barrel.Gold was little changed at $1,688 per ounce.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/asian-stocks-look-set-gains-220852898.html?.tsrc=rss
(Bloomberg) -- Asian stocks started the week with gains after Friday’s U.S. jobs report smashed expectations and bolstered hope of a quick economic rebound. The dollar extended its recent slump.Equities climbed modestly in Japan, China and Hong Kong, while Korean shares lost much of an early advance. Australia’s markets were closed for a holiday. S&P 500 contracts were largely flat after the index posted a third weekly advance last week. The dollar headed for an eighth straight day of declines, while 10-year Treasuries retained last week’s losses.With U.S. shares close to wiping out their losses for the year, investor focus turns to the Federal Reserve’s policy meeting this week, with officials likely to re-commit to using their full range of tools to support the U.S. economy during the pandemic. Meanwhile, global governments are gradually easing their coronavirus lockdowns to revive growth while controlling the spread of Covid-19.“Markets have responded positively to falling infection rates in the major economies, and signs of increased consumption as countries emerge from lockdown,” Gavekal Research analysts wrote in a weekend note. “But by buying at present valuations, investors appear to be pricing in a perfect Keynesian recovery in the second half of the year.”Crude oil fluctuated Monday, as traders mull prospects for further gains in the wake of six straight weekly advances. OPEC at the weekend agreed to a one-month extension of its record oil-production cuts. What to watch this week:New York City will begin re-opening after recording its first day since March with no virus fatalities. India starts a phased lifting of its nationwide lockdown. The Netherlands and Belgium plan to open bars and restaurants. New Zealand could remove most of its remaining restrictionsECB President Christine Lagarde attends a European Parliament hearing MondayJapanese Prime Minister Shinzo Abe’s government will submit a second extra budget to parliament MondayFederal Reserve policy decision is Wednesday. Officials are expected to leave rates above zero and re-commit to using their full range of toolsOECD releases its economic outlook Wednesday, a twice-yearly analysis of the economic prospects of member countriesEuro-area finance ministers meet Thursday to discuss the EU’s recovery package and Eurogroup presidency successionGolf’s PGA holds its first tournament since the coronavirus lockdowns -- the Charles Schwab Challenge in Fort Worth, Texas. Spanish soccer league La Liga will resumeHere are the major moves in markets:StocksS&P 500 futures gained 0.2% as of 12:06 p.m. in Tokyo. The index closed 2.6% higher Friday.Japan’s Topix Index rose 0.6%.South Korea’s Kospi Index edged up 0.2%.Shanghai Composite was up 0.4%.Hang Seng Index rose 0.4%.CurrenciesThe Japanese yen was little changed at 109.50 per dollar.The offshore yuan slipped 0.1% to 7.0792 per dollar.The euro was little changed at $1.1291.The British pound rose 0.3% to $1.2701.BondsThe yield on 10-year Treasuries was little changed at 0.89%.Japanese 10-year yields were little changed at about 0.04%.CommoditiesWest Texas Intermediate crude climbed 0.8% to $39.86 a barrel.Gold was little changed at $1,688 per ounce.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/asian-stocks-look-set-gains-220852898.html?.tsrc=rss
