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Asia Stocks See Modest Gains; U.S. Futures Slip: Markets Wrap
(Bloomberg) -- Asian stocks extended a global equity rally after an emergency U.S. spending bill to combat the impact of the coronavirus added to signs of support from policy makers around the world. Treasuries edged higher and U.S. stock futures gave back some of Wednesday’s gains.Equities saw modest gains across the region with the Asian benchmark set for a fourth day of advance. S&P 500 futures slid as California called a state of emergency due to the virus. The underlying gauge Wednesday surged more than 4% in the wake of Congress authorizing nearly $8 billion for virus prevention. The Bank of Canada joined this week’s wave of global central bank action and Australia’s finance minister on Thursday said stimulus will come very soon as speculation grew that governments will provide more help with the outbreak hitting economic growth prospects.Treasuries nudged higher after the curve steepened on Wednesday, a sign investors see more U.S. stimulus coming. The yuan slipped after recouping all the losses since the coronavirus outbreak.“At the moment the market takes this as credible enough, that is to say there is some recovery coming ahead as a result of the current action,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors.As risk assets recover, traders remain on edge amid a rise in virus cases around the world. The S&P 500 has surged about 6% this week, a rebound that began late Friday when the Federal Reserve pledged support. It remains almost 8% below last month’s all-time high.Elsewhere, oil climbed amid a split between Saudi Arabia and Russia over whether deeper production cuts are required to offset the demand hit from the coronavirus epidemic.These are the main moves in markets:StocksJapan’s Topix index rose 0.7% as of 12:50 p.m. in Tokyo.South Korea’s Kospi climbed 0.5%.Hong Kong’s Hang Seng rose 1.2%.The Shanghai Composite added 1.4%.Futures on the S&P 500 Index dipped 0.9%. The underlying gauge advanced 4.2% on Wednesday.Euro Stoxx 50 futures added 0.5%.Australia’s S&P/ASX 200 Index gained 0.9%.CurrenciesThe euro bought $1.1138, little changed.The yen rose 0.2% to 107.32 per dollar.The offshore yuan slid 0.2% to 6.9389 per dollar.BondsThe yield on 10-year Treasuries dropped four basis points 1.01%.Australia’s 10-year yield rose six basis points to 0.78%.CommoditiesWest Texas Intermediate crude rose 1.3% to $47.40 a barrel.Gold added 0.1% to $1,639 an ounce.\--With assistance from Nancy Moran and Cormac Mullen.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, Andreea Papuc, Joanna OssingerFor 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-extend-global-stock-rally-231651748.html?.tsrc=rss
(Bloomberg) -- Asian stocks extended a global equity rally after an emergency U.S. spending bill to combat the impact of the coronavirus added to signs of support from policy makers around the world. Treasuries edged higher and U.S. stock futures gave back some of Wednesday’s gains.Equities saw modest gains across the region with the Asian benchmark set for a fourth day of advance. S&P 500 futures slid as California called a state of emergency due to the virus. The underlying gauge Wednesday surged more than 4% in the wake of Congress authorizing nearly $8 billion for virus prevention. The Bank of Canada joined this week’s wave of global central bank action and Australia’s finance minister on Thursday said stimulus will come very soon as speculation grew that governments will provide more help with the outbreak hitting economic growth prospects.Treasuries nudged higher after the curve steepened on Wednesday, a sign investors see more U.S. stimulus coming. The yuan slipped after recouping all the losses since the coronavirus outbreak.“At the moment the market takes this as credible enough, that is to say there is some recovery coming ahead as a result of the current action,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors.As risk assets recover, traders remain on edge amid a rise in virus cases around the world. The S&P 500 has surged about 6% this week, a rebound that began late Friday when the Federal Reserve pledged support. It remains almost 8% below last month’s all-time high.Elsewhere, oil climbed amid a split between Saudi Arabia and Russia over whether deeper production cuts are required to offset the demand hit from the coronavirus epidemic.These are the main moves in markets:StocksJapan’s Topix index rose 0.7% as of 12:50 p.m. in Tokyo.South Korea’s Kospi climbed 0.5%.Hong Kong’s Hang Seng rose 1.2%.The Shanghai Composite added 1.4%.Futures on the S&P 500 Index dipped 0.9%. The underlying gauge advanced 4.2% on Wednesday.Euro Stoxx 50 futures added 0.5%.Australia’s S&P/ASX 200 Index gained 0.9%.CurrenciesThe euro bought $1.1138, little changed.The yen rose 0.2% to 107.32 per dollar.The offshore yuan slid 0.2% to 6.9389 per dollar.BondsThe yield on 10-year Treasuries dropped four basis points 1.01%.Australia’s 10-year yield rose six basis points to 0.78%.CommoditiesWest Texas Intermediate crude rose 1.3% to $47.40 a barrel.Gold added 0.1% to $1,639 an ounce.\--With assistance from Nancy Moran and Cormac Mullen.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, Andreea Papuc, Joanna OssingerFor 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-extend-global-stock-rally-231651748.html?.tsrc=rss
