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Asia Stocks to Drop, Banks in Focus; Dollar Jumps: Markets Wrap
(Bloomberg) -- Asian stocks are set to open weaker on Tuesday after U.S. equities ended lower on concerns over prospects for economic stimulus and increasing coronavirus cases. Bonds and the dollar rose.Banks will be in the spotlight after global lenders tumbled on a report about suspicious worldwide transactions. Futures fell in Australia and Hong Kong. After approaching the threshold that many investors consider to be a market correction, the S&P 500 came off session lows as the Nasdaq 100 climbed. The dollar rose the most in three months against its major peers. Japan is shut for a holiday and cash Treasuries won’t trade until the London open.The eruption of a partisan battle over replacing Supreme Court Justice Ruth Bader Ginsburg damaged already-slim prospects for another round of fiscal stimulus, rattling investors. Speaker Nancy Pelosi and House Democrats released a stopgap government funding bill without support from the White House or Senate Republicans. Federal Reserve Chairman Jerome Powell said the economy is improving, but has a long way to go before a full recovery from the pandemic. Former Food and Drug Administration Commissioner Scott Gottlieb warned the U.S. may experience “at least one more cycle” of the virus in the fall and winter.Meanwhile, a new investigation by the International Consortium of Investigative Journalists said some big global banks “kept profiting from powerful and dangerous players” in the past two decades even after the U.S. imposed penalties. HSBC Holdings Plc’s shares fell to the lowest since 1995 in Hong Kong.Elsewhere, oil declined the most in almost two weeks on mounting worries over prolonged coronavirus restrictions, while the prospect of Libya resuming exports added to supply concerns. Gold tumbled.These are some of the main moves in markets:StocksThe S&P 500 dipped 1.2%.Australia’s S&P/ASX 200 Index futures fell 1%.Hong Kong’s Hang Seng Index futures lost 0.4% earlier.CurrenciesThe yen was at 104.68 per dollar.The offshore yuan traded at 6.7932 per dollar.The Bloomberg Dollar Spot Index jumped 0.6%.The euro traded at $1.1773 after sinking 0.7%.BondsThe yield on 10-year Treasuries dipped almost three basis points to 0.67%.CommoditiesWest Texas Intermediate crude fell 3.7% to $39.59 a barrel.Gold was at $1,912.37 an ounce after depreciating 2%.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-banks-focus-213739039.html?.tsrc=rss
(Bloomberg) -- Asian stocks are set to open weaker on Tuesday after U.S. equities ended lower on concerns over prospects for economic stimulus and increasing coronavirus cases. Bonds and the dollar rose.Banks will be in the spotlight after global lenders tumbled on a report about suspicious worldwide transactions. Futures fell in Australia and Hong Kong. After approaching the threshold that many investors consider to be a market correction, the S&P 500 came off session lows as the Nasdaq 100 climbed. The dollar rose the most in three months against its major peers. Japan is shut for a holiday and cash Treasuries won’t trade until the London open.The eruption of a partisan battle over replacing Supreme Court Justice Ruth Bader Ginsburg damaged already-slim prospects for another round of fiscal stimulus, rattling investors. Speaker Nancy Pelosi and House Democrats released a stopgap government funding bill without support from the White House or Senate Republicans. Federal Reserve Chairman Jerome Powell said the economy is improving, but has a long way to go before a full recovery from the pandemic. Former Food and Drug Administration Commissioner Scott Gottlieb warned the U.S. may experience “at least one more cycle” of the virus in the fall and winter.Meanwhile, a new investigation by the International Consortium of Investigative Journalists said some big global banks “kept profiting from powerful and dangerous players” in the past two decades even after the U.S. imposed penalties. HSBC Holdings Plc’s shares fell to the lowest since 1995 in Hong Kong.Elsewhere, oil declined the most in almost two weeks on mounting worries over prolonged coronavirus restrictions, while the prospect of Libya resuming exports added to supply concerns. Gold tumbled.These are some of the main moves in markets:StocksThe S&P 500 dipped 1.2%.Australia’s S&P/ASX 200 Index futures fell 1%.Hong Kong’s Hang Seng Index futures lost 0.4% earlier.CurrenciesThe yen was at 104.68 per dollar.The offshore yuan traded at 6.7932 per dollar.The Bloomberg Dollar Spot Index jumped 0.6%.The euro traded at $1.1773 after sinking 0.7%.BondsThe yield on 10-year Treasuries dipped almost three basis points to 0.67%.CommoditiesWest Texas Intermediate crude fell 3.7% to $39.59 a barrel.Gold was at $1,912.37 an ounce after depreciating 2%.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-banks-focus-213739039.html?.tsrc=rss
