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Asia Stocks Trade Mixed; Treasuries Tick Higher: Markets Wrap
(Bloomberg) -- Asian stocks were mixed on Friday amid concern the recent rally has gone too far, with another big drop in American payrolls looming from the May employment report.Japanese shares dipped, while indexes in China, Hong Kong, South Korea and Australia were largely flat. Contracts on the S&P 500 were little changed after the index snapped a four-day winning streak Thursday. Ten-year Treasury yields edged down after climbing near the highest level since March. The euro earlier surged after the European Central Bank announced a bigger-than-expected boost to its emergency bond-buying program.“We had stocks make a miraculous recovery from their March 23 lows and so it makes sense that we’re unlikely to see the rally continue at the pace it has,” said Kristina Hooper, chief global market strategist at Invesco. “We’re probably going to see more of a plateauing, more of trading in a range until there’s a catalyst that moves them forward.”Global stocks have edged back from their highest since early March after the recent rally left valuations at the most expensive in nearly two decades and pushed technical levels toward overbought levels. Investors are awaiting plans for the next round of U.S. economic stimulus, but Trump administration officials have postponed discussions scheduled for this week, according to people familiar with the matter.Elsewhere, West Texas oil edger lower amid the long-running feud over compliance with production cutbacks.Here are some key events coming up:The U.S. labor market report on Friday will probably show American unemployment soared to 19.5% in May, the highest since the 1930s.Here are the major moves in markets:StocksS&P 500 futures were little changed as of 10:22 a.m. in Tokyo. The index fell 0.3% Thursday.Japan’s Topix index dipped 0.3%.Hong Kong’s Hang Seng rose 0.1%.Shanghai Composite gained 0.1%.South Korea’s Kospi index added 0.2%.Australia’s S&P/ASX 200 Index was little changed.CurrenciesThe euro was at $1.1330, little changed.The yen traded at 109.11 per dollar.The offshore yuan held at 7.1123 per dollar.BondsThe yield on 10-year Treasuries slipped to 0.80%.Australia’s 10-year yield rose four basis points to 1.06%.CommoditiesWTI crude dropped 0.5% to $37.22 a barrel.Gold was at $1,715.35 an ounce, up 0.1%.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-set-muted-start-213834581.html?.tsrc=rss
(Bloomberg) -- Asian stocks were mixed on Friday amid concern the recent rally has gone too far, with another big drop in American payrolls looming from the May employment report.Japanese shares dipped, while indexes in China, Hong Kong, South Korea and Australia were largely flat. Contracts on the S&P 500 were little changed after the index snapped a four-day winning streak Thursday. Ten-year Treasury yields edged down after climbing near the highest level since March. The euro earlier surged after the European Central Bank announced a bigger-than-expected boost to its emergency bond-buying program.“We had stocks make a miraculous recovery from their March 23 lows and so it makes sense that we’re unlikely to see the rally continue at the pace it has,” said Kristina Hooper, chief global market strategist at Invesco. “We’re probably going to see more of a plateauing, more of trading in a range until there’s a catalyst that moves them forward.”Global stocks have edged back from their highest since early March after the recent rally left valuations at the most expensive in nearly two decades and pushed technical levels toward overbought levels. Investors are awaiting plans for the next round of U.S. economic stimulus, but Trump administration officials have postponed discussions scheduled for this week, according to people familiar with the matter.Elsewhere, West Texas oil edger lower amid the long-running feud over compliance with production cutbacks.Here are some key events coming up:The U.S. labor market report on Friday will probably show American unemployment soared to 19.5% in May, the highest since the 1930s.Here are the major moves in markets:StocksS&P 500 futures were little changed as of 10:22 a.m. in Tokyo. The index fell 0.3% Thursday.Japan’s Topix index dipped 0.3%.Hong Kong’s Hang Seng rose 0.1%.Shanghai Composite gained 0.1%.South Korea’s Kospi index added 0.2%.Australia’s S&P/ASX 200 Index was little changed.CurrenciesThe euro was at $1.1330, little changed.The yen traded at 109.11 per dollar.The offshore yuan held at 7.1123 per dollar.BondsThe yield on 10-year Treasuries slipped to 0.80%.Australia’s 10-year yield rose four basis points to 1.06%.CommoditiesWTI crude dropped 0.5% to $37.22 a barrel.Gold was at $1,715.35 an ounce, up 0.1%.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-set-muted-start-213834581.html?.tsrc=rss
