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Asian Stocks Advance; Singapore Dollar Declines: Markets Wrap
(Bloomberg) -- Want the lowdown on what's moving Asia’s markets in your inbox every morning? Sign up here.Asian stocks headed for their first back-to-back daily gain since fears about the coronavirus deepened last month, with some investors optimistic the impact to the global economy will prove short-lived. Bond yields climbed.Japanese and Chinese benchmarks rose 1% or more, leading the region. Singapore’s dollar retreated after its central bank said there’s room for easing. Australian bond yields jumped back over 1%. U.S. equity futures dipped after the S&P 500 Index rose the most since August on Tuesday, when technology stocks completed a full recovery of the losses sustained in the recent sell-off. The offshore yuan dipped, weakening past 7 per dollar again.Elsewhere in currency markets, Australia’s dollar erased losses after Reserve Bank Governor Philip Lowe said that while there was a case for further policy easing, there are risks from low interest rates. Thailand’s baht weakened ahead of the central bank’s rate decision, with economists split on whether or not a cut is coming.Meantime, the risk to global growth remains, with travel restrictions in place and Macau shutting its casinos for another two weeks. Elsewhere, Tesla Inc.’s stock continues to surge after its quarterly earnings, helping some related firms in Asia. One China supplier climbed by the 10% limit for a second day Wednesday, helping the ChiNext Index recoup post-Lunar New Year losses.“The authorities have obviously taken some steps -- the central bank, trying to calm things down and some guidance for equity markets,” Sean Callow, senior currency strategist at Westpac Banking Corp., told Bloomberg TV. “But really in terms of news on the outbreak with the impact on business and the uncertainty of how long it will last, it’s likely that there will be ongoing pressure on the yuan.”Here are some key events coming up:Euro-zone PMI data in its final version will be released Wednesday.The Reserve Bank of India’s interest rate decision is due Thursday.The U.S. employment report for January is set for Friday release.These are the main moves in markets:StocksJapan’s Topix index rose 1.3% as of 2:16 p.m. in Tokyo.Hong Kong’s Hang Seng Index advanced 0.5%.The Shanghai Composite Index rose 1.5%.Australia’s S&P/ASX 200 Index climbed 0.4%.South Korea’s Kospi index added 0.6%.Futures on the S&P 500 slipped 0.2%. The S&P 500 jumped 1.5% in New York on Tuesday and the Nasdaq 100 added 2.3%.Euro Stoxx 50 futures fell 0.2%.CurrenciesThe yen was at 109.45 per dollar, little changed.The offshore yuan dipped 0.2% to 7.0042 per dollar.The euro bought $1.1035, down 0.1%.BondsThe yield on 10-year Treasuries was at 1.59% after climbing Tuesday.Australia’s 10-year yield rose about 11 basis points to 1.03%.CommoditiesWest Texas Intermediate crude added 1.2% to $50.20 a barrel.Gold added 0.4% to $1,558.52 an ounce after sliding 1.5% Tuesday.\--With assistance from George Lei and Jonathan Ferro.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, Ravil ShirodkarFor 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-stock-rally-build-treasuries-214102970.html?.tsrc=rss
(Bloomberg) -- Want the lowdown on what's moving Asia’s markets in your inbox every morning? Sign up here.Asian stocks headed for their first back-to-back daily gain since fears about the coronavirus deepened last month, with some investors optimistic the impact to the global economy will prove short-lived. Bond yields climbed.Japanese and Chinese benchmarks rose 1% or more, leading the region. Singapore’s dollar retreated after its central bank said there’s room for easing. Australian bond yields jumped back over 1%. U.S. equity futures dipped after the S&P 500 Index rose the most since August on Tuesday, when technology stocks completed a full recovery of the losses sustained in the recent sell-off. The offshore yuan dipped, weakening past 7 per dollar again.Elsewhere in currency markets, Australia’s dollar erased losses after Reserve Bank Governor Philip Lowe said that while there was a case for further policy easing, there are risks from low interest rates. Thailand’s baht weakened ahead of the central bank’s rate decision, with economists split on whether or not a cut is coming.Meantime, the risk to global growth remains, with travel restrictions in place and Macau shutting its casinos for another two weeks. Elsewhere, Tesla Inc.’s stock continues to surge after its quarterly earnings, helping some related firms in Asia. One China supplier climbed by the 10% limit for a second day Wednesday, helping the ChiNext Index recoup post-Lunar New Year losses.“The authorities have obviously taken some steps -- the central bank, trying to calm things down and some guidance for equity markets,” Sean Callow, senior currency strategist at Westpac Banking Corp., told Bloomberg TV. “But really in terms of news on the outbreak with the impact on business and the uncertainty of how long it will last, it’s likely that there will be ongoing pressure on the yuan.”Here are some key events coming up:Euro-zone PMI data in its final version will be released Wednesday.The Reserve Bank of India’s interest rate decision is due Thursday.The U.S. employment report for January is set for Friday release.These are the main moves in markets:StocksJapan’s Topix index rose 1.3% as of 2:16 p.m. in Tokyo.Hong Kong’s Hang Seng Index advanced 0.5%.The Shanghai Composite Index rose 1.5%.Australia’s S&P/ASX 200 Index climbed 0.4%.South Korea’s Kospi index added 0.6%.Futures on the S&P 500 slipped 0.2%. The S&P 500 jumped 1.5% in New York on Tuesday and the Nasdaq 100 added 2.3%.Euro Stoxx 50 futures fell 0.2%.CurrenciesThe yen was at 109.45 per dollar, little changed.The offshore yuan dipped 0.2% to 7.0042 per dollar.The euro bought $1.1035, down 0.1%.BondsThe yield on 10-year Treasuries was at 1.59% after climbing Tuesday.Australia’s 10-year yield rose about 11 basis points to 1.03%.CommoditiesWest Texas Intermediate crude added 1.2% to $50.20 a barrel.Gold added 0.4% to $1,558.52 an ounce after sliding 1.5% Tuesday.\--With assistance from George Lei and Jonathan Ferro.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, Ravil ShirodkarFor 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-stock-rally-build-treasuries-214102970.html?.tsrc=rss
