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Asian Stocks Drift on Trade; Treasuries Steady: Markets Wrap
(Bloomberg) -- Asian stocks were mixed Wednesday as investors assessed the latest in the unpredictable path of trade talks between the U.S. and China. Treasuries steadied after gains.Benchmarks nudged higher in Sydney and Seoul, were little changed in Hong Kong and Tokyo, and slipped in China. U.S. futures climbed after shares closed lower in New York Tuesday in a seesaw session as it appeared that China was bracing for the worst on the negotiations with President Donald Trump’s credibility becoming a key impediment to a deal. The 10-year Treasury yield stayed below 1.50% near a three-year low and the dollar was steady against major currencies. The yen dipped and the yuan was little changed.Trump’s flip-flops on trade have left investors second-guessing the next moves as optimism of a resolution become more remote. The U.S. president’s apparent de-escalation of trade tensions at the Group-of-Seven meetings had helped ease investor nerves somewhat before Beijing questioned some of those comments. The latest round of tariffs from both sides are due to be staggered from Sept. 1.“Hope gave way to pragmatic realism about the outlook for the China-U.S. trade dispute,” Greg McKenna, strategist at McKenna Macro, wrote in a note Wednesday. “The market is still trying to get a feel for where it’s at and what it thinks as we get closer to the deadline for the tariffs this week.”Elsewhere, crude extended gains on expectations of shrinking U.S. inventories. The euro stabilized after coming under pressure following data showing Germany was on the brink of a recession. The pound held gains as opposition politicians stepped up efforts to prevent a no-deal Brexit.Events to keep an eye on this week:The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.Bank of Korea policy decision and briefing is on Friday.Euro-zone CPI data for August is also due Friday.Here are the main moves in markets:StocksThe MSCI Asia Pacific Index rose 0.1% as of 12:40 p.m. in Hong Kong.Topix index was flat.Australia’s S&P/ASX 200 Index rose 0.4%.South Korea’s Kospi index rose 0.5%.Hang Seng Index dipped 0.1%.Shanghai Composite Index fell 0.3%.S&P 500 futures added 0.3%. S&P 500 Index fell 0.3%.CurrenciesThe yen slipped 0.1% to 105.82 per dollar.The offshore yuan was little changed at 7.1632 per dollar.Bloomberg Dollar Spot Index was little changed.The euro was flat at $1.1085.The British pound was at $1.2277, down 0.1%.BondsThe yield on 10-year Treasuries rose one basis point to 1.48% after falling six basis points the previous session.Australia’s 10-year yield fell about two basis points to 0.88%.CommoditiesGold fell 0.4% to $1,536.14 an ounce.West Texas Intermediate crude jumped 1% to $55.47 a barrel, adding to a 2.4% gain the previous session.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-look-mixed-trade-232942215.html?.tsrc=rss
(Bloomberg) -- Asian stocks were mixed Wednesday as investors assessed the latest in the unpredictable path of trade talks between the U.S. and China. Treasuries steadied after gains.Benchmarks nudged higher in Sydney and Seoul, were little changed in Hong Kong and Tokyo, and slipped in China. U.S. futures climbed after shares closed lower in New York Tuesday in a seesaw session as it appeared that China was bracing for the worst on the negotiations with President Donald Trump’s credibility becoming a key impediment to a deal. The 10-year Treasury yield stayed below 1.50% near a three-year low and the dollar was steady against major currencies. The yen dipped and the yuan was little changed.Trump’s flip-flops on trade have left investors second-guessing the next moves as optimism of a resolution become more remote. The U.S. president’s apparent de-escalation of trade tensions at the Group-of-Seven meetings had helped ease investor nerves somewhat before Beijing questioned some of those comments. The latest round of tariffs from both sides are due to be staggered from Sept. 1.“Hope gave way to pragmatic realism about the outlook for the China-U.S. trade dispute,” Greg McKenna, strategist at McKenna Macro, wrote in a note Wednesday. “The market is still trying to get a feel for where it’s at and what it thinks as we get closer to the deadline for the tariffs this week.”Elsewhere, crude extended gains on expectations of shrinking U.S. inventories. The euro stabilized after coming under pressure following data showing Germany was on the brink of a recession. The pound held gains as opposition politicians stepped up efforts to prevent a no-deal Brexit.Events to keep an eye on this week:The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.Bank of Korea policy decision and briefing is on Friday.Euro-zone CPI data for August is also due Friday.Here are the main moves in markets:StocksThe MSCI Asia Pacific Index rose 0.1% as of 12:40 p.m. in Hong Kong.Topix index was flat.Australia’s S&P/ASX 200 Index rose 0.4%.South Korea’s Kospi index rose 0.5%.Hang Seng Index dipped 0.1%.Shanghai Composite Index fell 0.3%.S&P 500 futures added 0.3%. S&P 500 Index fell 0.3%.CurrenciesThe yen slipped 0.1% to 105.82 per dollar.The offshore yuan was little changed at 7.1632 per dollar.Bloomberg Dollar Spot Index was little changed.The euro was flat at $1.1085.The British pound was at $1.2277, down 0.1%.BondsThe yield on 10-year Treasuries rose one basis point to 1.48% after falling six basis points the previous session.Australia’s 10-year yield fell about two basis points to 0.88%.CommoditiesGold fell 0.4% to $1,536.14 an ounce.West Texas Intermediate crude jumped 1% to $55.47 a barrel, adding to a 2.4% gain the previous session.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-look-mixed-trade-232942215.html?.tsrc=rss
