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Asian Stocks Drop as Hong Kong Shares Lead Losses: Markets Wrap
(Bloomberg) -- Asian stocks slipped, with the bulk of losses coming in Hong Kong, as China announced plans to impose a national security law on the city, which threatened to further escalate tension between the U.S. and China. Treasuries edged higher.Hong Kong’s Hang Seng fell about 3.5%. Losses were more modest in Tokyo and Seoul, while shares edged up in Sydney. China responded to accusations from President Donald Trump, warning that it will safeguard its sovereignty, security and interests, and threatened countermeasures. The yuan was steady as China’s National People’s Congress began with pledges to sell bonds and omit a GDP target for this year due to uncertainties stemming from the pandemic.Earlier, the S&P 500 closed lower, with signs mounting that Trump will make his tough-on-China stance a key element of his re-election bid. The dollar edged up.Investors are parsing through initial details to come out of the NPC, China’s biggest political event of the year. Beijing is also preparing to impose national security legislation in Hong Kong, a show of legal force that could exacerbate tensions and threatened to reignite violent protests.“The geopolitical risks are meaningful,” David Riley, chief investment strategist at BlueBay Asset Management LLP said on Bloomberg TV. “It’s a concern for the market, is a potential source of weakness and a correction.”Meanwhile, the Bank of Japan kept its main policy rate while saying it will start a new lending program next month. India’s central bank chief is due to speak later Friday.Elsewhere, crude oil resumed declines, while gold was steady. The Australian dollar dipped as Fitch Ratings Ltd. cut the country’s AAA credit rating outlook to negative.These are some of the main moves in markets:StocksS&P 500 futures fell 0.4% as of 11:57 a.m. in Tokyo. The S&P 500 fell 0.8% on Thursday.Japan’s Topix index fell 0.5%.Hong Kong’s Hang Seng dropped 3.5%.South Korea‘s Kospi fell 0.9%.Australia’s S&P/ASX 200 Index lost 0.4%.Euro Stoxx 50 futures were 0.3% lower.CurrenciesThe yen was flat at 107.59 per dollar.The offshore yuan was little changed at 7.1337 per dollar.The euro bought $1.0942, down 0.1%.BondsThe yield on 10-year Treasuries slipped to 0.65%.Australia’s 10-year yield fell to 0.89%.CommoditiesWest Texas Intermediate crude was at $33.10 a barrel, down 2.4%.Gold rose 0.1% to $1,728.19 an ounce.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-slip-u-214939618.html?.tsrc=rss
(Bloomberg) -- Asian stocks slipped, with the bulk of losses coming in Hong Kong, as China announced plans to impose a national security law on the city, which threatened to further escalate tension between the U.S. and China. Treasuries edged higher.Hong Kong’s Hang Seng fell about 3.5%. Losses were more modest in Tokyo and Seoul, while shares edged up in Sydney. China responded to accusations from President Donald Trump, warning that it will safeguard its sovereignty, security and interests, and threatened countermeasures. The yuan was steady as China’s National People’s Congress began with pledges to sell bonds and omit a GDP target for this year due to uncertainties stemming from the pandemic.Earlier, the S&P 500 closed lower, with signs mounting that Trump will make his tough-on-China stance a key element of his re-election bid. The dollar edged up.Investors are parsing through initial details to come out of the NPC, China’s biggest political event of the year. Beijing is also preparing to impose national security legislation in Hong Kong, a show of legal force that could exacerbate tensions and threatened to reignite violent protests.“The geopolitical risks are meaningful,” David Riley, chief investment strategist at BlueBay Asset Management LLP said on Bloomberg TV. “It’s a concern for the market, is a potential source of weakness and a correction.”Meanwhile, the Bank of Japan kept its main policy rate while saying it will start a new lending program next month. India’s central bank chief is due to speak later Friday.Elsewhere, crude oil resumed declines, while gold was steady. The Australian dollar dipped as Fitch Ratings Ltd. cut the country’s AAA credit rating outlook to negative.These are some of the main moves in markets:StocksS&P 500 futures fell 0.4% as of 11:57 a.m. in Tokyo. The S&P 500 fell 0.8% on Thursday.Japan’s Topix index fell 0.5%.Hong Kong’s Hang Seng dropped 3.5%.South Korea‘s Kospi fell 0.9%.Australia’s S&P/ASX 200 Index lost 0.4%.Euro Stoxx 50 futures were 0.3% lower.CurrenciesThe yen was flat at 107.59 per dollar.The offshore yuan was little changed at 7.1337 per dollar.The euro bought $1.0942, down 0.1%.BondsThe yield on 10-year Treasuries slipped to 0.65%.Australia’s 10-year yield fell to 0.89%.CommoditiesWest Texas Intermediate crude was at $33.10 a barrel, down 2.4%.Gold rose 0.1% to $1,728.19 an ounce.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-slip-u-214939618.html?.tsrc=rss
