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Asian Stocks Follow U.S. Higher, Dollar Stays Flat: Markets Wrap
(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.Asian stocks saw modest gains Thursday after their U.S. counterparts rose to all-time highs in thin trading ahead of a holiday. The dollar was little changed, amid further comments on Chinese and European currency manipulation by President Donald Trump.Shares in Japan, Australia and South Korea rose after the S&P 500 climbed for a fifth day. China and Hong Kong stocks opened little changed. U.S. stock investors piled into high dividend-yielding sectors like utilities and REITs after 10-year Treasury yields dipped to the lowest since November 2016. Volumes were light amid mixed economic data, with markets closed in the U.S. Thursday, and traders’ focus remained on Friday’s jobs numbers.“We’ve seen continued doubt and worry over this bull market for a decade now, yet it continues to defy all skeptics,” said Ryan Detrick, senior market strategist for LPL Financial. “The bottom line is the dual benefit of both fiscal and monetary policy should help extend this business cycle potentially much longer than many expect.”On the currency-war front, Trump in a Twitter post Wednesday said China and Europe are playing a “big currency manipulation game” and “pumping money into their system” to compete with the U.S. He said America should match their efforts “or continue being dummies” who watch other countries manipulate currencies.Elsewhere, oil rebounded as a drop in U.S. gasoline supplies helped crude prices shrug off their biggest decline in a month. The yield difference between Italian 10-year government bonds and the equivalent German securities fell to below 200 bps for the first time since May 2018 after the European Commission decided not to penalize Italy for breaking government spending limits.Here are some key events coming up:U.S. markets equity markets close Thursday for the Independence Day holiday.The U.S. jobs report is due Friday and is projected to show non-farm payrolls rose by 164,000 in June, rebounding from 75,000 the month prior.Here are the main moves in markets:StocksTopix Index rose 0.5% as of 10:31 am Tokyo time.S&P/ASX 200 Index rose 0.7%.Kospi Index rose 0.3%S&P 500 futures were little changed. The S&P 500 Index closed up 0.8%, hitting the highest on record.Hang Seng up 0.2%.Shanghai Composite little changed.CurrenciesThe Bloomberg Dollar Spot Index decreased 0.1%.The euro increased 0.1% to $1.1289.The Japanese yen was little changed at 107.77 per dollar.The offshore yuan was steady at 6.8777 per dollar.BondsThe yield on 10-year Treasuries closed down two basis points to 1.95% Wednesday. Futures were little changed in Asia Thursday.Australian 10-year yields were at 1.30%.CommoditiesWest Texas Intermediate crude slipped 0.2% to $57.21 a barrel.Gold was little changed at $1,419.65 an ounce.To contact the reporter on this story: Cormac Mullen in Tokyo at cmullen9@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-poised-gains-treasuries-220509151.html?.tsrc=rss
(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.Asian stocks saw modest gains Thursday after their U.S. counterparts rose to all-time highs in thin trading ahead of a holiday. The dollar was little changed, amid further comments on Chinese and European currency manipulation by President Donald Trump.Shares in Japan, Australia and South Korea rose after the S&P 500 climbed for a fifth day. China and Hong Kong stocks opened little changed. U.S. stock investors piled into high dividend-yielding sectors like utilities and REITs after 10-year Treasury yields dipped to the lowest since November 2016. Volumes were light amid mixed economic data, with markets closed in the U.S. Thursday, and traders’ focus remained on Friday’s jobs numbers.“We’ve seen continued doubt and worry over this bull market for a decade now, yet it continues to defy all skeptics,” said Ryan Detrick, senior market strategist for LPL Financial. “The bottom line is the dual benefit of both fiscal and monetary policy should help extend this business cycle potentially much longer than many expect.”On the currency-war front, Trump in a Twitter post Wednesday said China and Europe are playing a “big currency manipulation game” and “pumping money into their system” to compete with the U.S. He said America should match their efforts “or continue being dummies” who watch other countries manipulate currencies.Elsewhere, oil rebounded as a drop in U.S. gasoline supplies helped crude prices shrug off their biggest decline in a month. The yield difference between Italian 10-year government bonds and the equivalent German securities fell to below 200 bps for the first time since May 2018 after the European Commission decided not to penalize Italy for breaking government spending limits.Here are some key events coming up:U.S. markets equity markets close Thursday for the Independence Day holiday.The U.S. jobs report is due Friday and is projected to show non-farm payrolls rose by 164,000 in June, rebounding from 75,000 the month prior.Here are the main moves in markets:StocksTopix Index rose 0.5% as of 10:31 am Tokyo time.S&P/ASX 200 Index rose 0.7%.Kospi Index rose 0.3%S&P 500 futures were little changed. The S&P 500 Index closed up 0.8%, hitting the highest on record.Hang Seng up 0.2%.Shanghai Composite little changed.CurrenciesThe Bloomberg Dollar Spot Index decreased 0.1%.The euro increased 0.1% to $1.1289.The Japanese yen was little changed at 107.77 per dollar.The offshore yuan was steady at 6.8777 per dollar.BondsThe yield on 10-year Treasuries closed down two basis points to 1.95% Wednesday. Futures were little changed in Asia Thursday.Australian 10-year yields were at 1.30%.CommoditiesWest Texas Intermediate crude slipped 0.2% to $57.21 a barrel.Gold was little changed at $1,419.65 an ounce.To contact the reporter on this story: Cormac Mullen in Tokyo at cmullen9@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-poised-gains-treasuries-220509151.html?.tsrc=rss
