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Asian Stocks Mixed After Fed; Focus Moves to Trade: Markets Wrap
(Bloomberg) -- Asian stocks were mixed Thursday after the Federal Reserve signaled U.S. interest rates will remain unchanged throughout 2020 amid a solid economy. Treasuries held gains and the dollar remained lower.Stocks in Hong Kong and Seoul outperformed, while they were flat in Tokyo and slipped in Shanghai and Sydney. S&P 500 futures nudged higher after U.S. stocks Wednesday halted a two-day retreat. Ten-year Treasury yields stayed just below 1.8% after the Fed’s comments fueled bets on a high bar for any rate hike. Hong Kong’s dollar climbed into the strong half of its trading band against the greenback for the first time since July, boosted by elevated borrowing costs in the city. Investor focus now shifts to the Sunday deadline for a U.S. tariff hike on Chinese imports.The Fed, in its first unanimous vote since May, left rates unchanged and said it will continue to monitor items “including global developments and muted inflation pressures.” Fed Chairman Jerome Powell said the central bank will keep rates where they are unless there’s a meaningful change in the outlook.Meantime, the world’s top two economies are still wrangling over an interim trade deal. Thursday may bring news as U.S. President Donald Trump is expected to meet with his trade team, according to people familiar with the talks.“The fact is the big event risk remains in place, with the world watching to see if the 15% tariffs kick in,” Chris Weston, head of research at Pepperstone Group Ltd., said in a note Thursday. “What the Fed has delivered is about as much as we could have hoped for in this period.”Elsewhere, the pound held gains ahead of Thursday’s U.K. election, which is shaping up as a narrow race between the two major parties.Here are some other key events to watch:Brazil’s central bank also decides on interest rate.The European Central Bank meets to set policy Thursday.The U.K. holds a general election Thursday.And these are the main market moves:StocksTopix index was flat at the break in Tokyo.Australia’s S&P/ASX 200 Index fell 0.7%.Kospi index rose 1.2%.Hang Seng Index gained 1.3%.Shanghai Composite Index fell 0.1%.S&P 500 futures rose 0.1%. The S&P 500 Index gained 0.3%.CurrenciesThe yen traded at 108.57 per dollar, little changed.The offshore yuan was little changed at 7.0276 per dollar.The Bloomberg Dollar Spot Index dipped 0.1%, extending a 0.4% drop.The euro rose 0.1% to $1.1142.The British pound traded at $1.3226, up 0.2%.Hong Kong dollar climbed as much as 0.13% to 7.7982 per dollar.BondsThe yield on 10-year Treasuries held at 1.80% after falling five basis points.Australia’s 10-year bond yields were steady at 1.15%.CommoditiesWest Texas Intermediate crude rose 0.2% to $58.85 a barrel.Gold traded little changed at $1,475.40 an ounce after jumping 0.7%.\--With assistance from Sarah Ponczek, Vildana Hajric and Livia Yap.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@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/asia-stocks-look-mixed-fed-231532966.html?.tsrc=rss
(Bloomberg) -- Asian stocks were mixed Thursday after the Federal Reserve signaled U.S. interest rates will remain unchanged throughout 2020 amid a solid economy. Treasuries held gains and the dollar remained lower.Stocks in Hong Kong and Seoul outperformed, while they were flat in Tokyo and slipped in Shanghai and Sydney. S&P 500 futures nudged higher after U.S. stocks Wednesday halted a two-day retreat. Ten-year Treasury yields stayed just below 1.8% after the Fed’s comments fueled bets on a high bar for any rate hike. Hong Kong’s dollar climbed into the strong half of its trading band against the greenback for the first time since July, boosted by elevated borrowing costs in the city. Investor focus now shifts to the Sunday deadline for a U.S. tariff hike on Chinese imports.The Fed, in its first unanimous vote since May, left rates unchanged and said it will continue to monitor items “including global developments and muted inflation pressures.” Fed Chairman Jerome Powell said the central bank will keep rates where they are unless there’s a meaningful change in the outlook.Meantime, the world’s top two economies are still wrangling over an interim trade deal. Thursday may bring news as U.S. President Donald Trump is expected to meet with his trade team, according to people familiar with the talks.“The fact is the big event risk remains in place, with the world watching to see if the 15% tariffs kick in,” Chris Weston, head of research at Pepperstone Group Ltd., said in a note Thursday. “What the Fed has delivered is about as much as we could have hoped for in this period.”Elsewhere, the pound held gains ahead of Thursday’s U.K. election, which is shaping up as a narrow race between the two major parties.Here are some other key events to watch:Brazil’s central bank also decides on interest rate.The European Central Bank meets to set policy Thursday.The U.K. holds a general election Thursday.And these are the main market moves:StocksTopix index was flat at the break in Tokyo.Australia’s S&P/ASX 200 Index fell 0.7%.Kospi index rose 1.2%.Hang Seng Index gained 1.3%.Shanghai Composite Index fell 0.1%.S&P 500 futures rose 0.1%. The S&P 500 Index gained 0.3%.CurrenciesThe yen traded at 108.57 per dollar, little changed.The offshore yuan was little changed at 7.0276 per dollar.The Bloomberg Dollar Spot Index dipped 0.1%, extending a 0.4% drop.The euro rose 0.1% to $1.1142.The British pound traded at $1.3226, up 0.2%.Hong Kong dollar climbed as much as 0.13% to 7.7982 per dollar.BondsThe yield on 10-year Treasuries held at 1.80% after falling five basis points.Australia’s 10-year bond yields were steady at 1.15%.CommoditiesWest Texas Intermediate crude rose 0.2% to $58.85 a barrel.Gold traded little changed at $1,475.40 an ounce after jumping 0.7%.\--With assistance from Sarah Ponczek, Vildana Hajric and Livia Yap.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@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/asia-stocks-look-mixed-fed-231532966.html?.tsrc=rss
