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Asian Stocks Pare Losses; U.S. Futures Rise: Markets Wrap
(Bloomberg) -- Asian stocks pared losses and U.S. futures pushed higher Thursday as investors digested a surprise rise in China’s exports amid mixed global economic data. Treasuries pared an overnight decline.S&P 500 futures extended gains and the offshore yuan rose after Chinese exports beat expectations in April. Japanese shares stayed lower as traders in Tokyo returned from holidays. South Korean shares fluctuated and Hong Kong stocks slipped. The dollar held gains, while the yen continued to trade near the highest since mid-March. Benchmark Treasury yields ticked lower.A Wednesday report showing U.S. companies cut a record 20.2 million jobs in April showcased the economic damage of the coronavirus outbreak, before Friday’s official payrolls report. On the virus front, California reported its largest one-day jump in new cases, while Germany, the U.K., Denmark and the Netherlands are planning additional steps to ease their restrictions.As for earnings, signals from drug makers and online grocers have been encouraging, though insurers, banks and carmakers have added to the chorus of companies taking a heavy hit.“We remain concerned about the potential for the pandemic to have lasting effects on growth,” wrote Ron Temple, co-head of multi-asset and head of U.S. equity at Lazard Asset Management. “Countries and companies are likely to exit the crisis with significantly higher debt, curtailing their ability to invest and innovate.”China’s exports unexpectedly rose in April even as the coronavirus pandemic damaged global demand. Exports rose 3.5% in dollar terms in April from a year earlier, beating economists’ forecasts that they would shrink by 11%. Imports fell.Elsewhere, oil swung around $24 a barrel as investors weighed small signs of recovering demand against a huge glut that’s testing global storage capacity limits.Here are some key events coming up:The Bank of England has a policy decision on Thursday.Friday brings the U.S. jobs report for April, expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrolls.These are some of the main moves in markets:StocksFutures on the S&P 500 Index added 0.6% as of 12:12 p.m. in Tokyo. The index fell 0.7% on Wednesday.The Topix Index dropped 0.5%.Australia’s S&P/ASX 200 Index fell 0.3%.South Korea’s Kospi rose 0.2%.The Shanghai Composite fell 0.1%.Hong Kong’s Hang Seng Index fell 0.4%.Euro Stoxx 50 futures were little changed.CurrenciesThe yen slipped 0.1% to 106.19 per dollar.The offshore yuan traded at 7.1131 per dollar, up 0.2%.The euro was flat at $1.0802, after dropping 0.4% Wednesday.BondsThe yield on 10-year Treasuries dipped one basis point to around 0.69%.Australia’s 10-year bond yield held at 0.93%.CommoditiesWest Texas Intermediate crude rose 0.2% to $24.03 a barrel.Gold rose 0.3% to $1,691 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/asia-stocks-u-lower-dollar-224121462.html?.tsrc=rss
(Bloomberg) -- Asian stocks pared losses and U.S. futures pushed higher Thursday as investors digested a surprise rise in China’s exports amid mixed global economic data. Treasuries pared an overnight decline.S&P 500 futures extended gains and the offshore yuan rose after Chinese exports beat expectations in April. Japanese shares stayed lower as traders in Tokyo returned from holidays. South Korean shares fluctuated and Hong Kong stocks slipped. The dollar held gains, while the yen continued to trade near the highest since mid-March. Benchmark Treasury yields ticked lower.A Wednesday report showing U.S. companies cut a record 20.2 million jobs in April showcased the economic damage of the coronavirus outbreak, before Friday’s official payrolls report. On the virus front, California reported its largest one-day jump in new cases, while Germany, the U.K., Denmark and the Netherlands are planning additional steps to ease their restrictions.As for earnings, signals from drug makers and online grocers have been encouraging, though insurers, banks and carmakers have added to the chorus of companies taking a heavy hit.“We remain concerned about the potential for the pandemic to have lasting effects on growth,” wrote Ron Temple, co-head of multi-asset and head of U.S. equity at Lazard Asset Management. “Countries and companies are likely to exit the crisis with significantly higher debt, curtailing their ability to invest and innovate.”China’s exports unexpectedly rose in April even as the coronavirus pandemic damaged global demand. Exports rose 3.5% in dollar terms in April from a year earlier, beating economists’ forecasts that they would shrink by 11%. Imports fell.Elsewhere, oil swung around $24 a barrel as investors weighed small signs of recovering demand against a huge glut that’s testing global storage capacity limits.Here are some key events coming up:The Bank of England has a policy decision on Thursday.Friday brings the U.S. jobs report for April, expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrolls.These are some of the main moves in markets:StocksFutures on the S&P 500 Index added 0.6% as of 12:12 p.m. in Tokyo. The index fell 0.7% on Wednesday.The Topix Index dropped 0.5%.Australia’s S&P/ASX 200 Index fell 0.3%.South Korea’s Kospi rose 0.2%.The Shanghai Composite fell 0.1%.Hong Kong’s Hang Seng Index fell 0.4%.Euro Stoxx 50 futures were little changed.CurrenciesThe yen slipped 0.1% to 106.19 per dollar.The offshore yuan traded at 7.1131 per dollar, up 0.2%.The euro was flat at $1.0802, after dropping 0.4% Wednesday.BondsThe yield on 10-year Treasuries dipped one basis point to around 0.69%.Australia’s 10-year bond yield held at 0.93%.CommoditiesWest Texas Intermediate crude rose 0.2% to $24.03 a barrel.Gold rose 0.3% to $1,691 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/asia-stocks-u-lower-dollar-224121462.html?.tsrc=rss
