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Asian Stocks Push Higher; Treasuries Hold Gains: Markets Wrap
(Bloomberg) -- Asian stocks climbed Friday after a rise in U.S. technology shares drove the Nasdaq 100 to a record, tempering concern over a bumpy economic recovery. Treasuries held their overnight gains.Shares rose in Hong Kong, China, Japan and Australia, with volumes below average. South Korean stocks pared some of Thursday’s outsized slump as data showed a slide in exports eased. S&P 500 futures edged higher after the index posted a modest advance Thursday, when a rally in technology heavyweights offset a slide for energy producers and banks amid light volume. The benchmark had shrugged off earlier weakness from disappointing jobs data. The 10-year Treasury yield was steady and the dollar dipped. Crude oil and gold nudged higher.Investor demand for Internet and software companies remains intact, with solid balance sheets and a suite of products that benefit from social distancing helping tech extend this year’s surge -- the biggest among major S&P 500 groups. The industry has sustained stock market momentum, despite concern over lofty valuations.Vaccine news has also been driving investor sentiment as drug trials progress. Pfizer Inc. and BioNTech SE said their coronavirus inoculation is on track for regulatory review as early as October, assuming clinical success.Earlier Thursday, equities fell as applications for U.S. unemployment benefits unexpectedly increased, with initial jobless claims climbing to more than 1.1 million. The report reinforces forecasts that improvement in the labor market will occur in fits and starts, with the latest uptick likely representing a pause in that recovery -- rather than a substantial change in direction.“We are looking for a continued improvement in the economy, but the pace will probably slow down now that we’ve had this quick rebound,” Kathy Jones, chief fixed income strategist at Charles Schwab, said on Bloomberg TV. “That puts a lid on the upper end of yields.”On the trade front, China confirmed plans to talk with U.S. officials soon to review progress on their preliminary deal -- a rare engagement between the world’s largest economies as relations deteriorate. Speaking in Arizona earlier this week, President Donald Trump said he canceled those plans because he’s unhappy with the Asian nation’s role in the Covid-19 pandemic.These are some of the main moves in markets:StocksS&P 500 futures gained 0.2% as of 10:25 a.m. in Tokyo. The gauge rose 0.3% Thursday.Japan’s Topix index advanced 0.5%.Hong Kong’s Hang Seng added 0.9%.Shanghai Composite rose 0.5%.South Korea’s Kospi index gained 1%.Australia’s S&P/ASX 200 Index rose 0.3%.Euro Stoxx 50 added 0.4%.CurrenciesThe Bloomberg Dollar Spot Index lost 0.1%.The euro bought $1.1868, up 0.1%.The yen rose 0.1% to 105.68 per dollar.The offshore yuan traded at 6.9035 per dollar.BondsThe yield on 10-year Treasuries remained at about 0.65%.Australia’s 10-year yield was at 0.85%.CommoditiesWest Texas Intermediate crude rose 0.2% to $42.89 a barrel.Gold was at $1,942.02 an ounce, down 0.3%.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-higher-treasuries-214738336.html?.tsrc=rss
(Bloomberg) -- Asian stocks climbed Friday after a rise in U.S. technology shares drove the Nasdaq 100 to a record, tempering concern over a bumpy economic recovery. Treasuries held their overnight gains.Shares rose in Hong Kong, China, Japan and Australia, with volumes below average. South Korean stocks pared some of Thursday’s outsized slump as data showed a slide in exports eased. S&P 500 futures edged higher after the index posted a modest advance Thursday, when a rally in technology heavyweights offset a slide for energy producers and banks amid light volume. The benchmark had shrugged off earlier weakness from disappointing jobs data. The 10-year Treasury yield was steady and the dollar dipped. Crude oil and gold nudged higher.Investor demand for Internet and software companies remains intact, with solid balance sheets and a suite of products that benefit from social distancing helping tech extend this year’s surge -- the biggest among major S&P 500 groups. The industry has sustained stock market momentum, despite concern over lofty valuations.Vaccine news has also been driving investor sentiment as drug trials progress. Pfizer Inc. and BioNTech SE said their coronavirus inoculation is on track for regulatory review as early as October, assuming clinical success.Earlier Thursday, equities fell as applications for U.S. unemployment benefits unexpectedly increased, with initial jobless claims climbing to more than 1.1 million. The report reinforces forecasts that improvement in the labor market will occur in fits and starts, with the latest uptick likely representing a pause in that recovery -- rather than a substantial change in direction.“We are looking for a continued improvement in the economy, but the pace will probably slow down now that we’ve had this quick rebound,” Kathy Jones, chief fixed income strategist at Charles Schwab, said on Bloomberg TV. “That puts a lid on the upper end of yields.”On the trade front, China confirmed plans to talk with U.S. officials soon to review progress on their preliminary deal -- a rare engagement between the world’s largest economies as relations deteriorate. Speaking in Arizona earlier this week, President Donald Trump said he canceled those plans because he’s unhappy with the Asian nation’s role in the Covid-19 pandemic.These are some of the main moves in markets:StocksS&P 500 futures gained 0.2% as of 10:25 a.m. in Tokyo. The gauge rose 0.3% Thursday.Japan’s Topix index advanced 0.5%.Hong Kong’s Hang Seng added 0.9%.Shanghai Composite rose 0.5%.South Korea’s Kospi index gained 1%.Australia’s S&P/ASX 200 Index rose 0.3%.Euro Stoxx 50 added 0.4%.CurrenciesThe Bloomberg Dollar Spot Index lost 0.1%.The euro bought $1.1868, up 0.1%.The yen rose 0.1% to 105.68 per dollar.The offshore yuan traded at 6.9035 per dollar.BondsThe yield on 10-year Treasuries remained at about 0.65%.Australia’s 10-year yield was at 0.85%.CommoditiesWest Texas Intermediate crude rose 0.2% to $42.89 a barrel.Gold was at $1,942.02 an ounce, down 0.3%.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-higher-treasuries-214738336.html?.tsrc=rss
