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Asian Stocks Push Higher; Yuan Extends Advance: Markets Wrap
(Bloomberg) -- Asian stocks followed their U.S. counterparts higher Tuesday on optimism over this week’s signing of the Sino-American trade deal. The yuan extended gains to the strongest since July.Stocks saw modest gains across the region, with Australia and South Korea outperforming. U.S. futures were little changed after technology shares Monday sent the S&P 500 and Nasdaq Composite Index to record highs. Gains extended after the U.S. was reported to plan lifting the currency-manipulator label from China, a move that was confirmed after the market closed. Treasury yields edged up, while the yen fell past 110 per dollar.The Trump administration lifted its designation of China as a currency manipulator, saying the nation has made “enforceable commitments” not to devalue the yuan and has agreed to publish exchange-rate information. The document listed no major U.S. trading partner among the 20 economies it monitors for potential manipulation.Meantime, Chinese export data for December came in above expectations.As investors await the signing of the phase-one trade agreement on Wednesday in Washington, focus is beginning to return to corporate results. Some of the biggest U.S. banks kick off earnings season Tuesday, amid forecasts that overall corporate profits will show the smallest growth in three years.“Our expectation is a solid earnings season -- nothing extraordinary but nothing really terrible,” Kristina Hooper, chief global market strategist at Invesco Ltd., said on Bloomberg TV. “The environment is so accommodative that it really is supportive of risk assets, including equities, even if we have a lackluster earnings season.”Elsewhere, the pound held Monday’s declines after another Bank of England official pointed to a potential vote for a U.K. interest-rate cut this month and data showed the economy unexpectedly shrank. Oil recovered and gold retreated.Here are some events to watch for this week
hase one of the U.S.-China trade deal is set to be signed on Wednesday in Washington.The biggest American financial institutions kick off earnings season, including JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co., Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley and BlackRock Inc.The U.S. releases inflation data for December on Tuesday.The Fed’s so-called beige book is due on Wednesday.China GDP comes on Friday.These are some of the moves in major markets:StocksJapan’s Topix Index rose 0.3% as of the lunch break in Tokyo.S&P/ASX 200 rose 0.8%.Kospi Index rose 0.8%.Hang Seng Index was little changed.Shanghai Composite Index was little changed.S&P 500 futures was flat. The S&P 500 Index increased 0.7% Monday.CurrenciesThe yen fell 0.1% to 110.08 per dollar.The offshore yuan rose 0.2% to 6.8711 per dollar after rising 0.5% Monday.The British pound steadied at $1.2999 after a 0.6% decline Monday.The Bloomberg Dollar Spot Index was flat.The euro was flat at $1.1137.BondsThe yield on 10-year Treasuries rose one basis point to 1.86%.Australian 10-year yields rose about four basis points to 1.25%.CommoditiesGold fell 0.5% to $1539.64.West Texas Intermediate crude rose 0.2% to $58.20 a barrel.\--With assistance from April Ma and Sarah Ponczek.To contact the reporters on this story: Cormac Mullen in Tokyo at cmullen9@bloomberg.net;Vildana Hajric in New York at vhajric1@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©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-look-set-rise-220907917.html?.tsrc=rss
(Bloomberg) -- Asian stocks followed their U.S. counterparts higher Tuesday on optimism over this week’s signing of the Sino-American trade deal. The yuan extended gains to the strongest since July.Stocks saw modest gains across the region, with Australia and South Korea outperforming. U.S. futures were little changed after technology shares Monday sent the S&P 500 and Nasdaq Composite Index to record highs. Gains extended after the U.S. was reported to plan lifting the currency-manipulator label from China, a move that was confirmed after the market closed. Treasury yields edged up, while the yen fell past 110 per dollar.The Trump administration lifted its designation of China as a currency manipulator, saying the nation has made “enforceable commitments” not to devalue the yuan and has agreed to publish exchange-rate information. The document listed no major U.S. trading partner among the 20 economies it monitors for potential manipulation.Meantime, Chinese export data for December came in above expectations.As investors await the signing of the phase-one trade agreement on Wednesday in Washington, focus is beginning to return to corporate results. Some of the biggest U.S. banks kick off earnings season Tuesday, amid forecasts that overall corporate profits will show the smallest growth in three years.“Our expectation is a solid earnings season -- nothing extraordinary but nothing really terrible,” Kristina Hooper, chief global market strategist at Invesco Ltd., said on Bloomberg TV. “The environment is so accommodative that it really is supportive of risk assets, including equities, even if we have a lackluster earnings season.”Elsewhere, the pound held Monday’s declines after another Bank of England official pointed to a potential vote for a U.K. interest-rate cut this month and data showed the economy unexpectedly shrank. Oil recovered and gold retreated.Here are some events to watch for this week
hase one of the U.S.-China trade deal is set to be signed on Wednesday in Washington.The biggest American financial institutions kick off earnings season, including JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co., Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley and BlackRock Inc.The U.S. releases inflation data for December on Tuesday.The Fed’s so-called beige book is due on Wednesday.China GDP comes on Friday.These are some of the moves in major markets:StocksJapan’s Topix Index rose 0.3% as of the lunch break in Tokyo.S&P/ASX 200 rose 0.8%.Kospi Index rose 0.8%.Hang Seng Index was little changed.Shanghai Composite Index was little changed.S&P 500 futures was flat. The S&P 500 Index increased 0.7% Monday.CurrenciesThe yen fell 0.1% to 110.08 per dollar.The offshore yuan rose 0.2% to 6.8711 per dollar after rising 0.5% Monday.The British pound steadied at $1.2999 after a 0.6% decline Monday.The Bloomberg Dollar Spot Index was flat.The euro was flat at $1.1137.BondsThe yield on 10-year Treasuries rose one basis point to 1.86%.Australian 10-year yields rose about four basis points to 1.25%.CommoditiesGold fell 0.5% to $1539.64.West Texas Intermediate crude rose 0.2% to $58.20 a barrel.\--With assistance from April Ma and Sarah Ponczek.To contact the reporters on this story: Cormac Mullen in Tokyo at cmullen9@bloomberg.net;Vildana Hajric in New York at vhajric1@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©2020 Bloomberg L.P.https://finance.yahoo.com/news/asian-stocks-look-set-rise-220907917.html?.tsrc=rss
