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Asian Stocks Push Higher; Yuan Strengthens: Markets Wrap
(Bloomberg) -- Asian stocks rose Monday, fueled by optimism on China’s economy and prospects of a signed U.S. trade deal. The yuan strengthened.Shares rose in Seoul and Hong Kong, reversed losses in Shanghai and slipped in Sydney. Japanese markets were closed for a holiday. European futures were little changed, while U.S. futures saw modest gains after the S&P 500 dropped from record levels Friday with the latest jobs report delivering mixed signals on the strength of the economy. The yen and gold retreated. The offshore yuan rose past 6.9 per dollar for the first time since July.Geopolitics remained on the radar over the weekend, with Iran admitting it downed a Ukrainian jet after mistaking it for a cruise missile. North Korea said it won’t trade its nuclear weapons for a lifting of sanctions. Taiwanese president Tsai Ing-wen won a landslide victory over a China-friendly challenger to clinch a second term.In the Philippines, trading in stocks and FX was suspended because the Taal volcano to the south of the capital is belching out ash.Looking ahead, the U.S. and China are still expected to sign the first phase of their trade deal, which President Donald Trump said will take place on Wednesday.“Even getting to this phase-one agreement, when we weren’t sure we would get here, really shows that there’s political will to de-escalate trade tensions between China and the U.S.,” Lucy Meagher, investment adviser at Evan’s & Partners Pty., told Bloomberg Television. “We expect that to be a positive and certainly to continue that positive Asia and emerging-markets theme.”Meanwhile, U.S. earnings season gets underway this week, with Citigroup Inc., Delta Air Lines Inc., JPMorgan Chase & Co., UnitedHealth Group Inc. and Goldman Sachs Group Inc. among S&P 500 companies reporting in the next several days. Corporate profits likely dropped for a second straight quarter at the end of 2019, dragging down annual earnings growth to the smallest in three years.Elsewhere, oil fluctuated after last week posting its steepest loss since July.These are some of the moves in major markets:StocksAustralia’s S&P/ASX 200 Index declined 0.5% as of 1 p.m. in Tokyo.Kospi Index gained 0.7%.Hong Kong’s Hang Seng Index rose 0.7%.Shanghai Composite Index rose 0.1%.S&P 500 Index futures gained 0.3%. The benchmark fell 0.3% Friday.Euro Stoxx 50 futures fell 0.1%.CurrenciesThe yen fell 0.2% to 109.61 per dollar.The offshore yuan advanced 0.2% to 6.8995 per dollar.Bloomberg Dollar Spot Index was little changed.The euro rose 0.1% to $1.1128.BondsThe yield on 10-year Treasuries fell to 1.82% Friday.CommoditiesWest Texas Intermediate crude was steady at $59.04.Gold declined 0.3% to $1,556.86 an ounce.\--With assistance from Haidi Lun.To contact the reporter on this story: Joanna Ossinger in Singapore at jossinger@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-decline-u-222127121.html?.tsrc=rss
(Bloomberg) -- Asian stocks rose Monday, fueled by optimism on China’s economy and prospects of a signed U.S. trade deal. The yuan strengthened.Shares rose in Seoul and Hong Kong, reversed losses in Shanghai and slipped in Sydney. Japanese markets were closed for a holiday. European futures were little changed, while U.S. futures saw modest gains after the S&P 500 dropped from record levels Friday with the latest jobs report delivering mixed signals on the strength of the economy. The yen and gold retreated. The offshore yuan rose past 6.9 per dollar for the first time since July.Geopolitics remained on the radar over the weekend, with Iran admitting it downed a Ukrainian jet after mistaking it for a cruise missile. North Korea said it won’t trade its nuclear weapons for a lifting of sanctions. Taiwanese president Tsai Ing-wen won a landslide victory over a China-friendly challenger to clinch a second term.In the Philippines, trading in stocks and FX was suspended because the Taal volcano to the south of the capital is belching out ash.Looking ahead, the U.S. and China are still expected to sign the first phase of their trade deal, which President Donald Trump said will take place on Wednesday.“Even getting to this phase-one agreement, when we weren’t sure we would get here, really shows that there’s political will to de-escalate trade tensions between China and the U.S.,” Lucy Meagher, investment adviser at Evan’s & Partners Pty., told Bloomberg Television. “We expect that to be a positive and certainly to continue that positive Asia and emerging-markets theme.”Meanwhile, U.S. earnings season gets underway this week, with Citigroup Inc., Delta Air Lines Inc., JPMorgan Chase & Co., UnitedHealth Group Inc. and Goldman Sachs Group Inc. among S&P 500 companies reporting in the next several days. Corporate profits likely dropped for a second straight quarter at the end of 2019, dragging down annual earnings growth to the smallest in three years.Elsewhere, oil fluctuated after last week posting its steepest loss since July.These are some of the moves in major markets:StocksAustralia’s S&P/ASX 200 Index declined 0.5% as of 1 p.m. in Tokyo.Kospi Index gained 0.7%.Hong Kong’s Hang Seng Index rose 0.7%.Shanghai Composite Index rose 0.1%.S&P 500 Index futures gained 0.3%. The benchmark fell 0.3% Friday.Euro Stoxx 50 futures fell 0.1%.CurrenciesThe yen fell 0.2% to 109.61 per dollar.The offshore yuan advanced 0.2% to 6.8995 per dollar.Bloomberg Dollar Spot Index was little changed.The euro rose 0.1% to $1.1128.BondsThe yield on 10-year Treasuries fell to 1.82% Friday.CommoditiesWest Texas Intermediate crude was steady at $59.04.Gold declined 0.3% to $1,556.86 an ounce.\--With assistance from Haidi Lun.To contact the reporter on this story: Joanna Ossinger in Singapore at jossinger@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-decline-u-222127121.html?.tsrc=rss
