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Asian Stocks Set for Muted Open; Dollar Gains: Markets Wrap
(Bloomberg) -- Asian stocks look set for a muted open Thursday as investors awaited new developments in the U.S. and China trade negotiations. The dollar strengthened to a nine-month high.Futures nudged higher in Tokyo and Hong Kong, and dipped in Sydney. The S&P 500 Index climbed on below average volume as a rally in oil pushed energy shares higher. Ten-year Treasury yields held steady after hitting a three-year low. Currencies were little changed in Asia after Treasury Secretary Steven Mnuchin said the U.S. doesn’t intend to intervene on the dollar for now. The pound weakened and gilts climbed after U.K. Prime Minister Boris Johnson moved to suspend parliament, increasing the risk of a no-deal Brexit.Investor sentiment remains fragile after President Donald Trump’s recent pronouncements on trade and as optimism for a resolution becomes more difficult to sustain. The latest round of tariffs from both sides are due to be staggered from Sept. 1. In addition, traders have to contend with Trump’s attacks on the Federal Reserve, which have clouded the outlook for monetary policy.Meanwhile, the bond rally continues unabated, with the yield on 30-year U.S. Treasuries sinking to a record low of 1.90%. Mnuchin said issuing ultra-long U.S. bonds is “under very serious consideration” in the Trump administration, possibly setting up a move that would mark a historic revamp of the $16 trillion Treasuries market.Elsewhere, oil extended gains after a bigger-than-expected drop in American crude inventories and as Iran all but ruled out a U.S. meeting. Italian bonds climbed after agreement over a new government.Events to keep an eye on this week:The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.Bank of Korea policy decision and briefing is on Friday.Euro-zone CPI data for August is also due Friday.Here are the main moves in markets:StocksNikkei 225 futures rose 0.2% in Singapore.Australia’s S&P/ASX 200 Index futures fell 0.1%.Hang Seng Index futures added 0.1%.The S&P 500 Index rose 0.7%.CurrenciesThe yen rose 0.1% to 106.04 per dollar, trimming a 0.4% loss in the previous session.The offshore yuan was stable at 7.1700 per dollar.Bloomberg Dollar Spot Index gained 0.2% to the highest since November.The euro was at $1.1081, near the weakest in more than two years.The British pound was at $1.2213 after sliding 0.6%.BondsThe yield on 10-year Treasuries was stable around 1.48%.Germany’s 10-year yield fell two basis points to -0.71%.CommoditiesWest Texas Intermediate crude gained 1.8% to $55.94 a barrel.Gold was little changed at $1,539 an ounce.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@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©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-muted-open-215255618.html?.tsrc=rss
(Bloomberg) -- Asian stocks look set for a muted open Thursday as investors awaited new developments in the U.S. and China trade negotiations. The dollar strengthened to a nine-month high.Futures nudged higher in Tokyo and Hong Kong, and dipped in Sydney. The S&P 500 Index climbed on below average volume as a rally in oil pushed energy shares higher. Ten-year Treasury yields held steady after hitting a three-year low. Currencies were little changed in Asia after Treasury Secretary Steven Mnuchin said the U.S. doesn’t intend to intervene on the dollar for now. The pound weakened and gilts climbed after U.K. Prime Minister Boris Johnson moved to suspend parliament, increasing the risk of a no-deal Brexit.Investor sentiment remains fragile after President Donald Trump’s recent pronouncements on trade and as optimism for a resolution becomes more difficult to sustain. The latest round of tariffs from both sides are due to be staggered from Sept. 1. In addition, traders have to contend with Trump’s attacks on the Federal Reserve, which have clouded the outlook for monetary policy.Meanwhile, the bond rally continues unabated, with the yield on 30-year U.S. Treasuries sinking to a record low of 1.90%. Mnuchin said issuing ultra-long U.S. bonds is “under very serious consideration” in the Trump administration, possibly setting up a move that would mark a historic revamp of the $16 trillion Treasuries market.Elsewhere, oil extended gains after a bigger-than-expected drop in American crude inventories and as Iran all but ruled out a U.S. meeting. Italian bonds climbed after agreement over a new government.Events to keep an eye on this week:The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.Bank of Korea policy decision and briefing is on Friday.Euro-zone CPI data for August is also due Friday.Here are the main moves in markets:StocksNikkei 225 futures rose 0.2% in Singapore.Australia’s S&P/ASX 200 Index futures fell 0.1%.Hang Seng Index futures added 0.1%.The S&P 500 Index rose 0.7%.CurrenciesThe yen rose 0.1% to 106.04 per dollar, trimming a 0.4% loss in the previous session.The offshore yuan was stable at 7.1700 per dollar.Bloomberg Dollar Spot Index gained 0.2% to the highest since November.The euro was at $1.1081, near the weakest in more than two years.The British pound was at $1.2213 after sliding 0.6%.BondsThe yield on 10-year Treasuries was stable around 1.48%.Germany’s 10-year yield fell two basis points to -0.71%.CommoditiesWest Texas Intermediate crude gained 1.8% to $55.94 a barrel.Gold was little changed at $1,539 an ounce.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@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©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-muted-open-215255618.html?.tsrc=rss
