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Asian Stocks Set for Muted Start; Gold Steadies: Markets Wrap
(Bloomberg) -- Asian stocks looked set to for a muted start to trading Tuesday after their U.S. counterparts closed higher on speculation the Federal Reserve will reinforce its dovish message. Gold steadied at a record, while the dollar remained under pressure.Futures in Australia and Hong Kong pointed to modest gains, and were little changed in Japan. S&P 500 contracts edged higher after the benchmark erased last week’s drop, with a rebound in technology stocks overshadowing a slide in banks. A slew of earnings reports from Nasdaq 100 companies over the next few days will offer clues on whether the gauge’s record-breaking advance through mid-July has been justified. Treasuries declined, pushing yields back above 0.6%.Investors are betting setbacks in the global fight against coronavirus will push Fed Chairman Jerome Powell to signal Wednesday that rates will stay near zero for longer. Infections slowed in California, Arizona and Florida, though reported numbers are often incomplete on weekends. Health officials around the world are also trying to tackle a renewed increase in cases, with surges from China to Spain and Germany underscoring the difficulty of curbing the pandemic.“We expect no change from the Federal Reserve,” Jeffrey Halley, senior market analyst, Asia Pacific, at Oanda in Singapore, said. “That will reiterate their ultra-dovish stance.”Elsewhere, oil advanced, erasing earlier losses.Here are some key events coming up:Earnings include Apple, Amazon.com, Alphabet, Chevron, Rio Tinto, L’Oreal, Caterpillar, Samsung, Barclays and Credit Suisse.The Federal Open Market Committee holds its policy meeting on Tuesday, with an announcement due on Wednesday.U.S. second-quarter GDP is expected on Thursday.China PMI data comes Friday.These are some of the main moves in markets:StocksS&P 500 futures rose 0.2% as of 7:05 a.m. in Tokyo. The S&P 500 rose 0.7% Monday.Nikkei 225 futures rose 0.1%.Australia’s S&P/ASX 200 Index contracts climbed 0.4%.Hong Kong’s Hang Seng Index futures gained 0.5%.CurrenciesThe yen was flat at 105.36 per dollar after appreciating 0.7%.The offshore yuan was little changed at 6.9982 per dollar.Bloomberg Dollar Spot Index sank 0.7% Monday.The euro was flat at $1.1752 after increasing 0.8%.BondsThe yield on 10-year Treasuries increased more than two basis points to 0.62%.CommoditiesWest Texas Intermediate crude climbed 0.1% to $41.64 a barrel.Gold climbed 0.1% to $1,944 an ounce after a 2.1% rise Monday.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/asian-stocks-set-muted-start-214343895.html?.tsrc=rss
(Bloomberg) -- Asian stocks looked set to for a muted start to trading Tuesday after their U.S. counterparts closed higher on speculation the Federal Reserve will reinforce its dovish message. Gold steadied at a record, while the dollar remained under pressure.Futures in Australia and Hong Kong pointed to modest gains, and were little changed in Japan. S&P 500 contracts edged higher after the benchmark erased last week’s drop, with a rebound in technology stocks overshadowing a slide in banks. A slew of earnings reports from Nasdaq 100 companies over the next few days will offer clues on whether the gauge’s record-breaking advance through mid-July has been justified. Treasuries declined, pushing yields back above 0.6%.Investors are betting setbacks in the global fight against coronavirus will push Fed Chairman Jerome Powell to signal Wednesday that rates will stay near zero for longer. Infections slowed in California, Arizona and Florida, though reported numbers are often incomplete on weekends. Health officials around the world are also trying to tackle a renewed increase in cases, with surges from China to Spain and Germany underscoring the difficulty of curbing the pandemic.“We expect no change from the Federal Reserve,” Jeffrey Halley, senior market analyst, Asia Pacific, at Oanda in Singapore, said. “That will reiterate their ultra-dovish stance.”Elsewhere, oil advanced, erasing earlier losses.Here are some key events coming up:Earnings include Apple, Amazon.com, Alphabet, Chevron, Rio Tinto, L’Oreal, Caterpillar, Samsung, Barclays and Credit Suisse.The Federal Open Market Committee holds its policy meeting on Tuesday, with an announcement due on Wednesday.U.S. second-quarter GDP is expected on Thursday.China PMI data comes Friday.These are some of the main moves in markets:StocksS&P 500 futures rose 0.2% as of 7:05 a.m. in Tokyo. The S&P 500 rose 0.7% Monday.Nikkei 225 futures rose 0.1%.Australia’s S&P/ASX 200 Index contracts climbed 0.4%.Hong Kong’s Hang Seng Index futures gained 0.5%.CurrenciesThe yen was flat at 105.36 per dollar after appreciating 0.7%.The offshore yuan was little changed at 6.9982 per dollar.Bloomberg Dollar Spot Index sank 0.7% Monday.The euro was flat at $1.1752 after increasing 0.8%.BondsThe yield on 10-year Treasuries increased more than two basis points to 0.62%.CommoditiesWest Texas Intermediate crude climbed 0.1% to $41.64 a barrel.Gold climbed 0.1% to $1,944 an ounce after a 2.1% rise Monday.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/asian-stocks-set-muted-start-214343895.html?.tsrc=rss
