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Asian Stocks Start August Mixed; Dollar Edges Up: Markets Wrap
(Bloomberg) -- Asian stocks started August in a mixed fashion amid a resurgence in Covid-19 cases and simmering U.S.-China tension. The dollar edged higher and Treasuries slipped.Shares advanced in Japan but declined in Australia. Hong Kong opened little changed and South Korea was flat. S&P 500 contracts fluctuated. Oil dipped and the yen weakened. Gold continues to trade near record highs. On Friday, U.S. stocks extended their July rally aided by a surge in technology shares. American lawmakers are continuing talks over a virus-relief package.Infections are picking up again in some U.S. states. A senior Federal Reserve official on Sunday urged Congress to act to support those laid off due to the pandemic and suggested a fresh lockdown. In Australia, Victoria state tightened restrictions as cases jump, while the Philippines imposed a stricter lockdown for Manila and nearby areas.Concerns that the economic rebound is stalling as nations grapple with the pathogen pose a challenge for global equities, which notched their fourth consecutive monthly advance in July.“There is going to be a recovery – we shouldn’t lose track of that as we go through this period,” Anne Anderson, head of fixed income at UBS Asset Management Australia, said on Bloomberg TV. “But returning to where we were before we started is going to be a real challenge and is going to require ongoing monetary and fiscal support. It’s a long way out of here, unfortunately.”Tension between the U.S. and China is another threat to risk appetite. The Trump administration will announce measures shortly against “a broad array” of Chinese-owned software deemed to pose national-security risks, U.S. Secretary of State Michael Pompeo said.The comments suggest a possible widening of U.S. measures beyond TikTok. President Donald Trump on Friday said he plans to ban the video-sharing app, but the secretary of state’s comments suggest an expansion of possible targets. Microsoft Corp. Chief Executive Officer Satya Nadella spoke with Trump on Sunday to salvage the company’s effort to buy TikTok’s operations in the U.S. and several other countries.Elsewhere, Bitcoin had another wild ride over the weekend, rising above $12,000 in New York trading -- its first foray above that level since August 2019 -- before plunging shortly thereafter toward $10,000. It was trading just above $11,000.Here are some key events coming up:Federal Reserve presidents speaking on the economy Monday: St. Louis Fed President James Bullard, Chicago Fed President Charles Evans and Richmond Fed President Tom Barkin.Australia interest rate decision due Tuesday.Reserve Bank of India and Bank of England rate decisions due Thursday.Dallas Fed President Robert Kaplan discusses the U.S. economy at Thursday event.July U.S. employment report expected Friday.These are some of the main moves in markets:StocksS&P 500 futures were little changed as of 10:20 a.m. in Tokyo. The S&P 500 rose 0.8% Friday.Topix index rose 1.3%.Australia’s S&P/ASX 200 Index earlier dipped 0.6%.South Korea’s Kospi index rose 0.1%.Hong Kong’s Hang Seng Index fell 0.1%.CurrenciesThe yen fell 0.2% to 106.01 per dollar.The Bloomberg Dollar Spot Index rose 0.1%.The offshore yuan was at 6.9884 per dollar.The euro traded at $1.1761, down 0.1%.BondsThe yield on 10-year Treasuries rose more than two basis points to 0.55%.CommoditiesWest Texas Intermediate crude dipped 0.7% to $40 a barrel.Gold was little changed at $1,975.01 an ounce.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/dollar-steady-asian-stocks-set-213832895.html?.tsrc=rss
(Bloomberg) -- Asian stocks started August in a mixed fashion amid a resurgence in Covid-19 cases and simmering U.S.-China tension. The dollar edged higher and Treasuries slipped.Shares advanced in Japan but declined in Australia. Hong Kong opened little changed and South Korea was flat. S&P 500 contracts fluctuated. Oil dipped and the yen weakened. Gold continues to trade near record highs. On Friday, U.S. stocks extended their July rally aided by a surge in technology shares. American lawmakers are continuing talks over a virus-relief package.Infections are picking up again in some U.S. states. A senior Federal Reserve official on Sunday urged Congress to act to support those laid off due to the pandemic and suggested a fresh lockdown. In Australia, Victoria state tightened restrictions as cases jump, while the Philippines imposed a stricter lockdown for Manila and nearby areas.Concerns that the economic rebound is stalling as nations grapple with the pathogen pose a challenge for global equities, which notched their fourth consecutive monthly advance in July.“There is going to be a recovery – we shouldn’t lose track of that as we go through this period,” Anne Anderson, head of fixed income at UBS Asset Management Australia, said on Bloomberg TV. “But returning to where we were before we started is going to be a real challenge and is going to require ongoing monetary and fiscal support. It’s a long way out of here, unfortunately.”Tension between the U.S. and China is another threat to risk appetite. The Trump administration will announce measures shortly against “a broad array” of Chinese-owned software deemed to pose national-security risks, U.S. Secretary of State Michael Pompeo said.The comments suggest a possible widening of U.S. measures beyond TikTok. President Donald Trump on Friday said he plans to ban the video-sharing app, but the secretary of state’s comments suggest an expansion of possible targets. Microsoft Corp. Chief Executive Officer Satya Nadella spoke with Trump on Sunday to salvage the company’s effort to buy TikTok’s operations in the U.S. and several other countries.Elsewhere, Bitcoin had another wild ride over the weekend, rising above $12,000 in New York trading -- its first foray above that level since August 2019 -- before plunging shortly thereafter toward $10,000. It was trading just above $11,000.Here are some key events coming up:Federal Reserve presidents speaking on the economy Monday: St. Louis Fed President James Bullard, Chicago Fed President Charles Evans and Richmond Fed President Tom Barkin.Australia interest rate decision due Tuesday.Reserve Bank of India and Bank of England rate decisions due Thursday.Dallas Fed President Robert Kaplan discusses the U.S. economy at Thursday event.July U.S. employment report expected Friday.These are some of the main moves in markets:StocksS&P 500 futures were little changed as of 10:20 a.m. in Tokyo. The S&P 500 rose 0.8% Friday.Topix index rose 1.3%.Australia’s S&P/ASX 200 Index earlier dipped 0.6%.South Korea’s Kospi index rose 0.1%.Hong Kong’s Hang Seng Index fell 0.1%.CurrenciesThe yen fell 0.2% to 106.01 per dollar.The Bloomberg Dollar Spot Index rose 0.1%.The offshore yuan was at 6.9884 per dollar.The euro traded at $1.1761, down 0.1%.BondsThe yield on 10-year Treasuries rose more than two basis points to 0.55%.CommoditiesWest Texas Intermediate crude dipped 0.7% to $40 a barrel.Gold was little changed at $1,975.01 an ounce.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/dollar-steady-asian-stocks-set-213832895.html?.tsrc=rss
