NewsFeeder
Headline News
Asian Stocks Tick Higher; Dollar Holds Loss on Fed: Markets Wrap
(Bloomberg) -- Asian stocks saw modest gains Thursday after a signal from the Federal Reserve that more stimulus will be provided pushed U.S. equities higher and weighed on the dollar.Shares climbed in Tokyo and Sydney with stocks in Seoul given an extra boost as earnings at Samsung Electronics Co. topped estimates. Futures on the S&P 500 Index were little changed after the gauge extended its July rally, with the Fed keeping rates near zero and pledging to use all of its tools to support a recovery from the coronavirus pandemic. The Australian dollar ticked lower amid reports virus cases surged to new highs in Victoria state. Treasuries were steady, while gold edged lower.Investors also sifted through a batch of corporate earnings, with Qualcomm Inc. surging in extended U.S. trading on a strong sales forecast. Tech giants Apple Inc., Amazon.com Inc., Alphabet Inc., are due to report Thursday.As the pandemic continues to rage, governments are having to double down on the $11 trillion dollars worth of stimulus and unprecedented central bank support unleashed since the crisis began. The Fed has kept rates pinned near zero since the outbreak’s onset in March and rolled out several emergency lending programs geared toward fostering liquid trading conditions in financial markets.“The Fed’s large, looming presence and ability to act more if needed has provided a backstop for risk assets over the near term,” said Jason Pride, chief investment officer of private wealth at Glenmede. “The focus now shifts to the FOMC’s September meeting, when investors might expect more action,” he said, referring to the Federal Open Market Committee.Elsewhere, oil was steady after the biggest decline in U.S. crude inventories this year signaled a bright spot in a market weakened by Covid-19.Here are some key events coming up:Apple., Amazon.com, Alphabet, L’Oreal SA and Credit Suisse Group AG report earnings Thursday; results from Chevron Corp. and Caterpillar Inc. are due Friday.U.S. second-quarter GDP is expected on Thursday.China PMI data comes Friday.These are some of the main moves in markets:StocksFutures on the S&P 500 were little changed as of 9:01 a.m. in Tokyo. The index climbed 1.2% Wednesday.Japan’s Topix index advanced 0.2%.South Korea’s Kospi index gained 0.5%.Australia’s S&P/ASX 200 Index rose 0.2%.CurrenciesThe euro bought $1.1782, down 0.1%.The yen was at 105.04 per dollar.The offshore yuan traded at 6.9988 per dollar.The Aussie fell 0.2% to 71.72 U.S. cents.BondsThe yield on 10-year Treasuries remained at 0.57%.Australia’s 10-year yield slipped about two basis points to 0.86%.CommoditiesWest Texas Intermediate crude was flat at $41.28 a barrel.Gold was at $1,966.35 an ounce, down 0.2%.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/asia-stocks-rise-dollar-drops-224426572.html?.tsrc=rss
(Bloomberg) -- Asian stocks saw modest gains Thursday after a signal from the Federal Reserve that more stimulus will be provided pushed U.S. equities higher and weighed on the dollar.Shares climbed in Tokyo and Sydney with stocks in Seoul given an extra boost as earnings at Samsung Electronics Co. topped estimates. Futures on the S&P 500 Index were little changed after the gauge extended its July rally, with the Fed keeping rates near zero and pledging to use all of its tools to support a recovery from the coronavirus pandemic. The Australian dollar ticked lower amid reports virus cases surged to new highs in Victoria state. Treasuries were steady, while gold edged lower.Investors also sifted through a batch of corporate earnings, with Qualcomm Inc. surging in extended U.S. trading on a strong sales forecast. Tech giants Apple Inc., Amazon.com Inc., Alphabet Inc., are due to report Thursday.As the pandemic continues to rage, governments are having to double down on the $11 trillion dollars worth of stimulus and unprecedented central bank support unleashed since the crisis began. The Fed has kept rates pinned near zero since the outbreak’s onset in March and rolled out several emergency lending programs geared toward fostering liquid trading conditions in financial markets.“The Fed’s large, looming presence and ability to act more if needed has provided a backstop for risk assets over the near term,” said Jason Pride, chief investment officer of private wealth at Glenmede. “The focus now shifts to the FOMC’s September meeting, when investors might expect more action,” he said, referring to the Federal Open Market Committee.Elsewhere, oil was steady after the biggest decline in U.S. crude inventories this year signaled a bright spot in a market weakened by Covid-19.Here are some key events coming up:Apple., Amazon.com, Alphabet, L’Oreal SA and Credit Suisse Group AG report earnings Thursday; results from Chevron Corp. and Caterpillar Inc. are due Friday.U.S. second-quarter GDP is expected on Thursday.China PMI data comes Friday.These are some of the main moves in markets:StocksFutures on the S&P 500 were little changed as of 9:01 a.m. in Tokyo. The index climbed 1.2% Wednesday.Japan’s Topix index advanced 0.2%.South Korea’s Kospi index gained 0.5%.Australia’s S&P/ASX 200 Index rose 0.2%.CurrenciesThe euro bought $1.1782, down 0.1%.The yen was at 105.04 per dollar.The offshore yuan traded at 6.9988 per dollar.The Aussie fell 0.2% to 71.72 U.S. cents.BondsThe yield on 10-year Treasuries remained at 0.57%.Australia’s 10-year yield slipped about two basis points to 0.86%.CommoditiesWest Texas Intermediate crude was flat at $41.28 a barrel.Gold was at $1,966.35 an ounce, down 0.2%.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/asia-stocks-rise-dollar-drops-224426572.html?.tsrc=rss
