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Asian Stocks Trade Mixed, U.S. Yields Hold Gains: Markets Wrap
(Bloomberg) -- Asian stocks traded mixed on Tuesday ahead of key central bank meetings in coming days. A global bond sell-off saw 10-year U.S. yields hit their highest in more than two weeks.Equities gained in Tokyo and Seoul, were little changed in Hong Kong and dipped in Sydney and Shanghai. S&P 500 futures were little changed, as were U.K. contracts in the wake of the British parliament again rejecting an early election. The yen dipped, touching its weakest against the dollar since the start of August.German bunds led a drop in sovereign debt Monday amid increasing signs that Germany might be open to deploying fiscal stimulus to counter an economic slowdown. Rates on longer-dated U.S. Treasuries climbed more than those on shorter-dated securities, reversing an inversion in the yield curve.Investors are awaiting the European Central Bank meeting on Thursday and Federal Reserve gathering next week as they assess how much monetary easing is looming ahead. On the trade front, Treasury Secretary Steven Mnuchin said earlier that the U.S. and China have made “lots of progress” on talks.“The main reasons for the volatility that we have experienced haven’t really gone away, more like they’ve just taken a few days off,” Nick Twidale, director at X-Chainge.com, said in a note Tuesday. “Updates on the trade war between the US and China have gone very quiet over the last few days.”Elsewhere, oil advanced after Saudi Arabia’s new energy minister signaled that OPEC and its allies will continue with production cuts, as the group prepares to gather in Abu Dhabi.Here are some key events coming up this week:OPEC’s monthly oil market report, which includes demand forecasts and production estimates, is due Wednesday.The ECB policy meeting Thursday is widely expected to see a cut to interest rates and a review of all options, including QE. Policy makers will also publish forecasts for growth and inflation. ECB President Mario Draghi will hold a press conference.These are the main moves in markets:StocksJapan’s Topix index rose 0.4% as of 1:41 p.m. in Tokyo.Australia’s S&P/ASX 200 Index fell 0.7%.South Korea’s Kospi index was up 0.5%.Hong Kong’s Hang Seng Index rose 0.1%.Shanghai Composite Index fell 0.4%.The S&P 500 Index futures were flat. The index ended little changed Monday.CurrenciesThe yen slipped 0.2% to 107.41 per dollar.The offshore yuan was flat at 7.1146 per dollar.The Bloomberg Dollar Spot Index edged higher.The euro traded at $1.1046, little changed.The pound was at $1.2341.BondsThe yield on 10-year Treasuries was little changed at 1.64%. It jumped eight basis points Monday.Australia’s 10-year bond yield gained six basis points to 1.09%.CommoditiesWest Texas Intermediate crude gained 0.4% to $58.08 a barrel.Gold fell 0.6% to $1,489.96 an ounce.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-seen-mixed-sovereign-214818588.html?.tsrc=rss
(Bloomberg) -- Asian stocks traded mixed on Tuesday ahead of key central bank meetings in coming days. A global bond sell-off saw 10-year U.S. yields hit their highest in more than two weeks.Equities gained in Tokyo and Seoul, were little changed in Hong Kong and dipped in Sydney and Shanghai. S&P 500 futures were little changed, as were U.K. contracts in the wake of the British parliament again rejecting an early election. The yen dipped, touching its weakest against the dollar since the start of August.German bunds led a drop in sovereign debt Monday amid increasing signs that Germany might be open to deploying fiscal stimulus to counter an economic slowdown. Rates on longer-dated U.S. Treasuries climbed more than those on shorter-dated securities, reversing an inversion in the yield curve.Investors are awaiting the European Central Bank meeting on Thursday and Federal Reserve gathering next week as they assess how much monetary easing is looming ahead. On the trade front, Treasury Secretary Steven Mnuchin said earlier that the U.S. and China have made “lots of progress” on talks.“The main reasons for the volatility that we have experienced haven’t really gone away, more like they’ve just taken a few days off,” Nick Twidale, director at X-Chainge.com, said in a note Tuesday. “Updates on the trade war between the US and China have gone very quiet over the last few days.”Elsewhere, oil advanced after Saudi Arabia’s new energy minister signaled that OPEC and its allies will continue with production cuts, as the group prepares to gather in Abu Dhabi.Here are some key events coming up this week:OPEC’s monthly oil market report, which includes demand forecasts and production estimates, is due Wednesday.The ECB policy meeting Thursday is widely expected to see a cut to interest rates and a review of all options, including QE. Policy makers will also publish forecasts for growth and inflation. ECB President Mario Draghi will hold a press conference.These are the main moves in markets:StocksJapan’s Topix index rose 0.4% as of 1:41 p.m. in Tokyo.Australia’s S&P/ASX 200 Index fell 0.7%.South Korea’s Kospi index was up 0.5%.Hong Kong’s Hang Seng Index rose 0.1%.Shanghai Composite Index fell 0.4%.The S&P 500 Index futures were flat. The index ended little changed Monday.CurrenciesThe yen slipped 0.2% to 107.41 per dollar.The offshore yuan was flat at 7.1146 per dollar.The Bloomberg Dollar Spot Index edged higher.The euro traded at $1.1046, little changed.The pound was at $1.2341.BondsThe yield on 10-year Treasuries was little changed at 1.64%. It jumped eight basis points Monday.Australia’s 10-year bond yield gained six basis points to 1.09%.CommoditiesWest Texas Intermediate crude gained 0.4% to $58.08 a barrel.Gold fell 0.6% to $1,489.96 an ounce.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-seen-mixed-sovereign-214818588.html?.tsrc=rss
