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Asian Stocks, U.S. Futures Drift; Dollar Retreats: Markets Wrap
(Bloomberg) -- Asian stocks and U.S. futures drifted Tuesday after the S&P 500 Index failed at another attempt to break a record high amid an impasse over U.S. stimulus measures. The dollar dipped and Treasuries climbed.Stocks slipped in Japan and South Korea, and fluctuated in Hong Kong, China and Australia. S&P 500 futures were little changed. For a third time in the past week, the U.S. stocks benchmark rose above its February closing record during the session, but ended below it. The Nasdaq 100 outperformed, while big banks sank after Warren Buffett’s Berkshire Hathaway Inc. pared stakes in many of the industry’s top names. Ten-year Treasury yields ticked lower.While a cash injection by China’s central bank Monday buoyed investors, tension between Washington and Beijing continues to weigh on sentiment, with the U.S. announcing new restrictions on Huawei Technologies Co.The S&P 500 is struggling to cement a fresh record, amid deadlock in the U.S. over additional fiscal stimulus and the ongoing deterioration in U.S.-China ties. The Commerce Department announced further restrictions on Huawei aimed at cutting the Chinese company’s access to commercially available chips.“A lot of investment professionals as well as retail investors are on the sidelines partially because they are waiting for this second stimulus package,” Erin Gibbs, president and chief investment officer at Gibbs Wealth Management, said on Bloomberg TV. “It’s not a full-on risk on environment just yet.”Elsewhere, oil traded near a five-month high on optimism that an economic recovery may be on the horizon and will boost fuel demand. Gold held gains.Here are some key events coming up:Earnings include Walmart Inc. and Home Depot Inc. on Tuesday. Target Corp. and Nvidia report on Wednesday. Results from Alibaba Group Holding Ltd. and Qantas Airways Ltd. are due Thursday.Minutes of the latest FOMC meeting are due Wednesday.The EIA’s crude oil inventory report comes out Wednesday.The Joint Ministerial Monitoring Committee -- the panel that reviews the OPEC+ agreement -- is due to meet on Wednesday.U.S. jobless claims for the week ended Aug. 15 are due Thursday.China’s loan prime rate is due Thursday.Euro-area PMIs will be released on Friday.These are some of the main moves in markets:StocksS&P 500 futures climbed 0.1% as of 10:26 a.m. in Tokyo. The S&P 500 rose 0.3%.Topix index fell 0.5%.Australia’s S&P/ASX 200 Index gained 0.2%.South Korea’s Kospi index fell 0.1%.Hong Kong’s Hang Seng Index rose 0.5%.Euro Stoxx 50 futures fell 0.3%.CurrenciesThe yen rose 0.3% to 105.74 per dollar.The offshore yuan gained 0.1% to 6.9268 per dollar.The Bloomberg Dollar Spot Index fell 0.1%.The euro rose 0.2% to $1.1890.BondsThe yield on 10-year Treasuries dipped to 0.68%.Australia’s 10-year bond yield fell almost three basis points to 0.87%.CommoditiesWest Texas Intermediate crude dipped 0.3% to $42.79 a barrel.Gold rose 0.1% to $1,988.23 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/asian-stocks-set-modest-gains-220706057.html?.tsrc=rss
(Bloomberg) -- Asian stocks and U.S. futures drifted Tuesday after the S&P 500 Index failed at another attempt to break a record high amid an impasse over U.S. stimulus measures. The dollar dipped and Treasuries climbed.Stocks slipped in Japan and South Korea, and fluctuated in Hong Kong, China and Australia. S&P 500 futures were little changed. For a third time in the past week, the U.S. stocks benchmark rose above its February closing record during the session, but ended below it. The Nasdaq 100 outperformed, while big banks sank after Warren Buffett’s Berkshire Hathaway Inc. pared stakes in many of the industry’s top names. Ten-year Treasury yields ticked lower.While a cash injection by China’s central bank Monday buoyed investors, tension between Washington and Beijing continues to weigh on sentiment, with the U.S. announcing new restrictions on Huawei Technologies Co.The S&P 500 is struggling to cement a fresh record, amid deadlock in the U.S. over additional fiscal stimulus and the ongoing deterioration in U.S.-China ties. The Commerce Department announced further restrictions on Huawei aimed at cutting the Chinese company’s access to commercially available chips.“A lot of investment professionals as well as retail investors are on the sidelines partially because they are waiting for this second stimulus package,” Erin Gibbs, president and chief investment officer at Gibbs Wealth Management, said on Bloomberg TV. “It’s not a full-on risk on environment just yet.”Elsewhere, oil traded near a five-month high on optimism that an economic recovery may be on the horizon and will boost fuel demand. Gold held gains.Here are some key events coming up:Earnings include Walmart Inc. and Home Depot Inc. on Tuesday. Target Corp. and Nvidia report on Wednesday. Results from Alibaba Group Holding Ltd. and Qantas Airways Ltd. are due Thursday.Minutes of the latest FOMC meeting are due Wednesday.The EIA’s crude oil inventory report comes out Wednesday.The Joint Ministerial Monitoring Committee -- the panel that reviews the OPEC+ agreement -- is due to meet on Wednesday.U.S. jobless claims for the week ended Aug. 15 are due Thursday.China’s loan prime rate is due Thursday.Euro-area PMIs will be released on Friday.These are some of the main moves in markets:StocksS&P 500 futures climbed 0.1% as of 10:26 a.m. in Tokyo. The S&P 500 rose 0.3%.Topix index fell 0.5%.Australia’s S&P/ASX 200 Index gained 0.2%.South Korea’s Kospi index fell 0.1%.Hong Kong’s Hang Seng Index rose 0.5%.Euro Stoxx 50 futures fell 0.3%.CurrenciesThe yen rose 0.3% to 105.74 per dollar.The offshore yuan gained 0.1% to 6.9268 per dollar.The Bloomberg Dollar Spot Index fell 0.1%.The euro rose 0.2% to $1.1890.BondsThe yield on 10-year Treasuries dipped to 0.68%.Australia’s 10-year bond yield fell almost three basis points to 0.87%.CommoditiesWest Texas Intermediate crude dipped 0.3% to $42.79 a barrel.Gold rose 0.1% to $1,988.23 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/asian-stocks-set-modest-gains-220706057.html?.tsrc=rss
