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China Reopen Sees Yuan Steady; U.S. Futures Down: Markets Wrap
(Bloomberg) -- China’s yuan rose in offshore trading after a slightly stronger-than-anticipated fixing for the domestic exchange rate, while U.S. equity futures pared losses.Stocks in Shanghai dipped as Chinese traders came back online after a five-day break. Australian shares fell, while Hong Kong and Korean ones advanced. Oil prices added slightly to recent gains, while the yen climbed to the highest since mid-March, back when markets were roiled by emergency demand for dollar cash. Treasuries await London’s open, with Tokyo shut.China’s onshore yuan fixing on Wednesday was slightly stronger than many expected, in wake of declines in the offshore currency during the Chinese holiday amid rising tensions with the U.S. Fears of a renewed trade war have risen alongside Trump administration comments blaming China for the global pandemic.The S&P 500 on Tuesday saw a gain of almost 2% cut in half in the last hour of trading after Fed Vice Chairman Richard Clarida warned the economy will need more government support. Walt Disney Co. fell in after-hours trading, becoming the latest firm to detail the severity of the pandemic’s impact on its entertainment business.“As we ease these lockdowns there remains the risk that of course you then have to tighten up the controls,” said Andrew Wilson, chairman of global fixed income at Goldman Sachs Asset Management, said on Bloomberg TV. “It is absolutely dependent on what happens with respect to infection rates and whether there is the so-called second wave,” he said of the market and economic outlook.Here are some key events coming up:The Bank of England has a policy decision on Thursday.Friday brings the U.S. jobs report for April, expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrolls.These are some of the main moves in markets:StocksFutures on the S&P 500 were down 0.2% as of 10:46 a.m. in Hong Kong. The gauge added 0.9% on Tuesday.The Shanghai Composite fell 0.5%.Australia’s S&P/ASX 200 Index lost 0.9%.South Korea’s Kospi index added 0.8%.Hang Seng Index rose 0.6%.CurrenciesThe yen was at 106.30 per dollar, up 0.3%.The offshore yuan gained 0.2% to 7.1078 per dollar, while the onshore rate fell 0.4% to 7.0931 per dollar.The euro bought $1.0839, little changed.BondsThe yield on 10-year Treasuries rose two basis points to 0.66% on Tuesday.Australia’s 10-year yield rose two basis points to 0.89%.CommoditiesWest Texas Intermediate crude rose 0.8% to $24.75 a barrel.Gold was little changed at $1,703 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/asia-stocks-face-mixed-start-213718811.html?.tsrc=rss
(Bloomberg) -- China’s yuan rose in offshore trading after a slightly stronger-than-anticipated fixing for the domestic exchange rate, while U.S. equity futures pared losses.Stocks in Shanghai dipped as Chinese traders came back online after a five-day break. Australian shares fell, while Hong Kong and Korean ones advanced. Oil prices added slightly to recent gains, while the yen climbed to the highest since mid-March, back when markets were roiled by emergency demand for dollar cash. Treasuries await London’s open, with Tokyo shut.China’s onshore yuan fixing on Wednesday was slightly stronger than many expected, in wake of declines in the offshore currency during the Chinese holiday amid rising tensions with the U.S. Fears of a renewed trade war have risen alongside Trump administration comments blaming China for the global pandemic.The S&P 500 on Tuesday saw a gain of almost 2% cut in half in the last hour of trading after Fed Vice Chairman Richard Clarida warned the economy will need more government support. Walt Disney Co. fell in after-hours trading, becoming the latest firm to detail the severity of the pandemic’s impact on its entertainment business.“As we ease these lockdowns there remains the risk that of course you then have to tighten up the controls,” said Andrew Wilson, chairman of global fixed income at Goldman Sachs Asset Management, said on Bloomberg TV. “It is absolutely dependent on what happens with respect to infection rates and whether there is the so-called second wave,” he said of the market and economic outlook.Here are some key events coming up:The Bank of England has a policy decision on Thursday.Friday brings the U.S. jobs report for April, expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrolls.These are some of the main moves in markets:StocksFutures on the S&P 500 were down 0.2% as of 10:46 a.m. in Hong Kong. The gauge added 0.9% on Tuesday.The Shanghai Composite fell 0.5%.Australia’s S&P/ASX 200 Index lost 0.9%.South Korea’s Kospi index added 0.8%.Hang Seng Index rose 0.6%.CurrenciesThe yen was at 106.30 per dollar, up 0.3%.The offshore yuan gained 0.2% to 7.1078 per dollar, while the onshore rate fell 0.4% to 7.0931 per dollar.The euro bought $1.0839, little changed.BondsThe yield on 10-year Treasuries rose two basis points to 0.66% on Tuesday.Australia’s 10-year yield rose two basis points to 0.89%.CommoditiesWest Texas Intermediate crude rose 0.8% to $24.75 a barrel.Gold was little changed at $1,703 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/asia-stocks-face-mixed-start-213718811.html?.tsrc=rss
