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Dollar Drops; Asia Stocks Head for Softer Start: Markets Wrap
(Bloomberg) -- Stocks in Asia looked set for a lower start despite U.S. shares hitting another record high, as investors weigh the pace of the recent equity rally amid expectations that loose monetary policy will support the global recovery. The dollar declined and Treasury yields rose.Futures edged down in Japan and Australia, while Hong Kong contracts were flat. The S&P 500 and the Nasdaq Composite notched fresh highs, with Facebook Inc. rallying after unveiling a series of tools designed to expand shopping on its social media platforms. Salesforce.com Inc. jumped 10% following the close of regular trading after raising its revenue outlook.Meantime, oil rose as traders eyed Tropical Storm Laura, which is expected to strengthen into a hurricane before making landfall later this week. U.S. gasoline futures rose to the highest level since March on concern over possible fuel shortages.In addition to geopolitics and business confidence, investors are focused on vaccine progress as global economies reopen amid fresh outbreaks of the virus. Moderna Inc. said it’s near a deal to supply at least 80 million vaccine doses to the European Union. Traders are also awaiting Federal Reserve Chair Jerome Powell’s scheduled speech on Thursday about the central bank’s monetary policy framework review, which has focused on a new inflation strategy.”If you think about what’s been driving markets, it’s really been the pace of recovery and primarily multiples have expanded due to hyper-loose monetary policy,” Troy Gayeski, co-chief investment officer of SkyBridge Capital, told Bloomberg TV.In New Zealand, equities will resume Wednesday after a cyber attack halted trading late Tuesday.Here are some key events coming up:Earnings from companies including ICBC, PetroChina, HP Inc., Royal Bank of Canada and Dollar General.The U.S. Republican National Convention runs this week.The Bank of Korea sets monetary policy and will hold a briefing on Thursday.Fed Chair Powell speaks at an event on Thursday.These are the main moves in markets:StocksThe S&P 500 gained 0.4% on Tuesday.Futures on Japan’s Nikkei 225 slipped 0.1%.Hang Seng futures were little changed.Futures on Australia’s S&P/ASX 200 Index lost 0.6%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%.The yen was at 106.37 per dollar.The offshore yuan traded at 6.9046 per dollar.The euro bought $1.1836.BondsThe yield on 10-year Treasuries rose three basis points to 0.68%.CommoditiesWest Texas Intermediate crude rose 1.8% to $43.40 a barrel.Gold was at $1,928.19 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-drops-asia-stocks-head-213619354.html?.tsrc=rss
(Bloomberg) -- Stocks in Asia looked set for a lower start despite U.S. shares hitting another record high, as investors weigh the pace of the recent equity rally amid expectations that loose monetary policy will support the global recovery. The dollar declined and Treasury yields rose.Futures edged down in Japan and Australia, while Hong Kong contracts were flat. The S&P 500 and the Nasdaq Composite notched fresh highs, with Facebook Inc. rallying after unveiling a series of tools designed to expand shopping on its social media platforms. Salesforce.com Inc. jumped 10% following the close of regular trading after raising its revenue outlook.Meantime, oil rose as traders eyed Tropical Storm Laura, which is expected to strengthen into a hurricane before making landfall later this week. U.S. gasoline futures rose to the highest level since March on concern over possible fuel shortages.In addition to geopolitics and business confidence, investors are focused on vaccine progress as global economies reopen amid fresh outbreaks of the virus. Moderna Inc. said it’s near a deal to supply at least 80 million vaccine doses to the European Union. Traders are also awaiting Federal Reserve Chair Jerome Powell’s scheduled speech on Thursday about the central bank’s monetary policy framework review, which has focused on a new inflation strategy.”If you think about what’s been driving markets, it’s really been the pace of recovery and primarily multiples have expanded due to hyper-loose monetary policy,” Troy Gayeski, co-chief investment officer of SkyBridge Capital, told Bloomberg TV.In New Zealand, equities will resume Wednesday after a cyber attack halted trading late Tuesday.Here are some key events coming up:Earnings from companies including ICBC, PetroChina, HP Inc., Royal Bank of Canada and Dollar General.The U.S. Republican National Convention runs this week.The Bank of Korea sets monetary policy and will hold a briefing on Thursday.Fed Chair Powell speaks at an event on Thursday.These are the main moves in markets:StocksThe S&P 500 gained 0.4% on Tuesday.Futures on Japan’s Nikkei 225 slipped 0.1%.Hang Seng futures were little changed.Futures on Australia’s S&P/ASX 200 Index lost 0.6%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%.The yen was at 106.37 per dollar.The offshore yuan traded at 6.9046 per dollar.The euro bought $1.1836.BondsThe yield on 10-year Treasuries rose three basis points to 0.68%.CommoditiesWest Texas Intermediate crude rose 1.8% to $43.40 a barrel.Gold was at $1,928.19 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-drops-asia-stocks-head-213619354.html?.tsrc=rss
