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Global Stock Rally Builds on Trade Deal Sentiment: Markets Wrap
(Bloomberg) -- Stocks in Asia climbed, heading for their highest since mid-2018, as investors mulled prospects for further gains after a banner year.Treasuries held losses from Monday. The biggest stock gains were in Hong Kong and China, with those in Tokyo and Seoul also rising. Shares were flat in Australia after outperforming Monday and European futures dipped. S&P 500 futures edged up after the index closed at a fresh record in the wake of the U.S.-China trade deal and signs of improving business sentiment. The yen held losses amid the risk-on mood.The British pound dropped after two days of gains following reports that U.K. Prime Minister Boris Johnson will change the law to guarantee the Brexit transition phase isn’t extended beyond the end of 2020. That poses a potential challenge, because most observers see a U.K.-European Union trade deal needing more time.Global investor sentiment has climbed thanks to the U.S. suspension of a planned Dec. 15 tariff hike on China. A gauge of global stocks has climbed to a record high. In Asia, Taiwan’s benchmark Taiex index hit the highest since February 1990 and the Hong Kong dollar is having its longest rally in eight years.Still, it remains unclear how China will follow through on pledges to boost American agricultural imports, or how quickly the U.S. promise to roll back half of a September tariff hike will happen.“We are in danger of peak optimism because we don’t have a trade deal signed and there are still some things can go wrong,” Kristina Hooper, chief global market strategist at Invesco, said. “There is this general euphoria because economic policy uncertainty has come down, but I do think it could lead to frothy markets that could be made vulnerable if something goes wrong.”Elsewhere, oil hovered near a three-month high. In the metals market, palladium surged through $2,000 an ounce to a record amid a global shortage.Here are some key events to watch for this week
olicy decisions are due Thursday from the Bank of Japan and the Bank of England.Federal Reserve district bank presidents including Robert Kaplan of Dallas, Eric Rosengren of Boston and John Williams of New York are scheduled to speak this week.Revised U.S. GDP data are due Friday.Friday brings quadruple witching in the U.S., the simultaneous expiration date of stock index futures, stock index options, stock options and single stock futures. Expect elevated trading volume, particularly in the last hour of trading.These are the main moves in markets:StocksThe MSCI Asia Pacific Index rose 0.8% as of 7:13 a.m. in London.Topix index rose 0.6%.Australia’s S&P/ASX 200 Index was flat.South Korea’s Kospi index rose 1.2%.Hong Kong’s Hang Seng Index added 1.1%.Shanghai Composite Index rose 1.3%.S&P 500 futures rose 0.1%. The S&P 500 Index gained 0.7%.Euro Stoxx 50 futures fell 0.1%.CurrenciesThe yen traded at 109.57 per dollar, little changed.The offshore yuan was at 6.9979 per dollar, down 0.1%.The Bloomberg Dollar Spot Index rose 0.1%.The euro was at $1.1147, flat.The British pound dropped 0.6% to $1.3255.BondsThe yield on 10-year Treasuries held just under 1.87%.Australia’s 10-year bond yield was steady at 1.16%.CommoditiesWest Texas Intermediate crude was little changed at $60.24 a barrel, the highest in three months.Gold was little changed at $1,477.01 an ounce.\--With assistance from Abhishek Vishnoi, Sarah Ponczek and Yakob Peterseil.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-rise-u-232843948.html?.tsrc=rss
(Bloomberg) -- Stocks in Asia climbed, heading for their highest since mid-2018, as investors mulled prospects for further gains after a banner year.Treasuries held losses from Monday. The biggest stock gains were in Hong Kong and China, with those in Tokyo and Seoul also rising. Shares were flat in Australia after outperforming Monday and European futures dipped. S&P 500 futures edged up after the index closed at a fresh record in the wake of the U.S.-China trade deal and signs of improving business sentiment. The yen held losses amid the risk-on mood.The British pound dropped after two days of gains following reports that U.K. Prime Minister Boris Johnson will change the law to guarantee the Brexit transition phase isn’t extended beyond the end of 2020. That poses a potential challenge, because most observers see a U.K.-European Union trade deal needing more time.Global investor sentiment has climbed thanks to the U.S. suspension of a planned Dec. 15 tariff hike on China. A gauge of global stocks has climbed to a record high. In Asia, Taiwan’s benchmark Taiex index hit the highest since February 1990 and the Hong Kong dollar is having its longest rally in eight years.Still, it remains unclear how China will follow through on pledges to boost American agricultural imports, or how quickly the U.S. promise to roll back half of a September tariff hike will happen.“We are in danger of peak optimism because we don’t have a trade deal signed and there are still some things can go wrong,” Kristina Hooper, chief global market strategist at Invesco, said. “There is this general euphoria because economic policy uncertainty has come down, but I do think it could lead to frothy markets that could be made vulnerable if something goes wrong.”Elsewhere, oil hovered near a three-month high. In the metals market, palladium surged through $2,000 an ounce to a record amid a global shortage.Here are some key events to watch for this week
olicy decisions are due Thursday from the Bank of Japan and the Bank of England.Federal Reserve district bank presidents including Robert Kaplan of Dallas, Eric Rosengren of Boston and John Williams of New York are scheduled to speak this week.Revised U.S. GDP data are due Friday.Friday brings quadruple witching in the U.S., the simultaneous expiration date of stock index futures, stock index options, stock options and single stock futures. Expect elevated trading volume, particularly in the last hour of trading.These are the main moves in markets:StocksThe MSCI Asia Pacific Index rose 0.8% as of 7:13 a.m. in London.Topix index rose 0.6%.Australia’s S&P/ASX 200 Index was flat.South Korea’s Kospi index rose 1.2%.Hong Kong’s Hang Seng Index added 1.1%.Shanghai Composite Index rose 1.3%.S&P 500 futures rose 0.1%. The S&P 500 Index gained 0.7%.Euro Stoxx 50 futures fell 0.1%.CurrenciesThe yen traded at 109.57 per dollar, little changed.The offshore yuan was at 6.9979 per dollar, down 0.1%.The Bloomberg Dollar Spot Index rose 0.1%.The euro was at $1.1147, flat.The British pound dropped 0.6% to $1.3255.BondsThe yield on 10-year Treasuries held just under 1.87%.Australia’s 10-year bond yield was steady at 1.16%.CommoditiesWest Texas Intermediate crude was little changed at $60.24 a barrel, the highest in three months.Gold was little changed at $1,477.01 an ounce.\--With assistance from Abhishek Vishnoi, Sarah Ponczek and Yakob Peterseil.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.https://finance.yahoo.com/news/asian-stocks-set-rise-u-232843948.html?.tsrc=rss
