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Stock Futures Drift After Rally; Treasuries Rise: Markets Wrap
(Bloomberg) -- U.S. and European futures drifted on Wednesday and Treasuries edged higher as investors weighed encouraging signs on policy stimulus against worrying increases in coronavirus cases.Asian equities saw a lackluster session after Tuesday’s global rally, while South Korean shares were volatile in the wake of rising tensions with North Korea. The won slid in an otherwise mixed Asian currency market; the dollar was little changed. Crude oil gave up some recent gains. S&P 500 futures were steady after the index rose Tuesday following data showing a rebound in U.S. retail sales for May.Investors took encouragement in recent days from Trump administration preparations for a nearly $1 trillion infrastructure proposal as part of its push to spur the world’s largest economy back to life as well as the Federal Reserve starting to buy individual corporate bonds. Still, Fed Chair Jerome Powell said Tuesday the U.S. economy has a long way to go before it reverses the substantial damage done by the pandemic.Meantime, second-wave and geopolitical concerns provide cause for caution. Beijing shut its schools on concern about new infections and Florida reported record new cases. Chinese and Indian troops are engaged on their border, while North Korean plans for troop deployments rattled sentiment in Seoul.“There is so much uncertainty right now and it looks to us like the market has really gotten ahead of itself, and that concerns us,” Sandi Bragar, a managing director at Aspiriant LLC, said on Bloomberg TV. “We are in the early stages of this and we are concerned the recovery is going to be long and slow so we are taking a cautious approach to our clients’ portfolios.”These are some key events coming up:Fed Chair Jerome Powell delivers the second day of semiannual testimony to Congress, at the House on WednesdayThe New York Stock Exchange will allow a limited number of market makers to return to its trading floor Wednesday.Policy decisions from the Bank of England and the Swiss National Bank are due on Thursday.These are some of the main moves in markets:StocksFutures on the S&P 500 Index were little changed as of 7:07 a.m. in Tokyo. The index rose 1.9% on Tuesday.Euro Stoxx 50 futures were also flat.MSCI Asia Pacific Index was little changed.CurrenciesThe yen was at little changed 107.29 per dollar.The offshore yuan was at 7.0803 per dollar.The euro bought $1.1282, up 0.2%.BondsThe yield on 10-year Treasuries ticked down about one basis point to 0.74%.Australia’s 10-year yield fell one basis point to 0.91%.CommoditiesWest Texas Intermediate crude fell 1.5% to $37.80 a barrel.Gold was at $1,727 an ounce, little changed.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-start-mixed-treasuries-212340134.html?.tsrc=rss
(Bloomberg) -- U.S. and European futures drifted on Wednesday and Treasuries edged higher as investors weighed encouraging signs on policy stimulus against worrying increases in coronavirus cases.Asian equities saw a lackluster session after Tuesday’s global rally, while South Korean shares were volatile in the wake of rising tensions with North Korea. The won slid in an otherwise mixed Asian currency market; the dollar was little changed. Crude oil gave up some recent gains. S&P 500 futures were steady after the index rose Tuesday following data showing a rebound in U.S. retail sales for May.Investors took encouragement in recent days from Trump administration preparations for a nearly $1 trillion infrastructure proposal as part of its push to spur the world’s largest economy back to life as well as the Federal Reserve starting to buy individual corporate bonds. Still, Fed Chair Jerome Powell said Tuesday the U.S. economy has a long way to go before it reverses the substantial damage done by the pandemic.Meantime, second-wave and geopolitical concerns provide cause for caution. Beijing shut its schools on concern about new infections and Florida reported record new cases. Chinese and Indian troops are engaged on their border, while North Korean plans for troop deployments rattled sentiment in Seoul.“There is so much uncertainty right now and it looks to us like the market has really gotten ahead of itself, and that concerns us,” Sandi Bragar, a managing director at Aspiriant LLC, said on Bloomberg TV. “We are in the early stages of this and we are concerned the recovery is going to be long and slow so we are taking a cautious approach to our clients’ portfolios.”These are some key events coming up:Fed Chair Jerome Powell delivers the second day of semiannual testimony to Congress, at the House on WednesdayThe New York Stock Exchange will allow a limited number of market makers to return to its trading floor Wednesday.Policy decisions from the Bank of England and the Swiss National Bank are due on Thursday.These are some of the main moves in markets:StocksFutures on the S&P 500 Index were little changed as of 7:07 a.m. in Tokyo. The index rose 1.9% on Tuesday.Euro Stoxx 50 futures were also flat.MSCI Asia Pacific Index was little changed.CurrenciesThe yen was at little changed 107.29 per dollar.The offshore yuan was at 7.0803 per dollar.The euro bought $1.1282, up 0.2%.BondsThe yield on 10-year Treasuries ticked down about one basis point to 0.74%.Australia’s 10-year yield fell one basis point to 0.91%.CommoditiesWest Texas Intermediate crude fell 1.5% to $37.80 a barrel.Gold was at $1,727 an ounce, little changed.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-start-mixed-treasuries-212340134.html?.tsrc=rss
