NewsFeeder
Headline News
- Reaction score
- 3
Stock Futures Rise Ahead of G-7 Teleconference: Markets Wrap
(Bloomberg) -- U.S. and European equity futures rose ahead of a teleconference with Group of Seven finance chiefs, as expectations build for Federal Reserve easing.President Donald Trump said the Fed “should ease and cut rate big” after Australia lowered its benchmark by a quarter percentage point Tuesday; trading shows expectations for a half-point U.S. move in March. Futures on the S&P 500 Index rose after the benchmark climbed the most since December 2018 Monday. Asian stocks surrendered gains after a report suggested the G-7 would stop short of specifying monetary and fiscal moves. The yen and Treasuries gained.Australia’s dollar rose even after the central bank cut its benchmark rate by a quarter point, underscoring how traders’ expectations have rapidly shifted in recent days. The Reserve Bank of Australia, in its policy statement, noted that expectations are for further monetary stimulus by most economies in coming months, including the U.S. Malaysia also lowered its main rate Tuesday.“If the Fed surprises in a meaningful way, that could help further -- but you could argue the market already discounts it,” said Quincy Krosby, chief market strategist at Prudential Financial Inc. “I’m also looking to see if we have anything from the fiscal side,” she said. Packages such as Italy’s $4 billion effort “are the sorts of headlines that would boost confidence that governments are prepared to act,” she said.The central banks’ turn follows signs of mounting damage to the global economy. The OECD is warning that growth will sink to levels not seen in more than a decade. Global manufacturing contracted in February by the most since 2009 as the outbreak severely disrupted demand, trade and supply chains.Here are some key events coming up:U.S. citizens in states including California and Texas will vote on “Super Tuesday” for a Democratic candidate to run against President Donald Trump in November’s election.The Bank of Canada has a rate decision on Wednesday.OPEC ministers gather in Vienna on March 5-6.These are the main moves in markets:StocksS&P 500 futures were up 0.1% as of 4:07 p.m. in Tokyo. The S&P 500 Index jumped 4.6%.Topix index dropped 1.4% at the close after rising as much as 1.7% earlier.Euro Stoxx 50 futures rose 0.8%.MSCI Asia Pacific Index rose 0.1%.CurrenciesThe Japanese yen rose 0.4% to 107.92 per dollar.The offshore yuan was down 0.3% at 6.9816 per dollar.The euro was flat at $1.1134.BondsThe yield on 10-year Treasuries fell about four basis points, to 1.12%.Australia’s 10-year bond yield fell about one basis point to 0.79%.CommoditiesWest Texas Intermediate crude climbed 1.3% to $47.36 a barrel.Gold rose 0.5% to $1,597 an ounce.\--With assistance from Sophie Caronello.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.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-gain-policy-support-214746726.html?.tsrc=rss
(Bloomberg) -- U.S. and European equity futures rose ahead of a teleconference with Group of Seven finance chiefs, as expectations build for Federal Reserve easing.President Donald Trump said the Fed “should ease and cut rate big” after Australia lowered its benchmark by a quarter percentage point Tuesday; trading shows expectations for a half-point U.S. move in March. Futures on the S&P 500 Index rose after the benchmark climbed the most since December 2018 Monday. Asian stocks surrendered gains after a report suggested the G-7 would stop short of specifying monetary and fiscal moves. The yen and Treasuries gained.Australia’s dollar rose even after the central bank cut its benchmark rate by a quarter point, underscoring how traders’ expectations have rapidly shifted in recent days. The Reserve Bank of Australia, in its policy statement, noted that expectations are for further monetary stimulus by most economies in coming months, including the U.S. Malaysia also lowered its main rate Tuesday.“If the Fed surprises in a meaningful way, that could help further -- but you could argue the market already discounts it,” said Quincy Krosby, chief market strategist at Prudential Financial Inc. “I’m also looking to see if we have anything from the fiscal side,” she said. Packages such as Italy’s $4 billion effort “are the sorts of headlines that would boost confidence that governments are prepared to act,” she said.The central banks’ turn follows signs of mounting damage to the global economy. The OECD is warning that growth will sink to levels not seen in more than a decade. Global manufacturing contracted in February by the most since 2009 as the outbreak severely disrupted demand, trade and supply chains.Here are some key events coming up:U.S. citizens in states including California and Texas will vote on “Super Tuesday” for a Democratic candidate to run against President Donald Trump in November’s election.The Bank of Canada has a rate decision on Wednesday.OPEC ministers gather in Vienna on March 5-6.These are the main moves in markets:StocksS&P 500 futures were up 0.1% as of 4:07 p.m. in Tokyo. The S&P 500 Index jumped 4.6%.Topix index dropped 1.4% at the close after rising as much as 1.7% earlier.Euro Stoxx 50 futures rose 0.8%.MSCI Asia Pacific Index rose 0.1%.CurrenciesThe Japanese yen rose 0.4% to 107.92 per dollar.The offshore yuan was down 0.3% at 6.9816 per dollar.The euro was flat at $1.1134.BondsThe yield on 10-year Treasuries fell about four basis points, to 1.12%.Australia’s 10-year bond yield fell about one basis point to 0.79%.CommoditiesWest Texas Intermediate crude climbed 1.3% to $47.36 a barrel.Gold rose 0.5% to $1,597 an ounce.\--With assistance from Sophie Caronello.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.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-gain-policy-support-214746726.html?.tsrc=rss
