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Stocks Advance, Bonds Slip to End Volatile Month: Markets Wrap
(Bloomberg) -- European stocks climbed and U.S. equity futures edged higher after a rally in Asia on the final trading day of a tumultuous month dominated by the trade war. Treasuries led a broad bond retreat.The Stoxx Europe 600 Index gained for a second day as contracts on all three major U.S. equity gauges gradually turned higher. Benchmarks in Tokyo, Sydney and Seoul lead gains across most of Asia, though shares in Hong Kong declined as news broke that prominent protest figures have been taken into police custody. The dollar nudged higher, while Japanese bonds slipped after the Bank of Japan cut purchases in its regular operations.Stocks are closing out a highly volatile month, with markets gyrating on every apparent bust-up and breakthrough in the trade showdown between the world’s two largest economies. While new American tariffs on Chinese imports take effect on Sunday, Beijing has indicated it won’t immediately retaliate, helping steady investor nerves. “The risk of rebuttals or further tit-for-tats has decreased markedly over the last 24 hours,” Kay Van-Petersen, global macro strategist at Saxo Capital Markets, told Bloomberg Radio.Meanwhile, Hurricane Dorian was on course to hit the east coast of Florida over the Labor Day weekend. Orange juice futures jumped for a fourth straight day on Thursday as some gas stations in the state ran out of fuel. Investors will also be watching for the storm’s impact on businesses like amusement park operators and cruise lines.Elsewhere, Argentina’s long-term foreign currency debt rating was downgraded by S&P Global Ratings, which said the government’s extending maturity of all short-term paper constitutes default. West Texas crude ticked lower.Events to keep an eye out for the remainder of this week:Euro-zone CPI data for August is due Friday.Here are the main moves in markets:StocksFutures on the S&P 500 Index gained 0.1% as of 8:16 a.m. London time.The Stoxx Europe 600 Index climbed 0.3%.The U.K.’s FTSE 100 Index rose 0.2%.Germany’s DAX Index increased 0.4%.The MSCI Asia Pacific Index gained 1%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The euro dipped 0.2% to $1.1037.The British pound declined 0.1% to $1.217.The Japanese yen climbed 0.1% to 106.39 per dollar.BondsThe yield on 10-year Treasuries rose three basis points to 1.53%.The yield on two-year Treasuries climbed one basis point to 1.53%.Britain’s 10-year yield rose one basis point to 0.442%.Germany’s 10-year yield gained less than one basis point to -0.69%.CommoditiesWest Texas Intermediate crude fell 0.7% to $56.29 a barrel.Gold was little changed at $1,527.57 an ounce.To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Laura Curtis in London at lcurtis7@bloomberg.netTo contact the editor responsible for this story: Samuel Potter at spotter33@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-poised-gain-amid-214345835.html?.tsrc=rss
(Bloomberg) -- European stocks climbed and U.S. equity futures edged higher after a rally in Asia on the final trading day of a tumultuous month dominated by the trade war. Treasuries led a broad bond retreat.The Stoxx Europe 600 Index gained for a second day as contracts on all three major U.S. equity gauges gradually turned higher. Benchmarks in Tokyo, Sydney and Seoul lead gains across most of Asia, though shares in Hong Kong declined as news broke that prominent protest figures have been taken into police custody. The dollar nudged higher, while Japanese bonds slipped after the Bank of Japan cut purchases in its regular operations.Stocks are closing out a highly volatile month, with markets gyrating on every apparent bust-up and breakthrough in the trade showdown between the world’s two largest economies. While new American tariffs on Chinese imports take effect on Sunday, Beijing has indicated it won’t immediately retaliate, helping steady investor nerves. “The risk of rebuttals or further tit-for-tats has decreased markedly over the last 24 hours,” Kay Van-Petersen, global macro strategist at Saxo Capital Markets, told Bloomberg Radio.Meanwhile, Hurricane Dorian was on course to hit the east coast of Florida over the Labor Day weekend. Orange juice futures jumped for a fourth straight day on Thursday as some gas stations in the state ran out of fuel. Investors will also be watching for the storm’s impact on businesses like amusement park operators and cruise lines.Elsewhere, Argentina’s long-term foreign currency debt rating was downgraded by S&P Global Ratings, which said the government’s extending maturity of all short-term paper constitutes default. West Texas crude ticked lower.Events to keep an eye out for the remainder of this week:Euro-zone CPI data for August is due Friday.Here are the main moves in markets:StocksFutures on the S&P 500 Index gained 0.1% as of 8:16 a.m. London time.The Stoxx Europe 600 Index climbed 0.3%.The U.K.’s FTSE 100 Index rose 0.2%.Germany’s DAX Index increased 0.4%.The MSCI Asia Pacific Index gained 1%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The euro dipped 0.2% to $1.1037.The British pound declined 0.1% to $1.217.The Japanese yen climbed 0.1% to 106.39 per dollar.BondsThe yield on 10-year Treasuries rose three basis points to 1.53%.The yield on two-year Treasuries climbed one basis point to 1.53%.Britain’s 10-year yield rose one basis point to 0.442%.Germany’s 10-year yield gained less than one basis point to -0.69%.CommoditiesWest Texas Intermediate crude fell 0.7% to $56.29 a barrel.Gold was little changed at $1,527.57 an ounce.To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Laura Curtis in London at lcurtis7@bloomberg.netTo contact the editor responsible for this story: Samuel Potter at spotter33@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-poised-gain-amid-214345835.html?.tsrc=rss
