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Stocks Climb Ahead of Earnings; Dollar Slips: Markets Wrap
(Bloomberg) -- Global stocks pushed higher Tuesday ahead of one of the most uncertain earnings seasons on record as the coronavirus pandemic rattles the world economy. The dollar retreated.Stocks climbed across Asia with benchmarks in South Korea and Japan pacing gains. U.S. futures rose after the S&P 500 Index retreated overnight and European contracts pointed higher. Data showing China’s exports in yuan terms fell less than expected helped boost sentiment, as did figures earlier showing a continued easing in the rate of new infections in many countries. Treasury yields fluctuated, while the Australian dollar strengthened amid the risk-on tone.As earnings season kicks off this week, traders are looking for a sense of how bad the hit to global profits could be as the coronavirus pandemic upends the global economy. With the outbreak sowing chaos across the world, investors have been lost in a fog when it comes to corporate earnings.Meanwhile, countries across the globe weighed the timing for when it would be safe to ease restrictions, as regions from New York to Spain showed an easing in the rate of infections.“Companies, analysts, traders, investors and strategists to some extent are ‘flying into earnings season without instruments,’” John Stoltzfus, the chief investment strategist at Oppenheimer & Co., wrote to clients. “The unprecedented nature of the economic shutdown, social distancing and sheltering in place ordered by officials provides an overhang of uncertainty.”Read: A Daredevil’s Guide to a Very Wild Earnings SeasonElsewhere, oil prices tracked higher in Asia, drawing support from the commitment by the biggest producers to curb output even as doubts remain as to whether the cuts will be enough to offset the demand destruction caused by Covid-19. Gold fluctuated.In focus this week:U.S. banks and financial firms begin reporting first-quarter earnings, led by JPMorgan, Citigroup, Bank of America, BlackRock, Goldman Sachs and Wells Fargo.Bank Indonesia rate decision and briefing TuesdaySouth Korea holds parliamentary elections and the Bank of Canada has a rate decision WednesdayAlso Wednesday, U.S. retail sales are poised to fall in March by the most ever seenChina releases GDP, industrial production and retail sales and jobless figures FridayThese are the main moves in markets:StocksS&P 500 futures rose 1.7% as of 12:20 p.m. in Tokyo. The S&P 500 declined 1% Monday.Japan’s Topix Index rose 1.6%.Korea’s Kospi Index rose 2%.Australia’s S&P/ASX 200 rose 1.1%.Shanghai Composite Index climbed 0.7%.Hang Seng Index rose 0.7%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%.The euro rose 0.3% to $1.0944.The Japanese yen climbed 0.1% to 107.71 per dollar.The offshore yuan traded at 7.0482 per dollar, little changed.BondsThe yield on 10-year Treasuries was little changed at 0.77%.CommoditiesWest Texas Intermediate crude rose 1.6% to $22.76 a barrel.Gold rose 0.1% to $1,717 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/asia-stocks-set-mixed-start-222044560.html?.tsrc=rss
(Bloomberg) -- Global stocks pushed higher Tuesday ahead of one of the most uncertain earnings seasons on record as the coronavirus pandemic rattles the world economy. The dollar retreated.Stocks climbed across Asia with benchmarks in South Korea and Japan pacing gains. U.S. futures rose after the S&P 500 Index retreated overnight and European contracts pointed higher. Data showing China’s exports in yuan terms fell less than expected helped boost sentiment, as did figures earlier showing a continued easing in the rate of new infections in many countries. Treasury yields fluctuated, while the Australian dollar strengthened amid the risk-on tone.As earnings season kicks off this week, traders are looking for a sense of how bad the hit to global profits could be as the coronavirus pandemic upends the global economy. With the outbreak sowing chaos across the world, investors have been lost in a fog when it comes to corporate earnings.Meanwhile, countries across the globe weighed the timing for when it would be safe to ease restrictions, as regions from New York to Spain showed an easing in the rate of infections.“Companies, analysts, traders, investors and strategists to some extent are ‘flying into earnings season without instruments,’” John Stoltzfus, the chief investment strategist at Oppenheimer & Co., wrote to clients. “The unprecedented nature of the economic shutdown, social distancing and sheltering in place ordered by officials provides an overhang of uncertainty.”Read: A Daredevil’s Guide to a Very Wild Earnings SeasonElsewhere, oil prices tracked higher in Asia, drawing support from the commitment by the biggest producers to curb output even as doubts remain as to whether the cuts will be enough to offset the demand destruction caused by Covid-19. Gold fluctuated.In focus this week:U.S. banks and financial firms begin reporting first-quarter earnings, led by JPMorgan, Citigroup, Bank of America, BlackRock, Goldman Sachs and Wells Fargo.Bank Indonesia rate decision and briefing TuesdaySouth Korea holds parliamentary elections and the Bank of Canada has a rate decision WednesdayAlso Wednesday, U.S. retail sales are poised to fall in March by the most ever seenChina releases GDP, industrial production and retail sales and jobless figures FridayThese are the main moves in markets:StocksS&P 500 futures rose 1.7% as of 12:20 p.m. in Tokyo. The S&P 500 declined 1% Monday.Japan’s Topix Index rose 1.6%.Korea’s Kospi Index rose 2%.Australia’s S&P/ASX 200 rose 1.1%.Shanghai Composite Index climbed 0.7%.Hang Seng Index rose 0.7%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%.The euro rose 0.3% to $1.0944.The Japanese yen climbed 0.1% to 107.71 per dollar.The offshore yuan traded at 7.0482 per dollar, little changed.BondsThe yield on 10-year Treasuries was little changed at 0.77%.CommoditiesWest Texas Intermediate crude rose 1.6% to $22.76 a barrel.Gold rose 0.1% to $1,717 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/asia-stocks-set-mixed-start-222044560.html?.tsrc=rss
