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Stocks Drop on Trade Doubts; Treasuries Hold Gains: Markets Wrap
(Bloomberg) -- Asian stocks fell after renewed concern about an interim U.S.-China trade deal curbed sentiment. Treasuries held their mid-week gains ahead of Friday’s American jobs and manufacturing data.Equities in Japan, China and Hong Kong were modestly lower, while Australia’s main index traded flat. Equities in Seoul shrugged off the latest plunge in South Korean exports. The S&P 500 slipped overnight after Bloomberg reported that Chinese officials have warned they won’t budge on the thorniest trade issues. Negotiators are expected to hold a call Friday. The yen hit a three-week high.The latest episode in the trade saga is testing investor risk appetite, as Chinese officials cast doubts about reaching a comprehensive long-term trade deal with the U.S. even as the two sides get close to signing a “phase one” agreement. Next up on the data front come the monthly jobs report on Friday and a read on American manufacturing for October.“Markets participants, as well as maybe even the Fed, have been very optimistic” on the trade truce, Tiffany Wilding, chief U.S. economist at Pacific Investment Management Co., told Bloomberg TV. “We can see some more deterioration there.”Elsewhere, oil edged higher after retreatingamid Saudi supply gains. Gold steadied after surging more than 1% on Thursday.These are the main moves in markets:StocksJapan’s Topix index lost 0.3% as of 10:30 a.m. in Tokyo.Hong Kong’s Hang Seng dipped 0.4%.The Shanghai Composite lost 0.2%.South Korea’s Kospi index added 0.3%.Australia’s S&P/ASX 200 Index was little changed.Futures on the S&P 500 Index were little changed. The gauge fell 0.3% on Thursday.CurrenciesThe yen was at 107.96 per dollar, up 0.1%.The offshore yuan was at 7.0507 per dollar, down 0.1%.The euro bought $1.1158.BondsThe yield on 10-year Treasuries remained at 1.69%.Australia’s 10-year yield declined four basis points to 1.10%.CommoditiesWest Texas crude added 0.3% to $54.36 a barrel.Gold was at $1,512.32 an ounce.\--With assistance from Moxy Ying.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/stocks-asia-drop-trade-war-213930261.html?.tsrc=rss
(Bloomberg) -- Asian stocks fell after renewed concern about an interim U.S.-China trade deal curbed sentiment. Treasuries held their mid-week gains ahead of Friday’s American jobs and manufacturing data.Equities in Japan, China and Hong Kong were modestly lower, while Australia’s main index traded flat. Equities in Seoul shrugged off the latest plunge in South Korean exports. The S&P 500 slipped overnight after Bloomberg reported that Chinese officials have warned they won’t budge on the thorniest trade issues. Negotiators are expected to hold a call Friday. The yen hit a three-week high.The latest episode in the trade saga is testing investor risk appetite, as Chinese officials cast doubts about reaching a comprehensive long-term trade deal with the U.S. even as the two sides get close to signing a “phase one” agreement. Next up on the data front come the monthly jobs report on Friday and a read on American manufacturing for October.“Markets participants, as well as maybe even the Fed, have been very optimistic” on the trade truce, Tiffany Wilding, chief U.S. economist at Pacific Investment Management Co., told Bloomberg TV. “We can see some more deterioration there.”Elsewhere, oil edged higher after retreatingamid Saudi supply gains. Gold steadied after surging more than 1% on Thursday.These are the main moves in markets:StocksJapan’s Topix index lost 0.3% as of 10:30 a.m. in Tokyo.Hong Kong’s Hang Seng dipped 0.4%.The Shanghai Composite lost 0.2%.South Korea’s Kospi index added 0.3%.Australia’s S&P/ASX 200 Index was little changed.Futures on the S&P 500 Index were little changed. The gauge fell 0.3% on Thursday.CurrenciesThe yen was at 107.96 per dollar, up 0.1%.The offshore yuan was at 7.0507 per dollar, down 0.1%.The euro bought $1.1158.BondsThe yield on 10-year Treasuries remained at 1.69%.Australia’s 10-year yield declined four basis points to 1.10%.CommoditiesWest Texas crude added 0.3% to $54.36 a barrel.Gold was at $1,512.32 an ounce.\--With assistance from Moxy Ying.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/stocks-asia-drop-trade-war-213930261.html?.tsrc=rss
