NewsFeeder
Headline News
Stocks Drop on Trade Worries; Italian Bonds Tumble: Markets Wrap
(Bloomberg) -- European shares fell with U.S. equity futures and Asian shares were mixed as positive sentiment from a strong day on Wall Street was offset by resurfacing trade tensions. Italy’s sovereign bonds tumbled as the government coalition teetered.The Stoxx Europe 600 index’s decline was led by automaker shares and stocks in Italy, where a sell-off in both equities and debt was triggered by the prospect of snap elections. Contracts on the three major U.S. gauges all dipped. Asia stocks were up overall, though Shanghai equities dropped for the seventh time in eight sessions, and Hong Kong shares also fell as Bloomberg reported the White House is holding off on licensing decisions for American companies to restart business with Huawei Technologies. China’s yuan held most of yesterday’s gain, which had helped the S&P 500 Index climb by almost 2%.In Japan, bond yields sank after the central bank changed purchases across three maturity zones in moves that indicated the central bank is seeking to address a flattening yield curve. The yen edged higher for third day. Treasuries steadied with gold, which hovered just above $1,500 per ounce.Global equities are ending the week still struggling to recover from Monday’s plunge as concern lingers that China may continue allowing its currency to weaken. The Asian country’s producer-price index contracted for the first time in nearly three years, dimming the outlook for manufacturers’ profits amid the trade war with the U.S. Investor focus will now turn to the release on Friday of American producer prices for July.“Trade issues continue to be exacerbated and we’re in somewhat of a quagmire,” Karissa McDonough, chief fixed income strategist at People’s United Advisors, told Bloomberg TV. “It seems that neither Trump nor China has any real incentive to come to the table.”Elsewhere, oil edged higher but was still poised for a big weekly loss as investors weighed the deteriorating China trade dispute against the latest steps from Saudi Arabia to stabilize the market.Here are the main moves in markets:StocksFutures on the S&P 500 Index fell 0.6% as of 9:21 a.m. London time.The Stoxx Europe 600 Index declined 0.4%.The MSCI Asia Pacific Index increased 0.3%.The Shanghai Composite Index decreased 0.7%.Italy’s FTSE MIB Index fell 2%.CurrenciesThe Bloomberg Dollar Spot Index gained less than 0.05%.The onshore yuan decreased 0.1% to 7.052 per dollar.The euro advanced 0.1% to $1.1187.The Japanese yen edged up 0.1%.BondsThe yield on 10-year Treasuries dipped one basis point to 1.71%.The yield on two-year Treasuries declined two basis points to 1.60%.The spread of Italy’s 10-year bonds over Germany’s climbed 25 basis points to 2.34 percentage points.Germany’s 10-year yield fell three basis points to -0.59%.CommoditiesGold gained 0.1% to $1,501.79 an ounce.West Texas Intermediate crude gained 0.4%.Iron ore decreased 3.1% to $87.90 per metric ton in Singapore.LME zinc futures fell 1% to $2,282.00 per metric ton.\--With assistance from Cormac Mullen and Adam Haigh.To contact the reporter on this story: Todd White in Madrid at twhite2@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/yen-gains-yuan-dips-trade-214431484.html?.tsrc=rss
(Bloomberg) -- European shares fell with U.S. equity futures and Asian shares were mixed as positive sentiment from a strong day on Wall Street was offset by resurfacing trade tensions. Italy’s sovereign bonds tumbled as the government coalition teetered.The Stoxx Europe 600 index’s decline was led by automaker shares and stocks in Italy, where a sell-off in both equities and debt was triggered by the prospect of snap elections. Contracts on the three major U.S. gauges all dipped. Asia stocks were up overall, though Shanghai equities dropped for the seventh time in eight sessions, and Hong Kong shares also fell as Bloomberg reported the White House is holding off on licensing decisions for American companies to restart business with Huawei Technologies. China’s yuan held most of yesterday’s gain, which had helped the S&P 500 Index climb by almost 2%.In Japan, bond yields sank after the central bank changed purchases across three maturity zones in moves that indicated the central bank is seeking to address a flattening yield curve. The yen edged higher for third day. Treasuries steadied with gold, which hovered just above $1,500 per ounce.Global equities are ending the week still struggling to recover from Monday’s plunge as concern lingers that China may continue allowing its currency to weaken. The Asian country’s producer-price index contracted for the first time in nearly three years, dimming the outlook for manufacturers’ profits amid the trade war with the U.S. Investor focus will now turn to the release on Friday of American producer prices for July.“Trade issues continue to be exacerbated and we’re in somewhat of a quagmire,” Karissa McDonough, chief fixed income strategist at People’s United Advisors, told Bloomberg TV. “It seems that neither Trump nor China has any real incentive to come to the table.”Elsewhere, oil edged higher but was still poised for a big weekly loss as investors weighed the deteriorating China trade dispute against the latest steps from Saudi Arabia to stabilize the market.Here are the main moves in markets:StocksFutures on the S&P 500 Index fell 0.6% as of 9:21 a.m. London time.The Stoxx Europe 600 Index declined 0.4%.The MSCI Asia Pacific Index increased 0.3%.The Shanghai Composite Index decreased 0.7%.Italy’s FTSE MIB Index fell 2%.CurrenciesThe Bloomberg Dollar Spot Index gained less than 0.05%.The onshore yuan decreased 0.1% to 7.052 per dollar.The euro advanced 0.1% to $1.1187.The Japanese yen edged up 0.1%.BondsThe yield on 10-year Treasuries dipped one basis point to 1.71%.The yield on two-year Treasuries declined two basis points to 1.60%.The spread of Italy’s 10-year bonds over Germany’s climbed 25 basis points to 2.34 percentage points.Germany’s 10-year yield fell three basis points to -0.59%.CommoditiesGold gained 0.1% to $1,501.79 an ounce.West Texas Intermediate crude gained 0.4%.Iron ore decreased 3.1% to $87.90 per metric ton in Singapore.LME zinc futures fell 1% to $2,282.00 per metric ton.\--With assistance from Cormac Mullen and Adam Haigh.To contact the reporter on this story: Todd White in Madrid at twhite2@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/yen-gains-yuan-dips-trade-214431484.html?.tsrc=rss
