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Stocks Drop on U.S.-China Worries; Dollar Falls: Markets Wrap
(Bloomberg) -- Stock-index futures in the U.S. and Europe retreated along with shares in Asia amid concern over escalating Sino-U.S. tensions and worries the recovery in the world’s largest economy has stalled. The dollar extended this week’s slide and treasuries rose.Shares in China bore the brunt of losses and the offshore yuan slid as China ordered the U.S. to shut a consulate in a tit-for-tat retaliation. Equities in Hong Kong and Australia were also lower, while futures on the S&P 500 Index and Euro Stoxx 50 declined. Intel Corp.’s warning on a production delay weighed on sentiment after triggering an after-hours slump in the stock. Earlier, the Nasdaq 100 Index turned negative for the week.China on Friday ordered the U.S. to close its consulate in the southern city of Chengdu. That follows Washington forcing China to leave its mission in Houston earlier this week.“We won’t be surprised if there is some sell-off because investors are shifting focus back to this geo-political tension,” Janet Mui, an investment director at Brewin Dolphin, said on Bloomberg TV.Also hitting sentiment was the first uptick in U.S. jobless claims since March. Congress is negotiating a new relief package for millions of Americans who are set to lose enhanced benefits at the end of the month.“You have people taking the opportunity to get a little bit off the table,” Victoria Fernandez, chief market strategist at Crossmark Global Investments Inc., said on Bloomberg TV. “With initial claims moving higher this week, we need to keep an eye on the reopening plans across the country.”These are the main moves in markets:StocksS&P 500 Index futures fell 0.5% as of 7:01 a.m. in London. The index fell 1.2% on Thursday.Shanghai Composite slid 3.6%.Hong Kong’s Hang Seng Index declined 2.4%.Australia’s S&P/ASX 200 Index slipped 1.3%.Euro Stoxx 50 futures fell 1.3%.CurrenciesThe yen was at 106.46 per dollar, up 0.4%.The offshore yuan fell 0.2% to 7.0258 per dollar.The euro bought $1.1594.The Aussie fell 0.3% to 70.79 U.S. cents.BondsThe yield on 10-year Treasuries fell about two basis points to 0.58%.Australia’s 10-year yield was at 0.87%.CommoditiesWest Texas Intermediate crude oil slid 0.2% to about $41 a barrel.Gold dipped 0.2% to $1,884.55 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-drop-u-fall-215643768.html?.tsrc=rss
(Bloomberg) -- Stock-index futures in the U.S. and Europe retreated along with shares in Asia amid concern over escalating Sino-U.S. tensions and worries the recovery in the world’s largest economy has stalled. The dollar extended this week’s slide and treasuries rose.Shares in China bore the brunt of losses and the offshore yuan slid as China ordered the U.S. to shut a consulate in a tit-for-tat retaliation. Equities in Hong Kong and Australia were also lower, while futures on the S&P 500 Index and Euro Stoxx 50 declined. Intel Corp.’s warning on a production delay weighed on sentiment after triggering an after-hours slump in the stock. Earlier, the Nasdaq 100 Index turned negative for the week.China on Friday ordered the U.S. to close its consulate in the southern city of Chengdu. That follows Washington forcing China to leave its mission in Houston earlier this week.“We won’t be surprised if there is some sell-off because investors are shifting focus back to this geo-political tension,” Janet Mui, an investment director at Brewin Dolphin, said on Bloomberg TV.Also hitting sentiment was the first uptick in U.S. jobless claims since March. Congress is negotiating a new relief package for millions of Americans who are set to lose enhanced benefits at the end of the month.“You have people taking the opportunity to get a little bit off the table,” Victoria Fernandez, chief market strategist at Crossmark Global Investments Inc., said on Bloomberg TV. “With initial claims moving higher this week, we need to keep an eye on the reopening plans across the country.”These are the main moves in markets:StocksS&P 500 Index futures fell 0.5% as of 7:01 a.m. in London. The index fell 1.2% on Thursday.Shanghai Composite slid 3.6%.Hong Kong’s Hang Seng Index declined 2.4%.Australia’s S&P/ASX 200 Index slipped 1.3%.Euro Stoxx 50 futures fell 1.3%.CurrenciesThe yen was at 106.46 per dollar, up 0.4%.The offshore yuan fell 0.2% to 7.0258 per dollar.The euro bought $1.1594.The Aussie fell 0.3% to 70.79 U.S. cents.BondsThe yield on 10-year Treasuries fell about two basis points to 0.58%.Australia’s 10-year yield was at 0.87%.CommoditiesWest Texas Intermediate crude oil slid 0.2% to about $41 a barrel.Gold dipped 0.2% to $1,884.55 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-drop-u-fall-215643768.html?.tsrc=rss
