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Stocks Mixed as Volatile Quarter Comes to an End: Markets Wrap
(Bloomberg) -- Asian stocks traded mixed and U.S. equity futures fluctuated as a volatile quarter for global financial markets came to an end.S&P 500 futures pared gains after hitting their highs Tuesday morning on a stronger-than-anticipated China manufacturing index. Shares fell in Japan and Australia, and climbed in South Korea and Hong Kong. Crude oil jumped, more than reversing a slump in New York Monday. The yen sank as the end of Japan’s fiscal year brought positioning adjustments. Treasury yields retreated.“Certainly we are seeing bottoming in the equity market,” Jun Bei Liu, Tribeca Investment Partners portfolio manager, said on Bloomberg TV. Still “it’s very hard to see equities rally away, on the basis that the infections are still getting worse and the employment numbers continue to track lower,” she said.Global equities are on track to round out their worst quarter since the last three months of 2008 as investors grapple with the economic impact of the coronavirus spread. Meanwhile, President Donald Trump heeded advice from the government’s top doctors that re-opening the U.S. in two weeks risks greater loss of life and more U.S. states issued stay-at-home orders.Traders continued to look for bright spots, such as in health-care companies that could produce products that help curb the outbreak. Johnson & Johnson jumped after the company said it would begin a $1 billion-plus effort with the U.S. government to make a vaccine against the virus.In China, in a sign the world’s second-largest economy is restarting amid a growing threat from slumping external demand, the official purchasing managers’ index rose to 52.0 this month. That’s up from a record low of 35.7 in February and above the 50 mark which signals improving conditions.These are the main moves in markets:StocksS&P 500 futures rose 0.1% as of 1:05 p.m. in Tokyo. The S&P 500 Index climbed 3.4% Monday.Topix index fell 1.6%.Australia’s S&P/ASX 200 Index fell 0.7%.South Korea’s Kospi index rose 1.6%.Hong Kong’s Hang Seng Index climbed 1.1%.Shanghai Composite Index rose 0.4%.CurrenciesThe yen dipped 0.7% to 108.47 per dollar.The offshore yuan added 0.2% to 7.1015 per dollar.The euro was at $1.1022, down 0.2%.BondsThe yield on 10-year Treasuries fell more than two basis points to 0.70%.Australia’s 10-year bond yield rose about four basis points to 0.82%.CommoditiesWest Texas Intermediate crude surged 6% to $21.26 a barrel. It fell 5.7% in the previous session.Gold slipped 0.5% to $1,614 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-track-u-213920215.html?.tsrc=rss
(Bloomberg) -- Asian stocks traded mixed and U.S. equity futures fluctuated as a volatile quarter for global financial markets came to an end.S&P 500 futures pared gains after hitting their highs Tuesday morning on a stronger-than-anticipated China manufacturing index. Shares fell in Japan and Australia, and climbed in South Korea and Hong Kong. Crude oil jumped, more than reversing a slump in New York Monday. The yen sank as the end of Japan’s fiscal year brought positioning adjustments. Treasury yields retreated.“Certainly we are seeing bottoming in the equity market,” Jun Bei Liu, Tribeca Investment Partners portfolio manager, said on Bloomberg TV. Still “it’s very hard to see equities rally away, on the basis that the infections are still getting worse and the employment numbers continue to track lower,” she said.Global equities are on track to round out their worst quarter since the last three months of 2008 as investors grapple with the economic impact of the coronavirus spread. Meanwhile, President Donald Trump heeded advice from the government’s top doctors that re-opening the U.S. in two weeks risks greater loss of life and more U.S. states issued stay-at-home orders.Traders continued to look for bright spots, such as in health-care companies that could produce products that help curb the outbreak. Johnson & Johnson jumped after the company said it would begin a $1 billion-plus effort with the U.S. government to make a vaccine against the virus.In China, in a sign the world’s second-largest economy is restarting amid a growing threat from slumping external demand, the official purchasing managers’ index rose to 52.0 this month. That’s up from a record low of 35.7 in February and above the 50 mark which signals improving conditions.These are the main moves in markets:StocksS&P 500 futures rose 0.1% as of 1:05 p.m. in Tokyo. The S&P 500 Index climbed 3.4% Monday.Topix index fell 1.6%.Australia’s S&P/ASX 200 Index fell 0.7%.South Korea’s Kospi index rose 1.6%.Hong Kong’s Hang Seng Index climbed 1.1%.Shanghai Composite Index rose 0.4%.CurrenciesThe yen dipped 0.7% to 108.47 per dollar.The offshore yuan added 0.2% to 7.1015 per dollar.The euro was at $1.1022, down 0.2%.BondsThe yield on 10-year Treasuries fell more than two basis points to 0.70%.Australia’s 10-year bond yield rose about four basis points to 0.82%.CommoditiesWest Texas Intermediate crude surged 6% to $21.26 a barrel. It fell 5.7% in the previous session.Gold slipped 0.5% to $1,614 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-track-u-213920215.html?.tsrc=rss
