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Stocks Mixed in Light Trading; Dollar Extends Fall: Markets Wrap
(Bloomberg) -- Asian stocks drifted in thin trading on the last day of a year that has delivered spectacular returns across asset classes. The dollar held declines against peers.Equities in Sydney underperformed as investors took some profits after the best year for Australia’s stock benchmark since 2009. New Zealand ended down. Shares in Hong Kong fell, while they were little changed in Shanghai. U.S. futures drifted higher after the S&P 500 Index fell the most in more than three weeks amid the countdown to the New Year’s Day holiday Wednesday. It’s still headed for its best year since 2013.The dollar fell, with the yen leading gains against the greenback. Several markets including Japan are closed for holidays, while some have shortened trading sessions.Investors are acting with caution in thin pre-holiday trading at the end of a year that’s propelled global equity benchmarks to record highs. And with the Federal Reserve apparently on hold and focus turning to the next step in U.S.-China trade negotiations after a detente, traders may remain reluctant to jump back into risk markets.U.S. trade adviser Peter Navarro said Monday that a preliminary trade deal with Beijing is completed. The South China Morning Post reported a deal could be signed as early as this weekend.“Politics has to remain front and center for investors” in 2020, Hannah Anderson, global market strategist, JPMorgan Asset Management, said in a note Tuesday. “The U.S.-China trade war is far from resolved. Negotiations continue over the details of a phase one deal, but policy makers acknowledge many thorny issues remain. Returns will depend on just how tolerant investors can be of their fears in a low growth world.”A gauge of China’s manufacturing sector held steady at a reading signaling expansion in December.Elsewhere, West Texas crude was little changed following a report that Iran detained a fuel tanker. Oil is on track for its biggest yearly gain since 2016. Gold rose, headed for its biggest annual advance since 2010. Other markets that are closed Tuesday include South Korea, Indonesia, the Philippines and Thailand.Here are some events to watch for this week:China’s Caixin manufacturing PMI comes Thursday.Most global markets will be closed on Jan. 1. U.S. fixed-income markets also close early at 2 p.m. EST Tuesday.World leaders including China’s Xi Jinping and North Korea’s Kim Jong Un are set to deliver New Year addresses.Federal Open Market Committee minutes will be released on Friday.U.S. ISM manufacturing is due Friday. The Institute for Supply Management’s PMI is forecast to show a contraction for a fifth straight month.These are some of the moves in major markets:StocksAustralia’s S&P/ASX 200 Index fell 1.8% at the 2 p.m. early close in Sydney.Hang Seng Index slipped 0.5%.Shanghai Composite Index dipped 0.1%.S&P 500 futures drifted 0.1% higher. The S&P 500 Index fell 0.6%.CurrenciesThe yen rose 0.2% to 108.70 per dollar, adding to a 0.5% advance Monday.The offshore yuan was at 6.9734 per dollar.The Taiwan dollar strengthened past 30 versus the greenback for the first time in 18 months.The Bloomberg Dollar Spot Index dipped 0.1%, on track to drop for a fourth day.The euro held gains to trade at $1.1203.BondsThe yield on 10-year Treasuries inched up less than one basis point to 1.88% on Monday. There is no cash trading in Asia with Japan shut.Australia’s three-year bond yield rose three basis points to 0.9%, though remains poised for its biggest annual decline since 2011.Australia’s 10-year bond yield rose six basis points to 1.37%.CommoditiesWest Texas Intermediate crude dipped 0.1% to $61.61 a barrel.Gold rose 0.4% to $1,523.39 an ounce.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Tan Hwee AnnFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-drop-light-trading-213956629.html?.tsrc=rss
(Bloomberg) -- Asian stocks drifted in thin trading on the last day of a year that has delivered spectacular returns across asset classes. The dollar held declines against peers.Equities in Sydney underperformed as investors took some profits after the best year for Australia’s stock benchmark since 2009. New Zealand ended down. Shares in Hong Kong fell, while they were little changed in Shanghai. U.S. futures drifted higher after the S&P 500 Index fell the most in more than three weeks amid the countdown to the New Year’s Day holiday Wednesday. It’s still headed for its best year since 2013.The dollar fell, with the yen leading gains against the greenback. Several markets including Japan are closed for holidays, while some have shortened trading sessions.Investors are acting with caution in thin pre-holiday trading at the end of a year that’s propelled global equity benchmarks to record highs. And with the Federal Reserve apparently on hold and focus turning to the next step in U.S.-China trade negotiations after a detente, traders may remain reluctant to jump back into risk markets.U.S. trade adviser Peter Navarro said Monday that a preliminary trade deal with Beijing is completed. The South China Morning Post reported a deal could be signed as early as this weekend.“Politics has to remain front and center for investors” in 2020, Hannah Anderson, global market strategist, JPMorgan Asset Management, said in a note Tuesday. “The U.S.-China trade war is far from resolved. Negotiations continue over the details of a phase one deal, but policy makers acknowledge many thorny issues remain. Returns will depend on just how tolerant investors can be of their fears in a low growth world.”A gauge of China’s manufacturing sector held steady at a reading signaling expansion in December.Elsewhere, West Texas crude was little changed following a report that Iran detained a fuel tanker. Oil is on track for its biggest yearly gain since 2016. Gold rose, headed for its biggest annual advance since 2010. Other markets that are closed Tuesday include South Korea, Indonesia, the Philippines and Thailand.Here are some events to watch for this week:China’s Caixin manufacturing PMI comes Thursday.Most global markets will be closed on Jan. 1. U.S. fixed-income markets also close early at 2 p.m. EST Tuesday.World leaders including China’s Xi Jinping and North Korea’s Kim Jong Un are set to deliver New Year addresses.Federal Open Market Committee minutes will be released on Friday.U.S. ISM manufacturing is due Friday. The Institute for Supply Management’s PMI is forecast to show a contraction for a fifth straight month.These are some of the moves in major markets:StocksAustralia’s S&P/ASX 200 Index fell 1.8% at the 2 p.m. early close in Sydney.Hang Seng Index slipped 0.5%.Shanghai Composite Index dipped 0.1%.S&P 500 futures drifted 0.1% higher. The S&P 500 Index fell 0.6%.CurrenciesThe yen rose 0.2% to 108.70 per dollar, adding to a 0.5% advance Monday.The offshore yuan was at 6.9734 per dollar.The Taiwan dollar strengthened past 30 versus the greenback for the first time in 18 months.The Bloomberg Dollar Spot Index dipped 0.1%, on track to drop for a fourth day.The euro held gains to trade at $1.1203.BondsThe yield on 10-year Treasuries inched up less than one basis point to 1.88% on Monday. There is no cash trading in Asia with Japan shut.Australia’s three-year bond yield rose three basis points to 0.9%, though remains poised for its biggest annual decline since 2011.Australia’s 10-year bond yield rose six basis points to 1.37%.CommoditiesWest Texas Intermediate crude dipped 0.1% to $61.61 a barrel.Gold rose 0.4% to $1,523.39 an ounce.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Tan Hwee AnnFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-drop-light-trading-213956629.html?.tsrc=rss
