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Stocks Mixed on Low Volumes After Weak U.S. Data: Markets Wrap
(Bloomberg) -- Asian stocks traded mixed Wednesday on low volumes after a disappointing U.S. manufacturing report reignited concern about global economic growth. The pound edged higher amid moves to trigger a snap general election.Hong Kong shares outperformed with more modest gains seen in Shanghai and Seoul. Stocks fluctuated in Tokyo and slipped in Sydney. S&P 500 futures climbed and Treasury yields ticked higher in a reverse of moves overnight. European contracts rose, while the dollar was little changed. Australia’s dollar climbed after growth came in line with estimates, easing fears of a further deterioration in the outlook.The Institute for Supply Management’s U.S. purchasing managers index fell below 50 in August, indicating a contraction in U.S. manufacturing and joining a slew of weak readings for factories across the globe. The data caused traders to boost bets on deeper rate cuts by the Federal Reserve this year.“We have a global manufacturing slowdown underway and a global capex slowdown underway and we expect further weakness there,” John Herrmann, director of U.S. rates strategy at Mufg Securities Americas Inc., told Bloomberg TV. “These trade negotiations aren’t going to go any way between now and the election” in the U.S. next year, he said.Investors remain on watch for any news of a schedule for China-U.S. talks. Chinese and American officials are struggling to agree on the next step after Washington rejected Beijing’s request to delay tariffs that took effect over the weekend.Elsewhere, oil ticked higher and gold fell back. The yuan edged up after a stronger-than forecast daily currency fixing.Here are some key events coming up:Bank of England Governor Mark Carney speaks before Treasury Committee on Wednesday alongside colleagues Andy Haldane, Jonathan Haskel and Gertjan Vlieghe, on the bank’s August Inflation Report; he’ll then appear alone to discuss the U.K.’s economic relationship with the EU.Fed speakers this week include New York Fed’s John Williams on Wednesday and Fed chair Jerome Powell on Friday.The U.S. jobs report on Friday is projected to show the widely watched nonfarm payrolls rose by 158,000 in August, versus 164,000 the month prior. Estimates are for unemployment to be steady at 3.7% and the average hourly earnings rate of increase to slow to 3.0%.These are the main moves in markets:StocksThe MSCI Asia Pacific Index rose 0.3% as of 2:25 p.m. in Tokyo.Japan’s Topix index lost 0.1%.Hong Kong’s Hang Seng advanced 1.3%.The Shanghai Composite was up 0.4%.South Korea’s Kospi rose 0.4%.Futures on the S&P 500 Index advanced 0.7%. The underlying gauge sank 0.7% on Tuesday.Euro Stoxx 50 futures added 0.8%.CurrenciesThe yen fell 0.1% to 106.06 per dollar.The offshore yuan added 0.1% to 7.1691 per dollar.The Bloomberg Dollar Spot Index slipped 0.1%.The euro bought $1.0975, little changed.The British pound rose 0.2% to $1.2105.BondsThe yield on 10-year Treasuries rose one basis point to 1.47%.Australia’s 10-year yield dipped to 0.92%.CommoditiesWest Texas Intermediate crude rose 0.4% to $54.15 a barrel.Gold fell 0.3% to $1,542.92 an ounce.\--With assistance from Randall Jensen and Vildana Hajric.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-dip-amid-trade-214418219.html?.tsrc=rss
(Bloomberg) -- Asian stocks traded mixed Wednesday on low volumes after a disappointing U.S. manufacturing report reignited concern about global economic growth. The pound edged higher amid moves to trigger a snap general election.Hong Kong shares outperformed with more modest gains seen in Shanghai and Seoul. Stocks fluctuated in Tokyo and slipped in Sydney. S&P 500 futures climbed and Treasury yields ticked higher in a reverse of moves overnight. European contracts rose, while the dollar was little changed. Australia’s dollar climbed after growth came in line with estimates, easing fears of a further deterioration in the outlook.The Institute for Supply Management’s U.S. purchasing managers index fell below 50 in August, indicating a contraction in U.S. manufacturing and joining a slew of weak readings for factories across the globe. The data caused traders to boost bets on deeper rate cuts by the Federal Reserve this year.“We have a global manufacturing slowdown underway and a global capex slowdown underway and we expect further weakness there,” John Herrmann, director of U.S. rates strategy at Mufg Securities Americas Inc., told Bloomberg TV. “These trade negotiations aren’t going to go any way between now and the election” in the U.S. next year, he said.Investors remain on watch for any news of a schedule for China-U.S. talks. Chinese and American officials are struggling to agree on the next step after Washington rejected Beijing’s request to delay tariffs that took effect over the weekend.Elsewhere, oil ticked higher and gold fell back. The yuan edged up after a stronger-than forecast daily currency fixing.Here are some key events coming up:Bank of England Governor Mark Carney speaks before Treasury Committee on Wednesday alongside colleagues Andy Haldane, Jonathan Haskel and Gertjan Vlieghe, on the bank’s August Inflation Report; he’ll then appear alone to discuss the U.K.’s economic relationship with the EU.Fed speakers this week include New York Fed’s John Williams on Wednesday and Fed chair Jerome Powell on Friday.The U.S. jobs report on Friday is projected to show the widely watched nonfarm payrolls rose by 158,000 in August, versus 164,000 the month prior. Estimates are for unemployment to be steady at 3.7% and the average hourly earnings rate of increase to slow to 3.0%.These are the main moves in markets:StocksThe MSCI Asia Pacific Index rose 0.3% as of 2:25 p.m. in Tokyo.Japan’s Topix index lost 0.1%.Hong Kong’s Hang Seng advanced 1.3%.The Shanghai Composite was up 0.4%.South Korea’s Kospi rose 0.4%.Futures on the S&P 500 Index advanced 0.7%. The underlying gauge sank 0.7% on Tuesday.Euro Stoxx 50 futures added 0.8%.CurrenciesThe yen fell 0.1% to 106.06 per dollar.The offshore yuan added 0.1% to 7.1691 per dollar.The Bloomberg Dollar Spot Index slipped 0.1%.The euro bought $1.0975, little changed.The British pound rose 0.2% to $1.2105.BondsThe yield on 10-year Treasuries rose one basis point to 1.47%.Australia’s 10-year yield dipped to 0.92%.CommoditiesWest Texas Intermediate crude rose 0.4% to $54.15 a barrel.Gold fell 0.3% to $1,542.92 an ounce.\--With assistance from Randall Jensen and Vildana Hajric.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-dip-amid-trade-214418219.html?.tsrc=rss
