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Stocks Prolong Rally; Dollar Sinks to March Low: Markets Wrap
(Bloomberg) -- The global rally in stocks held its momentum Wednesday as investors showed more optimism of quick economic recovery from the coronavirus pandemic. Treasuries dipped with gold, and a dollar gauge hit its lowest level since early March.Gains in insurance and auto shares pulled the Stoxx Europe 600 Index higher. Contracts on the S&P 500 Index rose along with those on the Nasdaq 100, which closed on Tuesday within 1% of its record high. The euro climbed for a seventh session as data showed economic activity in the 19-nation common-currency region rose in May to highest in three months after an easing of lockdown restrictions allowed companies and shops to resume business.In Asia, South Korea shares advanced the most after the country detailed a third round of fiscal stimulus. Brent crude oil extended its rebound above $40 as investors eyed a potential extension of record production curbs by OPEC+.Stocks have advanced globally for eight days to their highest level versus estimated earnings since the early 2000s, as more businesses reopen around the world and manufacturing gauges show economies stabilizing following shutdowns. That’s despite a slew of risks, including tense U.S.-China relations that may jeopardize a hard-won trade deal as well as violent protests and looting in American cities.“If I look at the markets, I see a V-shaped recovery,” Mark Mobius, co-founder at Mobius Capital Partners, said on Bloomberg TV. “What we’re hearing from companies around the world is that once the lockdown is over, they’re going to get the customers coming back in droves.”Elsewhere, Indonesia’s rupiah was the outperformer in currencies, after record orders at a local bond auction Tuesday. MSCI’s gauge of emerging-market stocks climbed close a three-month high.Here are some key events coming up:In Europe, the ECB is expected to top up its rescue program with an additional 500 billion euros of asset purchases at a meeting on Thursday. Anything less than an expansion would be a big shock, Bloomberg Economics said.The U.S. labor market report on Friday will probably show American unemployment soared to 19.5% in May, the highest since the 1930s.These are the main moves in markets:StocksThe Stoxx Europe 600 Index climbed 1.1% as of 9:31 a.m. London time.Futures on the S&P 500 Index rose 0.4%.Italy’s FTSE MIB Index gained 2%.The MSCI Asia Pacific Index increased 1.3%.CurrenciesThe Bloomberg Dollar Spot Index declined 0.3%.The euro jumped 0.4% to $1.1211.The British pound increased 0.2% to $1.2581.The Japanese yen weakened 0.1% to 108.77 per dollar.The Indian rupee weakened 0.2% to 75.475 per dollar.BondsThe yield on 10-year Treasuries rose two basis points to 0.70%.Germany’s 10-year yield climbed three basis points to -0.39%.Britain’s 10-year yield increased three basis points to 0.253%.CommoditiesBrent crude gained 1.3% to $40.09 a barrel.Gold weakened 0.5% to $1,718.54 an ounce.LME copper was little changed at $5,530.50 per metric ton.Iron ore climbed 0.2% to $98.31 per metric ton.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-rise-recovery-hopes-222352234.html?.tsrc=rss
(Bloomberg) -- The global rally in stocks held its momentum Wednesday as investors showed more optimism of quick economic recovery from the coronavirus pandemic. Treasuries dipped with gold, and a dollar gauge hit its lowest level since early March.Gains in insurance and auto shares pulled the Stoxx Europe 600 Index higher. Contracts on the S&P 500 Index rose along with those on the Nasdaq 100, which closed on Tuesday within 1% of its record high. The euro climbed for a seventh session as data showed economic activity in the 19-nation common-currency region rose in May to highest in three months after an easing of lockdown restrictions allowed companies and shops to resume business.In Asia, South Korea shares advanced the most after the country detailed a third round of fiscal stimulus. Brent crude oil extended its rebound above $40 as investors eyed a potential extension of record production curbs by OPEC+.Stocks have advanced globally for eight days to their highest level versus estimated earnings since the early 2000s, as more businesses reopen around the world and manufacturing gauges show economies stabilizing following shutdowns. That’s despite a slew of risks, including tense U.S.-China relations that may jeopardize a hard-won trade deal as well as violent protests and looting in American cities.“If I look at the markets, I see a V-shaped recovery,” Mark Mobius, co-founder at Mobius Capital Partners, said on Bloomberg TV. “What we’re hearing from companies around the world is that once the lockdown is over, they’re going to get the customers coming back in droves.”Elsewhere, Indonesia’s rupiah was the outperformer in currencies, after record orders at a local bond auction Tuesday. MSCI’s gauge of emerging-market stocks climbed close a three-month high.Here are some key events coming up:In Europe, the ECB is expected to top up its rescue program with an additional 500 billion euros of asset purchases at a meeting on Thursday. Anything less than an expansion would be a big shock, Bloomberg Economics said.The U.S. labor market report on Friday will probably show American unemployment soared to 19.5% in May, the highest since the 1930s.These are the main moves in markets:StocksThe Stoxx Europe 600 Index climbed 1.1% as of 9:31 a.m. London time.Futures on the S&P 500 Index rose 0.4%.Italy’s FTSE MIB Index gained 2%.The MSCI Asia Pacific Index increased 1.3%.CurrenciesThe Bloomberg Dollar Spot Index declined 0.3%.The euro jumped 0.4% to $1.1211.The British pound increased 0.2% to $1.2581.The Japanese yen weakened 0.1% to 108.77 per dollar.The Indian rupee weakened 0.2% to 75.475 per dollar.BondsThe yield on 10-year Treasuries rose two basis points to 0.70%.Germany’s 10-year yield climbed three basis points to -0.39%.Britain’s 10-year yield increased three basis points to 0.253%.CommoditiesBrent crude gained 1.3% to $40.09 a barrel.Gold weakened 0.5% to $1,718.54 an ounce.LME copper was little changed at $5,530.50 per metric ton.Iron ore climbed 0.2% to $98.31 per metric ton.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-rise-recovery-hopes-222352234.html?.tsrc=rss
