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Stocks Rebound as Mideast Concerns Fade; Oil Drops: Markets Wrap
(Bloomberg) -- Asian stocks rebounded and U.S. futures edged up as investors dialed back concerns about a further deterioration in the security situation in the Middle East.Treasuries and the yen held losses from Monday, when demand for havens ebbed in the New York trading session. While bellicose rhetoric continues in the wake of the U.S. killing of a top Iranian military leader, expectations for improved growth and earnings offer support for risk assets. Equity benchmarks rose more than 1% in Tokyo and Sydney, and advanced in Seoul and Hong Kong. Shanghai saw more modest gains. Asian currencies climbed, with the yuan hitting a five-month high. Oil extended losses.“Although the risk of escalation and asymmetric response to last Friday’s U.S. airstrike persists, market participants seem to be assigning a lower likelihood of direct violent confrontation,” Citigroup Inc. strategists including Johanna Chua wrote in a note.Gold continued its retreat from the highest in more than six years. Ten-year Treasury yields were steady around 1.80%. Brent crude is trading about $4 under its Monday high.Upcoming news events could help to refocus attention away from geopolitics. A gauge of the American services sector due Tuesday is projected to strengthen. Friday brings the key U.S. employment report, and next week American and Chinese officials are expected to sign a phase-one trade agreement in Washington.Here are some events to watch for this week:U.S. ISM non-manufacturing PMI comes Tuesday.Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak on Thursday.The U.S. monthly employment report is due Friday.These are moves in major markets:StocksTopix index rose 1.6% at the 3 p.m. close in Tokyo.Australia’s S&P/ASX 200 Index added 1.4%.South Korea’s Kospi index gained 0.9%.Hong Kong’s Hang Seng Index was up 0.4%.Shanghai Composite Index added 0.5%.S&P 500 futures gained 0.2%. The S&P 500 Index rose 0.4% Monday.Euro Stoxx 50 futures gained 0.5%.The MSCI Asia Pacific Index gained 1%.CurrenciesThe Japanese yen dipped 0.1% to 108.48 per dollar.The offshore yuan climbed 0.3% to 6.9516 per dollar.The euro was steady at $1.1188.BondsThe yield on 10-year Treasuries edged up above 1.81%.Australia’s 10-year bond yield rose more than one basis point to 1.22%.CommoditiesWest Texas Intermediate crude fell 1.1% to $62.57 a barrel.Gold slipped 0.2% to $1,562.14 an ounce.\--With assistance from Randall Jensen and Vildana Hajric.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, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-rebound-yen-231724324.html?.tsrc=rss
(Bloomberg) -- Asian stocks rebounded and U.S. futures edged up as investors dialed back concerns about a further deterioration in the security situation in the Middle East.Treasuries and the yen held losses from Monday, when demand for havens ebbed in the New York trading session. While bellicose rhetoric continues in the wake of the U.S. killing of a top Iranian military leader, expectations for improved growth and earnings offer support for risk assets. Equity benchmarks rose more than 1% in Tokyo and Sydney, and advanced in Seoul and Hong Kong. Shanghai saw more modest gains. Asian currencies climbed, with the yuan hitting a five-month high. Oil extended losses.“Although the risk of escalation and asymmetric response to last Friday’s U.S. airstrike persists, market participants seem to be assigning a lower likelihood of direct violent confrontation,” Citigroup Inc. strategists including Johanna Chua wrote in a note.Gold continued its retreat from the highest in more than six years. Ten-year Treasury yields were steady around 1.80%. Brent crude is trading about $4 under its Monday high.Upcoming news events could help to refocus attention away from geopolitics. A gauge of the American services sector due Tuesday is projected to strengthen. Friday brings the key U.S. employment report, and next week American and Chinese officials are expected to sign a phase-one trade agreement in Washington.Here are some events to watch for this week:U.S. ISM non-manufacturing PMI comes Tuesday.Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak on Thursday.The U.S. monthly employment report is due Friday.These are moves in major markets:StocksTopix index rose 1.6% at the 3 p.m. close in Tokyo.Australia’s S&P/ASX 200 Index added 1.4%.South Korea’s Kospi index gained 0.9%.Hong Kong’s Hang Seng Index was up 0.4%.Shanghai Composite Index added 0.5%.S&P 500 futures gained 0.2%. The S&P 500 Index rose 0.4% Monday.Euro Stoxx 50 futures gained 0.5%.The MSCI Asia Pacific Index gained 1%.CurrenciesThe Japanese yen dipped 0.1% to 108.48 per dollar.The offshore yuan climbed 0.3% to 6.9516 per dollar.The euro was steady at $1.1188.BondsThe yield on 10-year Treasuries edged up above 1.81%.Australia’s 10-year bond yield rose more than one basis point to 1.22%.CommoditiesWest Texas Intermediate crude fell 1.1% to $62.57 a barrel.Gold slipped 0.2% to $1,562.14 an ounce.\--With assistance from Randall Jensen and Vildana Hajric.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, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-rebound-yen-231724324.html?.tsrc=rss
