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Stocks Rise on Stimulus Measures; Dollar Declines: Markets Wrap
(Bloomberg) -- U.S. and European futures gained with Asian stocks Tuesday with stimulus measures and coronavirus vaccines boosting sentiment. The dollar held losses.Australia outperformed after the government boosted support for job programs. South Korea and Hong Kong also rose. Japan had a more muted advance. European futures rose after European Union leaders reached a deal on a landmark stimulus package. Treasuries and oil were steady. S&P 500 contracts climbed after the benchmark turned positive for the year. Earlier, the Nasdaq 100 jumped to a record on demand for companies like Amazon.com Inc. and Zoom Technologies Inc. that benefit from more people staying at home due to the pandemic.“The market, particularly tech stocks, is rallying on both good news and bad news, that tells us it’s all about momentum and not about the facts,” said Michael McCarthy, chief market strategist at CMC Markets Asia Pacific Pty. “There are concerns we could see significant pullbacks before we make further gains, but at the moment you can’t stand in front of the train that is the Nasdaq 100 Index.”Investors are keeping an eye on Washington, where lawmakers are starting to hammer out the next virus relief plan. Meanwhile, euro-area leaders agreed on a stimulus package that will see the bloc issue 750 billion euros ($860 billion) of joint debt to help member states mitigate the economic downturn.Monetary and fiscal “tapering will not occur until we have significant health progress,” Mariann Montagne, a portfolio manager at Gradient Investments, said on Bloomberg TV.On the virus front, a vaccine in development by the University of Oxford and AstraZeneca Plc showed promising results in early human testing. China’s CanSino Biologics Inc. and a partnership of Pfizer Inc. and BioNTech SE also delivered positive trial updates, indicating progress in the pursuit to defeat the pathogen.Here are some key events coming up:Quarterly earnings gather steam, including Blackstone Group, Microsoft, Roche, Intel, Unilever, Canadian Pacific, UBS, Tokyo Steel, Daimler, Hyundai and Mattel.The EIA crude oil inventory report is due Wednesday.U.S. weekly jobless claims come on Thursday.These are the main moves in markets:StocksS&P 500 futures rose 0.6% as of 7 a.m. in London. The S&P 500 Index gained 0.8%.Topix index rose 0.4%.Australia’s S&P/ASX 200 Index rose 2.6%.South Korea’s Kospi index gained 1.3%.Hong Kong’s Hang Seng Index gained 1.9%.Shanghai Composite Index was flat.Euro Stoxx 50 contracts rose 1%.CurrenciesThe yen was trading at 107.34 per dollar, little changed.The offshore yuan was at 6.9923 per dollar, little changed.The euro traded at $1.1436, down 0.1%.The Bloomberg Dollar Spot Index declined 0.1%.BondsThe yield on 10-year Treasuries held at 0.61%.Australia’s 10-year bond yield fell three basis points to 0.86%.CommoditiesWest Texas Intermediate crude was little changed at $40.84 a barrel.Gold was at $1,819.19 an ounce, near the highest in nine years.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/asian-stocks-look-set-gains-214520590.html?.tsrc=rss
(Bloomberg) -- U.S. and European futures gained with Asian stocks Tuesday with stimulus measures and coronavirus vaccines boosting sentiment. The dollar held losses.Australia outperformed after the government boosted support for job programs. South Korea and Hong Kong also rose. Japan had a more muted advance. European futures rose after European Union leaders reached a deal on a landmark stimulus package. Treasuries and oil were steady. S&P 500 contracts climbed after the benchmark turned positive for the year. Earlier, the Nasdaq 100 jumped to a record on demand for companies like Amazon.com Inc. and Zoom Technologies Inc. that benefit from more people staying at home due to the pandemic.“The market, particularly tech stocks, is rallying on both good news and bad news, that tells us it’s all about momentum and not about the facts,” said Michael McCarthy, chief market strategist at CMC Markets Asia Pacific Pty. “There are concerns we could see significant pullbacks before we make further gains, but at the moment you can’t stand in front of the train that is the Nasdaq 100 Index.”Investors are keeping an eye on Washington, where lawmakers are starting to hammer out the next virus relief plan. Meanwhile, euro-area leaders agreed on a stimulus package that will see the bloc issue 750 billion euros ($860 billion) of joint debt to help member states mitigate the economic downturn.Monetary and fiscal “tapering will not occur until we have significant health progress,” Mariann Montagne, a portfolio manager at Gradient Investments, said on Bloomberg TV.On the virus front, a vaccine in development by the University of Oxford and AstraZeneca Plc showed promising results in early human testing. China’s CanSino Biologics Inc. and a partnership of Pfizer Inc. and BioNTech SE also delivered positive trial updates, indicating progress in the pursuit to defeat the pathogen.Here are some key events coming up:Quarterly earnings gather steam, including Blackstone Group, Microsoft, Roche, Intel, Unilever, Canadian Pacific, UBS, Tokyo Steel, Daimler, Hyundai and Mattel.The EIA crude oil inventory report is due Wednesday.U.S. weekly jobless claims come on Thursday.These are the main moves in markets:StocksS&P 500 futures rose 0.6% as of 7 a.m. in London. The S&P 500 Index gained 0.8%.Topix index rose 0.4%.Australia’s S&P/ASX 200 Index rose 2.6%.South Korea’s Kospi index gained 1.3%.Hong Kong’s Hang Seng Index gained 1.9%.Shanghai Composite Index was flat.Euro Stoxx 50 contracts rose 1%.CurrenciesThe yen was trading at 107.34 per dollar, little changed.The offshore yuan was at 6.9923 per dollar, little changed.The euro traded at $1.1436, down 0.1%.The Bloomberg Dollar Spot Index declined 0.1%.BondsThe yield on 10-year Treasuries held at 0.61%.Australia’s 10-year bond yield fell three basis points to 0.86%.CommoditiesWest Texas Intermediate crude was little changed at $40.84 a barrel.Gold was at $1,819.19 an ounce, near the highest in nine years.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/asian-stocks-look-set-gains-214520590.html?.tsrc=rss
