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Stocks Trade Mixed as Dollar Falls for Third Day: Markets Wrap
(Bloomberg) -- Asian stocks were mixed in thin trading Monday, while the dollar retreated for a third straight session.With little more than positioning adjustments and order flows governing markets in the run-up to the New Year holiday, equities drifted at the end of a blockbuster year. Futures on the S&P 500 Index edged up after a lackluster session Friday. Japanese and Australian shares dropped, while Hong Kong and Shanghai rose. South Korea was little changed. Treasuries were flat.The dollar fell against both major developed currencies and Asian emerging ones such as the Malaysian ringgit. Trading may continue to be thin ahead of New Year holidays in most markets. Those who are in may keep watch on events in North Korea, after rising risk of a weapons test in recent days.The backdrop of central bank stimulus, along with the anticipated sealing of a U.S.-China interim trade deal in January, leaves many market participants still bullish for early 2020.“There’s a continuation of companies borrowing to pay that dividend, or special dividends, and to buy back stocks,” Hilary Kramer, chief investment officer of Kramer Capital Research, said on Bloomberg TV. “That should be good enough at least” for the next quarter to see gains in U.S. stocks, she said. She highlighted financials and small caps among those that may rise in the new year.The MSCI Asia Pacific Index has added 4.5% this month, hitting its highest since June 2018. The benchmark is poised to see out the year up almost 17% on the back of central bank stimulus and expectations for a partial resolution of the U.S.-China trade war. The S&P 500 Index has gained 3.2% in December, though technical warning signs are brewing of a decline.Here are some events to watch for this week:China’s official manufacturing PMI is due Tuesday, and the Caixin version 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.US ISM manufacturing is also 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:StocksTopix index fell 0.6% as of 2:30 p.m. in Tokyo.Australia’s S&P/ASX 200 Index fell 0.3%.Hang Seng Index rose 0.4%.Shanghai Composite Index rose 0.9%.S&P 500 futures rose 0.2%. The S&P 500 was little changed Friday.Euro Stoxx 50 futures fell 0.1%. CurrenciesThe yen rose 0.3% to 109.14 per dollar.The offshore yuan ticked up 0.2% to 6.9791 per dollar.The euro advanced 0.2% to $1.1201.The Bloomberg Dollar Spot Index slipped 0.2% after a 0.4% slide on Friday.BondsThe yield on 10-year Treasuries was at 1.87%.Australia’s 10-year bond yields were little changed at 1.31%.CommoditiesWest Texas Intermediate crude was little changed at $61.77.Gold rose 0.3% to $1,514.77 an ounce.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-drift-end-calm-214037127.html?.tsrc=rss
(Bloomberg) -- Asian stocks were mixed in thin trading Monday, while the dollar retreated for a third straight session.With little more than positioning adjustments and order flows governing markets in the run-up to the New Year holiday, equities drifted at the end of a blockbuster year. Futures on the S&P 500 Index edged up after a lackluster session Friday. Japanese and Australian shares dropped, while Hong Kong and Shanghai rose. South Korea was little changed. Treasuries were flat.The dollar fell against both major developed currencies and Asian emerging ones such as the Malaysian ringgit. Trading may continue to be thin ahead of New Year holidays in most markets. Those who are in may keep watch on events in North Korea, after rising risk of a weapons test in recent days.The backdrop of central bank stimulus, along with the anticipated sealing of a U.S.-China interim trade deal in January, leaves many market participants still bullish for early 2020.“There’s a continuation of companies borrowing to pay that dividend, or special dividends, and to buy back stocks,” Hilary Kramer, chief investment officer of Kramer Capital Research, said on Bloomberg TV. “That should be good enough at least” for the next quarter to see gains in U.S. stocks, she said. She highlighted financials and small caps among those that may rise in the new year.The MSCI Asia Pacific Index has added 4.5% this month, hitting its highest since June 2018. The benchmark is poised to see out the year up almost 17% on the back of central bank stimulus and expectations for a partial resolution of the U.S.-China trade war. The S&P 500 Index has gained 3.2% in December, though technical warning signs are brewing of a decline.Here are some events to watch for this week:China’s official manufacturing PMI is due Tuesday, and the Caixin version 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.US ISM manufacturing is also 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:StocksTopix index fell 0.6% as of 2:30 p.m. in Tokyo.Australia’s S&P/ASX 200 Index fell 0.3%.Hang Seng Index rose 0.4%.Shanghai Composite Index rose 0.9%.S&P 500 futures rose 0.2%. The S&P 500 was little changed Friday.Euro Stoxx 50 futures fell 0.1%. CurrenciesThe yen rose 0.3% to 109.14 per dollar.The offshore yuan ticked up 0.2% to 6.9791 per dollar.The euro advanced 0.2% to $1.1201.The Bloomberg Dollar Spot Index slipped 0.2% after a 0.4% slide on Friday.BondsThe yield on 10-year Treasuries was at 1.87%.Australia’s 10-year bond yields were little changed at 1.31%.CommoditiesWest Texas Intermediate crude was little changed at $61.77.Gold rose 0.3% to $1,514.77 an ounce.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-drift-end-calm-214037127.html?.tsrc=rss
