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Stocks Trade Mixed With Earnings Season Ramping Up: Markets Wrap
(Bloomberg) -- Asian stocks were mixed Wednesday, while equity futures retreated in the U.S. and Europe, as investors scoured earnings reports for evidence of the impact of the coronavirus outbreak. The yen ticked higher.Shares slipped in Japan and China, though Hong Kong stocks eked out small gains. Australian equities underperformed, with a record slump in consumer confidence reminding investors of the effect of the pandemic on spending. Contracts on the S&P 500 and Euro Stoxx 50 edged lower after gauges jumped to a one-month high on Tuesday. Earnings from Goldman Sachs Group Inc. are next up, after Johnson & Johnson, JPMorgan Chase & Co. and Wells Fargo & Co. provided a mixed picture on Tuesday. Treasury yields dipped and the dollar was steady.The earnings season should provide more of a sense of how bad the pandemic will be for global companies after the International Monetary Fund said the “Great Lockdown” recession would be the steepest in almost a century. Investor pessimism over the economic damage of the pandemic is at “extreme” levels with cash positions at the highest since the 9/11 terrorist attacks, according to a Bank of America survey.“It’s really going to be about forward guidance,” Erin Gibbs, president and CEO at Gibbs Wealth Management LLC, said on Bloomberg TV. “What we’re really going to be looking for is, are companies giving us an idea of when they think they’ll return to profitability, or, are they talking about more layoffs?”President Donald Trump said he will make some “important announcements” in the next few days regarding state guidelines on reopening the U.S. economy. Separately, National Institute of Allergy and Infectious Diseases Director Anthony Fauci said that a May 1 target to reopen is “a bit overly optimistic” for many areas of the country.“In the early fall, or late summer, we need to start really seeing the economy get back into a more normal mode,” Howard Ward, chief investment officer of growth equities at Gabelli Funds LLC, said on Bloomberg TV. “The big risk, and the one thing that would send the market down to new lows, is a May 1, or a premature opening of the economy.”Elsewhere, oil climbed, clawing back some of Tuesday’s slide. Gold was little changed.In focus this week:Citigroup Inc., Bank of America Corp. and Goldman Sachs Group Inc. report results Wednesday; BlackRock Inc.’s earnings are set for Thursday.South Korea holds parliamentary elections and the Bank of Canada has a rate decision Wednesday.Also Wednesday, U.S. retail sales are poised to fall in March by the most ever.China releases GDP, industrial production and retail sales and jobless figures Friday.These are the main moves in markets:StocksFutures on the S&P 500 slid 0.7% as of 10:26 a.m. in Tokyo. The index increased 3.1% on Tuesday.Japan’s Topix index fell 0.4%.Hong Kong’s Hang Seng rose 0.3%.Australia’s S&P/ASX 200 Index dropped 1%.CurrenciesThe euro bought $1.0983, little changed.The yen was at 107.07 per dollar, up 0.1%.The offshore yuan traded flat at 7.0494 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 0.74%.Australia’s 10-year yield remained at 0.93%.CommoditiesWest Texas Intermediate crude added 1.2% to $20.35 a barrel.Gold traded at $1,724.95 an ounce, down 0.1%.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-set-modest-gains-223257769.html?.tsrc=rss
(Bloomberg) -- Asian stocks were mixed Wednesday, while equity futures retreated in the U.S. and Europe, as investors scoured earnings reports for evidence of the impact of the coronavirus outbreak. The yen ticked higher.Shares slipped in Japan and China, though Hong Kong stocks eked out small gains. Australian equities underperformed, with a record slump in consumer confidence reminding investors of the effect of the pandemic on spending. Contracts on the S&P 500 and Euro Stoxx 50 edged lower after gauges jumped to a one-month high on Tuesday. Earnings from Goldman Sachs Group Inc. are next up, after Johnson & Johnson, JPMorgan Chase & Co. and Wells Fargo & Co. provided a mixed picture on Tuesday. Treasury yields dipped and the dollar was steady.The earnings season should provide more of a sense of how bad the pandemic will be for global companies after the International Monetary Fund said the “Great Lockdown” recession would be the steepest in almost a century. Investor pessimism over the economic damage of the pandemic is at “extreme” levels with cash positions at the highest since the 9/11 terrorist attacks, according to a Bank of America survey.“It’s really going to be about forward guidance,” Erin Gibbs, president and CEO at Gibbs Wealth Management LLC, said on Bloomberg TV. “What we’re really going to be looking for is, are companies giving us an idea of when they think they’ll return to profitability, or, are they talking about more layoffs?”President Donald Trump said he will make some “important announcements” in the next few days regarding state guidelines on reopening the U.S. economy. Separately, National Institute of Allergy and Infectious Diseases Director Anthony Fauci said that a May 1 target to reopen is “a bit overly optimistic” for many areas of the country.“In the early fall, or late summer, we need to start really seeing the economy get back into a more normal mode,” Howard Ward, chief investment officer of growth equities at Gabelli Funds LLC, said on Bloomberg TV. “The big risk, and the one thing that would send the market down to new lows, is a May 1, or a premature opening of the economy.”Elsewhere, oil climbed, clawing back some of Tuesday’s slide. Gold was little changed.In focus this week:Citigroup Inc., Bank of America Corp. and Goldman Sachs Group Inc. report results Wednesday; BlackRock Inc.’s earnings are set for Thursday.South Korea holds parliamentary elections and the Bank of Canada has a rate decision Wednesday.Also Wednesday, U.S. retail sales are poised to fall in March by the most ever.China releases GDP, industrial production and retail sales and jobless figures Friday.These are the main moves in markets:StocksFutures on the S&P 500 slid 0.7% as of 10:26 a.m. in Tokyo. The index increased 3.1% on Tuesday.Japan’s Topix index fell 0.4%.Hong Kong’s Hang Seng rose 0.3%.Australia’s S&P/ASX 200 Index dropped 1%.CurrenciesThe euro bought $1.0983, little changed.The yen was at 107.07 per dollar, up 0.1%.The offshore yuan traded flat at 7.0494 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 0.74%.Australia’s 10-year yield remained at 0.93%.CommoditiesWest Texas Intermediate crude added 1.2% to $20.35 a barrel.Gold traded at $1,724.95 an ounce, down 0.1%.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-set-modest-gains-223257769.html?.tsrc=rss
