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U.S. Futures Climb, Asia Stocks Look Set for Gains: Markets Wrap
(Bloomberg) -- U.S. equity futures jumped and Asian stocks looked poised for gains amid tentative steps to restart the American economy and progress on the fight against the coronavirus.Contracts on the S&P 500 climbed over 3% as President Donald Trump moved to outline plans for the reopening and investors assessed a report that Gilead Sciences Inc. is seeing improvements in coronavirus sufferers taking its drug. Shares of Boeing Co. surged 7% after-hours after saying it will resume commercial plane production at a plant near Seattle next week, while Gilead was up 15% in late trading. Japanese futures pushed higher and the dollar slipped.In a volatile U.S. session Thursday, the S&P 500 closed higher and the Nasdaq 100 wiped out its losses for 2020. Traders are waiting for the latest economic data from China to assess the impact of the coronavirus there. Meantime, Treasuries were steady. Oil traded below $20 a barrel and gold retreated.With investor focus on economic data this week, China is due to release GDP, industrial production, retail sales and jobless figures later Friday. In the U.S., more than 5 million Americans filed for unemployment benefits last week, bringing the total in the month since the outbreak throttled the U.S. economy to 22 million. New home construction declined in March from the previous month by the most since 1984.“The market is a bit optimistic right now,” and is underestimating the hit to earnings, David Bailin, chief investment officer at Citi Private Bank, said on Bloomberg TV. “Ultimately we have to have really great coordination in order to see any real improvement in the economy.”The Trump administration issued guidelines to states on Thursday recommending that they document a “downward trajectory” in cases of coronavirus and flu-like illnesses before relaxing stay-at-home orders. States could then proceed into a three-phase reopening process, according to the guidelines, which Bloomberg News obtained.Elsewhere, the Australian dollar climbed and the country’s bonds fell amid the risk-on tone.These are some of the main moves in markets:StocksFutures on the S&P 500 advanced 3.3% as of 8:16 a.m. in Tokyo. The gauge climbed 0.6% on Thursday.Futures on Japan’s Nikkei 225 added 2.9%.Hang Seng futures slipped 0.2% earlier.Futures on Australia’s S&P/ASX 200 Index rose 0.1% earlier.CurrenciesThe euro rose 0.2% to $1.0862.The yen was little changed at 108.02 per dollar.The offshore yuan traded up 0.2% to 7.0750 per dollar.BondsThe yield on 10-year Treasuries remained at 0.63% Thursday.CommoditiesWest Texas Intermediate crude was at $19.97 a barrel, up 0.5%.Gold fell 0.4% to $1,711 an ounce.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/u-asia-stock-futures-climb-220651017.html?.tsrc=rss
(Bloomberg) -- U.S. equity futures jumped and Asian stocks looked poised for gains amid tentative steps to restart the American economy and progress on the fight against the coronavirus.Contracts on the S&P 500 climbed over 3% as President Donald Trump moved to outline plans for the reopening and investors assessed a report that Gilead Sciences Inc. is seeing improvements in coronavirus sufferers taking its drug. Shares of Boeing Co. surged 7% after-hours after saying it will resume commercial plane production at a plant near Seattle next week, while Gilead was up 15% in late trading. Japanese futures pushed higher and the dollar slipped.In a volatile U.S. session Thursday, the S&P 500 closed higher and the Nasdaq 100 wiped out its losses for 2020. Traders are waiting for the latest economic data from China to assess the impact of the coronavirus there. Meantime, Treasuries were steady. Oil traded below $20 a barrel and gold retreated.With investor focus on economic data this week, China is due to release GDP, industrial production, retail sales and jobless figures later Friday. In the U.S., more than 5 million Americans filed for unemployment benefits last week, bringing the total in the month since the outbreak throttled the U.S. economy to 22 million. New home construction declined in March from the previous month by the most since 1984.“The market is a bit optimistic right now,” and is underestimating the hit to earnings, David Bailin, chief investment officer at Citi Private Bank, said on Bloomberg TV. “Ultimately we have to have really great coordination in order to see any real improvement in the economy.”The Trump administration issued guidelines to states on Thursday recommending that they document a “downward trajectory” in cases of coronavirus and flu-like illnesses before relaxing stay-at-home orders. States could then proceed into a three-phase reopening process, according to the guidelines, which Bloomberg News obtained.Elsewhere, the Australian dollar climbed and the country’s bonds fell amid the risk-on tone.These are some of the main moves in markets:StocksFutures on the S&P 500 advanced 3.3% as of 8:16 a.m. in Tokyo. The gauge climbed 0.6% on Thursday.Futures on Japan’s Nikkei 225 added 2.9%.Hang Seng futures slipped 0.2% earlier.Futures on Australia’s S&P/ASX 200 Index rose 0.1% earlier.CurrenciesThe euro rose 0.2% to $1.0862.The yen was little changed at 108.02 per dollar.The offshore yuan traded up 0.2% to 7.0750 per dollar.BondsThe yield on 10-year Treasuries remained at 0.63% Thursday.CommoditiesWest Texas Intermediate crude was at $19.97 a barrel, up 0.5%.Gold fell 0.4% to $1,711 an ounce.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/u-asia-stock-futures-climb-220651017.html?.tsrc=rss
