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U.S. Futures Gain, Gold Holds Record; Dollar Slips: Markets Wrap
(Bloomberg) -- U.S. futures nudged higher, while Asian stocks traded mixed on Wednesday as investors mulled the progress of stimulus talks in Washington and reports of a plan to review the U.S.-China trade deal. The dollar slid versus peers and gold traded at a record.Japanese shares pared losses to end little changed, while Australia’s fell. They rose in South Korea, and posted moderate gains in Hong Kong. S&P 500 futures rose after the index wavered between losses and gains through Tuesday before closing modestly higher. European contracts rose. Ten-year Treasury yields edged up, but stayed near their lowest since March.China’s yuan strengthened to its highest level since March 11, amid hopes that tensions with the U.S. will stay in check before the two sides review their phase-one trade pact later this month.Pressure is growing on Republicans and Democrats to resolve differences over a new U.S. virus relief package. Treasury Secretary Steven Mnuchin said the goal is to strike a deal on legislation by the end of the week. Meanwhile, America and China plan to assess their trade agreement mid-August against a backdrop of rising bilateral tension, according to people briefed on the matter.The outcome of U.S.-China talks will be key for markets, said Shana Sissel, chief investment officer at Spotlight Asset Group Inc. “China really hasn’t been able to meet their hurdles to be in compliance with phase one of the trade deal” because of the pathogen, and rhetoric on both sides is set to increase as the U.S. election nears, she said on Bloomberg TV.Australia’s Victoria state reported a record number of cases, and economists at one of the country’s largest banks said the tighter restrictions will hit nationwide employment. U.S. Health and Human Services Secretary Alex Azar will visit Taiwan to discuss the international response to the Covid-19 pandemic. In the U.S., California reported the fewest new coronavirus cases since June, while Florida and Arizona also saw their infections slow.Elsewhere, oil was steady after climbing to its highest in nearly two weeks as an explosion at Lebanon’s main port rocked the capital Beirut, stoking fears over instability in the region.Here are some key events coming up:Euro-zone PMI reports are scheduled for Wednesday.Reserve Bank of India and Bank of England rate decisions due Thursday.Dallas Fed President Robert Kaplan discusses the U.S. economy at Thursday event.July U.S. employment and jobs reports expected Friday.These are some of the main moves in markets:StocksS&P 500 futures rose 0.2% as of 7:16 a.m. in London. The S&P 500 Index rose 0.4%.Topix index fell less than 0.05%.Australia’s S&P/ASX 200 Index dropped 0.6%.South Korea’s Kospi index gained 1.2%.Hong Kong’s Hang Seng Index rose 0.3%.Shanghai Composite Index was little changed.Euro Stoxx 50 futures rose 0.3%.CurrenciesThe yen was at 105.67 per dollar.The offshore yuan rose 0.2% to 6.9610 per dollar.The Bloomberg Dollar Spot Index fell 0.1%.The euro was at $1.1816, up 0.1%.BondsThe yield on 10-year Treasuries held around 0.51%.Australia’s 10-year bond yield held at 0.82%.CommoditiesWest Texas Intermediate crude oil traded at $41.63 a barrel.Gold was at $2,021.68 an ounce, after a 2.1% increase.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-set-modest-drop-221855813.html?.tsrc=rss
(Bloomberg) -- U.S. futures nudged higher, while Asian stocks traded mixed on Wednesday as investors mulled the progress of stimulus talks in Washington and reports of a plan to review the U.S.-China trade deal. The dollar slid versus peers and gold traded at a record.Japanese shares pared losses to end little changed, while Australia’s fell. They rose in South Korea, and posted moderate gains in Hong Kong. S&P 500 futures rose after the index wavered between losses and gains through Tuesday before closing modestly higher. European contracts rose. Ten-year Treasury yields edged up, but stayed near their lowest since March.China’s yuan strengthened to its highest level since March 11, amid hopes that tensions with the U.S. will stay in check before the two sides review their phase-one trade pact later this month.Pressure is growing on Republicans and Democrats to resolve differences over a new U.S. virus relief package. Treasury Secretary Steven Mnuchin said the goal is to strike a deal on legislation by the end of the week. Meanwhile, America and China plan to assess their trade agreement mid-August against a backdrop of rising bilateral tension, according to people briefed on the matter.The outcome of U.S.-China talks will be key for markets, said Shana Sissel, chief investment officer at Spotlight Asset Group Inc. “China really hasn’t been able to meet their hurdles to be in compliance with phase one of the trade deal” because of the pathogen, and rhetoric on both sides is set to increase as the U.S. election nears, she said on Bloomberg TV.Australia’s Victoria state reported a record number of cases, and economists at one of the country’s largest banks said the tighter restrictions will hit nationwide employment. U.S. Health and Human Services Secretary Alex Azar will visit Taiwan to discuss the international response to the Covid-19 pandemic. In the U.S., California reported the fewest new coronavirus cases since June, while Florida and Arizona also saw their infections slow.Elsewhere, oil was steady after climbing to its highest in nearly two weeks as an explosion at Lebanon’s main port rocked the capital Beirut, stoking fears over instability in the region.Here are some key events coming up:Euro-zone PMI reports are scheduled for Wednesday.Reserve Bank of India and Bank of England rate decisions due Thursday.Dallas Fed President Robert Kaplan discusses the U.S. economy at Thursday event.July U.S. employment and jobs reports expected Friday.These are some of the main moves in markets:StocksS&P 500 futures rose 0.2% as of 7:16 a.m. in London. The S&P 500 Index rose 0.4%.Topix index fell less than 0.05%.Australia’s S&P/ASX 200 Index dropped 0.6%.South Korea’s Kospi index gained 1.2%.Hong Kong’s Hang Seng Index rose 0.3%.Shanghai Composite Index was little changed.Euro Stoxx 50 futures rose 0.3%.CurrenciesThe yen was at 105.67 per dollar.The offshore yuan rose 0.2% to 6.9610 per dollar.The Bloomberg Dollar Spot Index fell 0.1%.The euro was at $1.1816, up 0.1%.BondsThe yield on 10-year Treasuries held around 0.51%.Australia’s 10-year bond yield held at 0.82%.CommoditiesWest Texas Intermediate crude oil traded at $41.63 a barrel.Gold was at $2,021.68 an ounce, after a 2.1% increase.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-set-modest-drop-221855813.html?.tsrc=rss
