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U.S. Futures Tick Higher; Asian Stocks Drift: Markets Wrap
(Bloomberg) -- U.S. futures edged higher Tuesday as investors held out some hope of a deal on stimulus talks. Asian stocks slipped after a weak session on Wall Street overnight.S&P 500 Index futures climbed after a spokesman for House Speaker Nancy Pelosi said differences were narrowing in talks. Shares dipped in Japan, Australia and South Korea, and fluctuated in Hong Kong. The 10-year Treasury yield steadied around 0.77% and the dollar held losses versus major peers. The yen declined and the offshore yuan rose to the strongest since July 2018.Earlier, the S&P 500 Index fell to the lowest in almost two weeks as time draws short to reach agreement on a bill that could pass by Election Day on Nov. 3. The Australian dollar slid after comments from the central bank’s assistant governor that short-term rates could fall below zero. Global virus cases surpassed 40 million.Investors are weighing the chances of a resolution to stimulus talks before the Nov. 3 election. Federal Reserve policy makers have called for more fiscal support to shore up the recovery from the pandemic-induced recession.Pelosi and Treasury Secretary Steven Mnuchin “continued to narrow their differences” on a coronavirus relief package, a Pelosi aide said Monday. Democrats have resisted giving up on their priorities for local governments, workers, schools and health care.“Risky assets are losing their mojo after disheartening virus updates, countless stimulus banter that will not yield anything until after the election, and as central banks remain stuck in wait-and-see mode,” Edward Moya, a senior market analyst at Oanda in New York, said in a note. “The QE for life trade appears like it is not going away anytime soon, but that is not enough of reason to buy stocks now.”Meanwhile, global coronavirus cases exceeded 40 million, with the pandemic showing no signs of slowing. In the U.S., surges in Wisconsin and other battleground states pose a challenge for President Donald Trump two weeks before he stands for re-election.Elsewhere, oil extended losses after an OPEC+ meeting made no mention of any changes to a plan to further ease output cuts from January.Here are some key events this week:Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.Australia central bank minutes are out Tuesday.The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.These are some of the main moves in markets:StocksS&P 500 futures rose 0.6% as of 10:20 a.m. in Tokyo. The S&P 500 Index slipped 1.6%.Topix index fell 0.2%.Australia’s S&P/ASX 200 Index fell 0.3%.South Korea’s Kospi index was little changed.Hong Kong’s Hang Seng Index rose 0.1%.Shanghai Composite Index fell 0.2%.CurrenciesThe yen was at 105.52 per dollar, down 0.1%.The Bloomberg Dollar Spot Index was little changed.The euro traded at $1.1771.The onshore yuan rose 0.2% to 6.6686 per dollar.The Aussie fell 0.3% to 70.53 U.S. cents.BondsThe yield on 10-year Treasuries held at 0.77%.Australia’s 10-year bond yield slipped to 0.74%.CommoditiesWest Texas Intermediate crude fell 0.3% to $40.69 a barrel.Gold was flat at $1,902.10 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/asia-stocks-look-set-u-214800527.html?.tsrc=rss
(Bloomberg) -- U.S. futures edged higher Tuesday as investors held out some hope of a deal on stimulus talks. Asian stocks slipped after a weak session on Wall Street overnight.S&P 500 Index futures climbed after a spokesman for House Speaker Nancy Pelosi said differences were narrowing in talks. Shares dipped in Japan, Australia and South Korea, and fluctuated in Hong Kong. The 10-year Treasury yield steadied around 0.77% and the dollar held losses versus major peers. The yen declined and the offshore yuan rose to the strongest since July 2018.Earlier, the S&P 500 Index fell to the lowest in almost two weeks as time draws short to reach agreement on a bill that could pass by Election Day on Nov. 3. The Australian dollar slid after comments from the central bank’s assistant governor that short-term rates could fall below zero. Global virus cases surpassed 40 million.Investors are weighing the chances of a resolution to stimulus talks before the Nov. 3 election. Federal Reserve policy makers have called for more fiscal support to shore up the recovery from the pandemic-induced recession.Pelosi and Treasury Secretary Steven Mnuchin “continued to narrow their differences” on a coronavirus relief package, a Pelosi aide said Monday. Democrats have resisted giving up on their priorities for local governments, workers, schools and health care.“Risky assets are losing their mojo after disheartening virus updates, countless stimulus banter that will not yield anything until after the election, and as central banks remain stuck in wait-and-see mode,” Edward Moya, a senior market analyst at Oanda in New York, said in a note. “The QE for life trade appears like it is not going away anytime soon, but that is not enough of reason to buy stocks now.”Meanwhile, global coronavirus cases exceeded 40 million, with the pandemic showing no signs of slowing. In the U.S., surges in Wisconsin and other battleground states pose a challenge for President Donald Trump two weeks before he stands for re-election.Elsewhere, oil extended losses after an OPEC+ meeting made no mention of any changes to a plan to further ease output cuts from January.Here are some key events this week:Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.Australia central bank minutes are out Tuesday.The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.These are some of the main moves in markets:StocksS&P 500 futures rose 0.6% as of 10:20 a.m. in Tokyo. The S&P 500 Index slipped 1.6%.Topix index fell 0.2%.Australia’s S&P/ASX 200 Index fell 0.3%.South Korea’s Kospi index was little changed.Hong Kong’s Hang Seng Index rose 0.1%.Shanghai Composite Index fell 0.2%.CurrenciesThe yen was at 105.52 per dollar, down 0.1%.The Bloomberg Dollar Spot Index was little changed.The euro traded at $1.1771.The onshore yuan rose 0.2% to 6.6686 per dollar.The Aussie fell 0.3% to 70.53 U.S. cents.BondsThe yield on 10-year Treasuries held at 0.77%.Australia’s 10-year bond yield slipped to 0.74%.CommoditiesWest Texas Intermediate crude fell 0.3% to $40.69 a barrel.Gold was flat at $1,902.10 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/asia-stocks-look-set-u-214800527.html?.tsrc=rss
