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06-17-2019, 08:40 PM
Asian Stocks Drift Higher; Treasuries, Dollar Flat: Markets Wrap
(Bloomberg) -- Asian stocks saw muted gains Tuesday as markets entered a holding pattern ahead of this week’s key Federal Reserve decision. The dollar and Treasuries were little changed.Stocks ticked higher in Japan, South Korea and Australia with little in the way of fresh catalysts. Hong Kong and Shanghai equity gauges also opened in the green. On Wall Street, the Nasdaq 100 Index posted a modest gain as technology shares outperformed, while the S&P 500 Index closed flat. Crude oil held overnight losses. The Aussie showed little immediate reaction to the Reserve Bank of Australia saying that further easing is more likely than not in the period ahead.Traders are refraining from putting on big bets ahead of the key central bank decision Wednesday, where they will look for signals on the likelihood of interest-rates cuts ahead. There’s a widespread desire for proof the Fed is ready to act, but too much change could raise alarm.“We know that the Fed doesn’t like to surprise people and the idea at this point of them digging in their heels and saying ‘absolutely no cuts,’ I think is very unlikely,” Josh Kutin, head of asset allocation for Columbia Threadneedle, said in an interview at Bloomberg’s New York headquarters. “Will it be the full number that’s priced in right now? I think that’s unlikely as well. I think somewhere between is pretty fair.”Elsewhere, oil was steady near recent lows with OPEC nations still unable to agree on a date for their next meeting, adding to uncertainty over whether production cuts would be extended.Here are some key events coming up:Federal Reserve, the Bank of Japan and the Bank of England all set monetary policy, along with central banks in Norway, Brazil, Taiwan and Indonesia.The Fed meeting begins Tuesday with a decision and press conference the next day. Officials are expected to debate a rate cut to shelter the U.S. economy, in part, from the fallout caused by escalating trade disputes.In the U.K. Tuesday there will be a second ballot on the leadership contest to choose Theresa May’s successor as leader of the country’s ruling party.Final May CPI data for the euro zone are due Tuesday.These are the main moves in markets:StocksTopix Index rose 0.1% as of 10:34 a.m. in Tokyo.Kospi Index rose 0.3%.S&P/ASX 200 Index rose 0.4%.Hang Seng Index rose 0.3%.Shanghai Composite rose 0.3%.S&P 500 Index futures rose 0.1%.CurrenciesThe yen was little changed at 108.45 per dollar.The euro was at $1.1228.The offshore yuan was little changed at 6.9323 per dollar.The British pound was little changed at $1.2537.BondsThe yield on 10-year Treasuries was little changed at 2.09%.CommoditiesWest Texas Intermediate fell 0.2% to $51.85 a barrel.Gold was little changed at $1,340.86 an ounce.To contact the reporter on this story: Cormac Mullen in Tokyo at cmullen9@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/muted-start-seen-asian-stocks-221519842.html?.tsrc=rss
(Bloomberg) -- Asian stocks saw muted gains Tuesday as markets entered a holding pattern ahead of this week’s key Federal Reserve decision. The dollar and Treasuries were little changed.Stocks ticked higher in Japan, South Korea and Australia with little in the way of fresh catalysts. Hong Kong and Shanghai equity gauges also opened in the green. On Wall Street, the Nasdaq 100 Index posted a modest gain as technology shares outperformed, while the S&P 500 Index closed flat. Crude oil held overnight losses. The Aussie showed little immediate reaction to the Reserve Bank of Australia saying that further easing is more likely than not in the period ahead.Traders are refraining from putting on big bets ahead of the key central bank decision Wednesday, where they will look for signals on the likelihood of interest-rates cuts ahead. There’s a widespread desire for proof the Fed is ready to act, but too much change could raise alarm.“We know that the Fed doesn’t like to surprise people and the idea at this point of them digging in their heels and saying ‘absolutely no cuts,’ I think is very unlikely,” Josh Kutin, head of asset allocation for Columbia Threadneedle, said in an interview at Bloomberg’s New York headquarters. “Will it be the full number that’s priced in right now? I think that’s unlikely as well. I think somewhere between is pretty fair.”Elsewhere, oil was steady near recent lows with OPEC nations still unable to agree on a date for their next meeting, adding to uncertainty over whether production cuts would be extended.Here are some key events coming up:Federal Reserve, the Bank of Japan and the Bank of England all set monetary policy, along with central banks in Norway, Brazil, Taiwan and Indonesia.The Fed meeting begins Tuesday with a decision and press conference the next day. Officials are expected to debate a rate cut to shelter the U.S. economy, in part, from the fallout caused by escalating trade disputes.In the U.K. Tuesday there will be a second ballot on the leadership contest to choose Theresa May’s successor as leader of the country’s ruling party.Final May CPI data for the euro zone are due Tuesday.These are the main moves in markets:StocksTopix Index rose 0.1% as of 10:34 a.m. in Tokyo.Kospi Index rose 0.3%.S&P/ASX 200 Index rose 0.4%.Hang Seng Index rose 0.3%.Shanghai Composite rose 0.3%.S&P 500 Index futures rose 0.1%.CurrenciesThe yen was little changed at 108.45 per dollar.The euro was at $1.1228.The offshore yuan was little changed at 6.9323 per dollar.The British pound was little changed at $1.2537.BondsThe yield on 10-year Treasuries was little changed at 2.09%.CommoditiesWest Texas Intermediate fell 0.2% to $51.85 a barrel.Gold was little changed at $1,340.86 an ounce.To contact the reporter on this story: Cormac Mullen in Tokyo at cmullen9@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/muted-start-seen-asian-stocks-221519842.html?.tsrc=rss