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06-24-2019, 11:30 PM
Stocks Mixed as China Shares Slide; Yen Edges Up: Markets Wrap

(Bloomberg) -- Asian stocks traded mixed Tuesday with little broad direction in the run-up to a key U.S.-China summit. Chinese shares slid, and the yen edged higher.Shares fell in China and Hong Kong and U.S. stock futures ticked lower, while benchmarks in Tokyo, Seoul and Sydney were little changed. Trading was subdued in a number of markets as investors await news on the U.S.-China trade front; senior officials from the two sides spoke by phone Monday as preparations for the presidential meeting continue. Treasuries were little changed and oil pulled back after three days of gains. Gold extended its advance above $1,400 an ounce. Shanghai and Hong Kong benchmarks dropped over 1%, with China Merchants Bank tumbling as much as 7.3%, as analysts cited a Washington Post report about a U.S. investigation into sanctions violations with regard to North Korea.Elsewhere, stock markets appear to have entered a holding pattern ahead of the meeting between Presidents Donald Trump and Xi Jinping this week at the G-20 summit in Japan, which presents a pivot point for trade relations between the two countries. Sentiment remains fragile as investors mull geopolitical tensions between the U.S. and Iran. On Tuesday, traders will keep a close eye on Federal Reserve Chairman Jerome Powell, who discusses monetary policy in a speech in New York.It’s “a pretty good guess that we won’t see a whole lot of movement in front of the big upcoming meetings (G-20 and OPEC),” wrote Matt Maley, equity strategist at Miller Tabak & Co. “The results of those meetings should be quite important to the stock market’s next move.”Here are some key events coming up:Fed Chairman Jerome Powell speaks at the Council on Foreign Relations in New York Tuesday. He’ll discuss the challenges facing the U.S. economy.MSCI Inc. announces results of its 2019 Market Classification Review on Tuesday, including whether Kuwait gets upgraded from frontier to emerging-market status.The Group of 20 summit is in Osaka, Japan on Friday and Saturday.These are the main moves in markets:StocksThe MSCI Asia Pacific Index fell 0.2% as of 12:17 p.m. in Tokyo.Topix Index was flat.Hang Seng Index fell 1.3%.Shanghai Composite Index fell 1.7%.S&P/ASX 200 little changed.Kospi Index little changed.S&P 500 futures dipped 0.2%. The S&P 500 fell 0.2% Monday.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The Japanese yen rose 0.2% to 107.06 per dollar.China’s offshore yuan was little changed at 6.8830 per dollar.The euro rose was at $1.1403.The British pound was little changed at $1.2746.BondsThe yield on 10-year Treasuries held at 2.01%.CommoditiesWest Texas Intermediate crude fell 1.1% to $57.30 a barrel.Gold rose 0.8% to $1,430.66 an ounce.To contact the reporter on this story: Cormac Mullen in Tokyo at cmullen9@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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