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07-26-2019, 01:54 AM
Stocks Follow U.S. Lower; Treasuries Flat: Markets Wrap
(Bloomberg) -- Asian stocks retreated Friday after their U.S. counterparts fell from record highs amid a torrent of corporate results. Treasury yields held overnight gains.Stocks fell from Tokyo and Seoul to Sydney, and Hong Kong after the S&P 500 retreated from an all-time high. U.S. futures edged higher. Amazon fell in post-close trading after posting lower-than-forecast earnings and Alphabet rallied after exceeding revenue estimates. The dollar steadied after rising against most G-10 peers Thursday. The euro was little changed after fluctuating in the wake of the European Central Bank meeting.The common currency initially plunged versus the dollar after ECB President Mario Draghi left rates unchanged but said a “significant degree” of monetary stimulus is needed and the outlook is “getting worse and worse.” It then spiked up before trading little changed.“Stocks’ weakness, despite today’s ECB dovishness, calls into question how much upside equities have left even if the Fed cuts rates as expected next week,” said Alec Young, managing director of global markets research at FTSE Russell in New York. “With global leading economic indicators still weak, investors seem increasingly unwilling to keep buying without greater signs of improving fundamentals.”So far this reporting season, earnings have been broadly positive for stocks, but worries still linger over trade and a slowing global economy. Investors will likely focus on U.S. gross domestic product data due Friday, where growth probably cooled in the second quarter from the 3.1% annualized pace set in the prior period.Oil was little changed. Turkey’s lira fluctuated after the central bank cut its key rate by the most on record.Here are some key events coming up:Earnings season rolls on with companies including McDonald’s still to report this week.U.S. gross domestic product figures due Friday may show business investment posted the first decline in three years.These are the main moves in markets:StocksMSCI Asia Pacific Index slipped 0.5% as of 3:35 p.m. Tokyo time.Japan’s Topix Index fell 0.4% at the close.S&P/ASX 200 declined 0.4%.Kospi Index slipped 0.4%.Hang Seng down 0.5%.Shanghai Composite rose 0.3%.S&P 500 futures rose 0.2%. The S&P 500 Index dropped 0.5% Thursday.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro was flat at $1.1148.The Japanese yen was at 108.61 per dollar.The offshore yuan rose 0.1% to 6.8808 per dollar.BondsThe yield on 10-year Treasuries was little changed at 2.07%.Australia’s 10-year yield was 1.23%.CommoditiesGold was little changed at $1,416 an ounce.West Texas Intermediate crude rose 0.5% to $56.3 a barrel.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, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-fall-draghi-221024143.html?.tsrc=rss
(Bloomberg) -- Asian stocks retreated Friday after their U.S. counterparts fell from record highs amid a torrent of corporate results. Treasury yields held overnight gains.Stocks fell from Tokyo and Seoul to Sydney, and Hong Kong after the S&P 500 retreated from an all-time high. U.S. futures edged higher. Amazon fell in post-close trading after posting lower-than-forecast earnings and Alphabet rallied after exceeding revenue estimates. The dollar steadied after rising against most G-10 peers Thursday. The euro was little changed after fluctuating in the wake of the European Central Bank meeting.The common currency initially plunged versus the dollar after ECB President Mario Draghi left rates unchanged but said a “significant degree” of monetary stimulus is needed and the outlook is “getting worse and worse.” It then spiked up before trading little changed.“Stocks’ weakness, despite today’s ECB dovishness, calls into question how much upside equities have left even if the Fed cuts rates as expected next week,” said Alec Young, managing director of global markets research at FTSE Russell in New York. “With global leading economic indicators still weak, investors seem increasingly unwilling to keep buying without greater signs of improving fundamentals.”So far this reporting season, earnings have been broadly positive for stocks, but worries still linger over trade and a slowing global economy. Investors will likely focus on U.S. gross domestic product data due Friday, where growth probably cooled in the second quarter from the 3.1% annualized pace set in the prior period.Oil was little changed. Turkey’s lira fluctuated after the central bank cut its key rate by the most on record.Here are some key events coming up:Earnings season rolls on with companies including McDonald’s still to report this week.U.S. gross domestic product figures due Friday may show business investment posted the first decline in three years.These are the main moves in markets:StocksMSCI Asia Pacific Index slipped 0.5% as of 3:35 p.m. Tokyo time.Japan’s Topix Index fell 0.4% at the close.S&P/ASX 200 declined 0.4%.Kospi Index slipped 0.4%.Hang Seng down 0.5%.Shanghai Composite rose 0.3%.S&P 500 futures rose 0.2%. The S&P 500 Index dropped 0.5% Thursday.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro was flat at $1.1148.The Japanese yen was at 108.61 per dollar.The offshore yuan rose 0.1% to 6.8808 per dollar.BondsThe yield on 10-year Treasuries was little changed at 2.07%.Australia’s 10-year yield was 1.23%.CommoditiesGold was little changed at $1,416 an ounce.West Texas Intermediate crude rose 0.5% to $56.3 a barrel.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, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-fall-draghi-221024143.html?.tsrc=rss