NewsFeeder
07-31-2019, 01:00 AM
Asian Stocks Decline on Trade Spat as Fed Awaited: Markets Wrap
(Bloomberg) -- Stocks in Asia dropped as investors mulled pessimistic signs for U.S.-China trade talks alongside a mixed set of corporate earnings ahead of the Federal Reserve’s long-awaited interest-rate cut.Equities retreated from Tokyo and Seoul to Sydney and Hong Kong. Chinese shares were weighed down by news that the Communist Party’s Politburo pledged to avoid applying stimulus to the property market. Samsung shares slid on a sharp decline in profit, with traders shrugging off the tech giant’s optimistic outlook for the memory business. President Donald Trump set a negative tone for market sentiment, criticizing China just as his negotiators start talks in Shanghai. The dollar was little changed, near its highest level in almost two months, and Treasuries were flat ahead of the Fed meeting.Investors are focused on a number of key events this week as they try to assess the outlook for a slowing global economy: trade talks, the Fed, corporate earnings and U.S. jobs data. Fed Chairman Jerome Powell’s post-meeting press conference will be vital for clues on the policy path as signs of slowing growth put pressure on central banks around the world. Meanwhile Trump returned to attacking the Fed, asking for a “large cut.”“The bond and equity markets have fully priced in a cut,” Paul Brain, head of fixed income at Newton Investment Management, said in a note. “On balance, there may be some that are disappointed by the size of the cut and the subsequent messaging, but once that is out of the way there will be a realization that rates are heading lower.”Nasdaq futures rallied after Apple shares jumped more than 4% in after-hours trading, spurred by projected revenue that topped estimates.Elsewhere, oil continues to gain ahead of the anticipated U.S. rate cut, while tensions with Iran threatened to choke Middle East supplies. The Australian dollar rose after inflation beat estimates.Here are some of the key events to watch as the week unfolds:Earnings include: Qualcomm, AMD, Credit Suisse, Nomura, Toyota, Honda, Ferrari, GM, BMW, Rio Tinto, ConocoPhillips, Shell, Vale, GE, Altria.Fed officials announce their decision Wednesday. Chairman Jerome Powell will hold a press conference following the FOMC’s meeting.The Bank of England policy decision is due Thursday.The U.S. July jobs report is due Friday.Here are the main moves in markets:StocksJapan’s Topix index fell 0.4%.South Korea’s Kospi index lost 0.3%.Australia’s S&P/ASX 200 Index dropped 0.4%. The benchmark closed at a record high Tuesday.Hong Kong’s Hang Seng Index fell 1.1%.Shanghai Composite Index fell 0.6%.S&P 500 futures rose 0.2%. The S&P 500 Index fell 0.3%.The MSCI Asia Pacific Index fell 0.5%.CurrenciesThe Japanese yen was steady at 108.56 per dollar.The offshore yuan held at 6.89 per dollar.Bloomberg Dollar Spot Index was little changed.The euro traded at $1.1155.The British pound was at $1.2154.The Aussie rose 0.2% to 68.88 U.S. cents.BondsThe yield on 10-year Treasuries held around 2.05%.Australia’s 10-year bond yield was steady at 1.20%.CommoditiesWest Texas Intermediate crude advanced 0.6% to $58.42 a barrel.Gold was little changed at $1,430.47 an ounce.\--With assistance from Moxy Ying.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@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/asia-stocks-seen-lower-trade-215455777.html?.tsrc=rss
(Bloomberg) -- Stocks in Asia dropped as investors mulled pessimistic signs for U.S.-China trade talks alongside a mixed set of corporate earnings ahead of the Federal Reserve’s long-awaited interest-rate cut.Equities retreated from Tokyo and Seoul to Sydney and Hong Kong. Chinese shares were weighed down by news that the Communist Party’s Politburo pledged to avoid applying stimulus to the property market. Samsung shares slid on a sharp decline in profit, with traders shrugging off the tech giant’s optimistic outlook for the memory business. President Donald Trump set a negative tone for market sentiment, criticizing China just as his negotiators start talks in Shanghai. The dollar was little changed, near its highest level in almost two months, and Treasuries were flat ahead of the Fed meeting.Investors are focused on a number of key events this week as they try to assess the outlook for a slowing global economy: trade talks, the Fed, corporate earnings and U.S. jobs data. Fed Chairman Jerome Powell’s post-meeting press conference will be vital for clues on the policy path as signs of slowing growth put pressure on central banks around the world. Meanwhile Trump returned to attacking the Fed, asking for a “large cut.”“The bond and equity markets have fully priced in a cut,” Paul Brain, head of fixed income at Newton Investment Management, said in a note. “On balance, there may be some that are disappointed by the size of the cut and the subsequent messaging, but once that is out of the way there will be a realization that rates are heading lower.”Nasdaq futures rallied after Apple shares jumped more than 4% in after-hours trading, spurred by projected revenue that topped estimates.Elsewhere, oil continues to gain ahead of the anticipated U.S. rate cut, while tensions with Iran threatened to choke Middle East supplies. The Australian dollar rose after inflation beat estimates.Here are some of the key events to watch as the week unfolds:Earnings include: Qualcomm, AMD, Credit Suisse, Nomura, Toyota, Honda, Ferrari, GM, BMW, Rio Tinto, ConocoPhillips, Shell, Vale, GE, Altria.Fed officials announce their decision Wednesday. Chairman Jerome Powell will hold a press conference following the FOMC’s meeting.The Bank of England policy decision is due Thursday.The U.S. July jobs report is due Friday.Here are the main moves in markets:StocksJapan’s Topix index fell 0.4%.South Korea’s Kospi index lost 0.3%.Australia’s S&P/ASX 200 Index dropped 0.4%. The benchmark closed at a record high Tuesday.Hong Kong’s Hang Seng Index fell 1.1%.Shanghai Composite Index fell 0.6%.S&P 500 futures rose 0.2%. The S&P 500 Index fell 0.3%.The MSCI Asia Pacific Index fell 0.5%.CurrenciesThe Japanese yen was steady at 108.56 per dollar.The offshore yuan held at 6.89 per dollar.Bloomberg Dollar Spot Index was little changed.The euro traded at $1.1155.The British pound was at $1.2154.The Aussie rose 0.2% to 68.88 U.S. cents.BondsThe yield on 10-year Treasuries held around 2.05%.Australia’s 10-year bond yield was steady at 1.20%.CommoditiesWest Texas Intermediate crude advanced 0.6% to $58.42 a barrel.Gold was little changed at $1,430.47 an ounce.\--With assistance from Moxy Ying.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@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/asia-stocks-seen-lower-trade-215455777.html?.tsrc=rss