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08-06-2019, 08:50 PM
Stocks Sell-Off Stalls in Asia; China’s Yuan Dips: Markets Wrap
(Bloomberg) -- A global stocks sell-off eased in Asia Wednesday after U.S. shares bounced, though American futures dropped as traders remained cautious in the face of trade tensions. The yuan dipped after the currency’s daily fixing.Share indexes in Japan and Hong Kong fluctuated, while equities in China had slight gains. Stocks in Korea and Australia were little changed. S&P 500 Index futures fell 0.4% after a surge in the gauge on Tuesday went some way to easing the slump in the previous session. The yuan dipped following a slightly weaker than forecast fixing for its daily rate. China moved to stabilize the currency and fueled speculation cooler heads will prevent a full-blown trade war. Assets in India, New Zealand and Thailand will be in focus with monetary policy decisions due in all three countries Wednesday.Treasuries nudged higher. The dollar fell againsts its major peers and havens like the yen and gold advanced. Traders remain on tenterhooks after Monday’s moves, which included the biggest one-day plunge in global equities since February 2018. China has said the recent yuan depreciation was decided by the market, not Beijing, and denied the Trump administration’s accusation designating the country a currency “manipulator.”Meanwhile, White House Chief Economic Adviser Larry Kudlow said the U.S. remained committed to more trade talks with Chinese officials in September. Bloomberg reported the People’s Bank of China reassured a number of foreign exporters the yuan won’t continue to weaken significantly and the companies’ ability to buy and sell dollars would remain normal.“We’re likely to see perhaps another shoe drop as the week progresses because this is not getting fixed,” Kristina Hooper, chief global market strategist at Invesco Ltd., told Bloomberg TV. “There really is the potential for it to get worse from here.”Elsewhere, Brent crude rose after closing in a bear market, down 21% from April’s peak. These are some key events to watch out for this week:Earnings from financial firms include: UniCredit, AIG, ABN Amro Bank, Standard Bank, Japan Post Bank.Central banks with rate decisions Wednesday include India and New Zealand.A string of Fed policy makers speak this week, including Chicago’s Charles Evans on Wednesday.Here are the main moves in markets:StocksJapan’s Topix index fell 0.3% as of 10:39 a.m. in Tokyo.Futures on the S&P 500 Index fell 0.4%. The underlying gauge rose 1.3% on Tuesday.Australia’s S&P/ASX 200 Index was little changed.Hong Kong’s Hang Seng fell 0.2%.South Korea’s Kospi index was flat.Shanghai Composite Index rose 0.4%. CurrenciesThe yen rose 0.3% to 106.17 per dollar.The offshore yuan fell 0.3% to 7.0721 per dollar.The Bloomberg Dollar Spot Index slid 0.1%.The euro bought $1.1213, up 0.1%.BondsThe yield on 10-year Treasuries dipped to 1.69%.Australia’s 10-year bond yield fell six basis points to 0.98%.CommoditiesGold added 0.9% to $1,487.41 an ounce.West Texas Intermediate crude rose 0.1% to $53.66 a barrel.\--With assistance from Brendan Walsh, Olivia Rinaldi and George Lei.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea PapucFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-start-mixed-u-214515775.html?.tsrc=rss
(Bloomberg) -- A global stocks sell-off eased in Asia Wednesday after U.S. shares bounced, though American futures dropped as traders remained cautious in the face of trade tensions. The yuan dipped after the currency’s daily fixing.Share indexes in Japan and Hong Kong fluctuated, while equities in China had slight gains. Stocks in Korea and Australia were little changed. S&P 500 Index futures fell 0.4% after a surge in the gauge on Tuesday went some way to easing the slump in the previous session. The yuan dipped following a slightly weaker than forecast fixing for its daily rate. China moved to stabilize the currency and fueled speculation cooler heads will prevent a full-blown trade war. Assets in India, New Zealand and Thailand will be in focus with monetary policy decisions due in all three countries Wednesday.Treasuries nudged higher. The dollar fell againsts its major peers and havens like the yen and gold advanced. Traders remain on tenterhooks after Monday’s moves, which included the biggest one-day plunge in global equities since February 2018. China has said the recent yuan depreciation was decided by the market, not Beijing, and denied the Trump administration’s accusation designating the country a currency “manipulator.”Meanwhile, White House Chief Economic Adviser Larry Kudlow said the U.S. remained committed to more trade talks with Chinese officials in September. Bloomberg reported the People’s Bank of China reassured a number of foreign exporters the yuan won’t continue to weaken significantly and the companies’ ability to buy and sell dollars would remain normal.“We’re likely to see perhaps another shoe drop as the week progresses because this is not getting fixed,” Kristina Hooper, chief global market strategist at Invesco Ltd., told Bloomberg TV. “There really is the potential for it to get worse from here.”Elsewhere, Brent crude rose after closing in a bear market, down 21% from April’s peak. These are some key events to watch out for this week:Earnings from financial firms include: UniCredit, AIG, ABN Amro Bank, Standard Bank, Japan Post Bank.Central banks with rate decisions Wednesday include India and New Zealand.A string of Fed policy makers speak this week, including Chicago’s Charles Evans on Wednesday.Here are the main moves in markets:StocksJapan’s Topix index fell 0.3% as of 10:39 a.m. in Tokyo.Futures on the S&P 500 Index fell 0.4%. The underlying gauge rose 1.3% on Tuesday.Australia’s S&P/ASX 200 Index was little changed.Hong Kong’s Hang Seng fell 0.2%.South Korea’s Kospi index was flat.Shanghai Composite Index rose 0.4%. CurrenciesThe yen rose 0.3% to 106.17 per dollar.The offshore yuan fell 0.3% to 7.0721 per dollar.The Bloomberg Dollar Spot Index slid 0.1%.The euro bought $1.1213, up 0.1%.BondsThe yield on 10-year Treasuries dipped to 1.69%.Australia’s 10-year bond yield fell six basis points to 0.98%.CommoditiesGold added 0.9% to $1,487.41 an ounce.West Texas Intermediate crude rose 0.1% to $53.66 a barrel.\--With assistance from Brendan Walsh, Olivia Rinaldi and George Lei.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea PapucFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-start-mixed-u-214515775.html?.tsrc=rss