Stocks in Asia Mixed as Traders Mull China Data: Markets Wrap

(Bloomberg) -- Stocks in Asia traded mixed Thursday after a slew of data in China reminded investors that the economy remains fragile. Treasuries held gains.Benchmarks dipped in Tokyo and Hong Kong, where unrest continues to cloud the outlook. Shares pared gains in Sydney and Seoul and fluctuated in Shanghai. China’s factory output, retail sales and fixed-asset investment all missed estimates. The S&P 500 closed flat below all-time highs, and futures were also marking time Thursday, getting little lift from President Donald Trump saying that U.S.-China trade talks are moving “very rapidly.” Australia’s dollar and bond yields retreated as the jobs market unexpectedly cooled. West Texas oil traded above $57 a barrel.There was also little reaction to Federal Reserve Chairman Jerome Powell’s latest remarks. He stuck to his view that interest rates are probably on hold for now, and signaled cuts could resume if the growth outlook falters. He speaks at Congress again on Thursday.Meantime, investors continue to await news on a signing date and location for the U.S.-China phase-one trade deal that’s been on the cards for weeks but hasn’t been finalized.“We’ve been pushing back on a lot of this trade optimism and it’s felt kind of lonely because markets have certainly embraced the news that we might have a short-term deal,” Michelle Girard, chief U.S. economist at Natwest Markets, told Bloomberg TV. “We are not there yet.”On Wednesday, the Dow Jones Industrial Average reached a record high as Walt Disney Co. surged following the debut of its streaming service.Here are some key events coming up this week:Earnings season is slowing. Reports are due this week from companies including Japan Post Bank and Walmart.U.S. retail sales on Friday are forecast to rebound in October after unexpectedly falling the prior month.These are the main moves in markets:StocksJapan’s Topix index fell 0.5% as of 11:04 a.m. in Tokyo.Australia’s S&P/ASX 200 Index rose 0.6%.Hang Seng Index dropped 0.6%.The Shanghai Composite dipped 0.1%.Futures on the S&P 500 Index were little changed. The underlying index rose 0.1% on Wednesday.South Korea’s Kospi index added 0.2%.CurrenciesThe yen remained at 108.76 per dollar.The offshore yuan held at 7.0263 per dollar.The Bloomberg Dollar Spot Index was little changed.The euro bought $1.1002, little changed.BondsThe yield on 10-year Treasuries was at 1.88%.Australia’s 10-year yield slid nine basis points to 1.18%.CommoditiesvWest Texas Intermediate crude rose 0.8% to $57.55 a barrel.Gold held at $1,462.75 an ounce.\--With assistance from Cormac Mullen, Randall Jensen and Vildana Hajric.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@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.

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