Asian Stocks Look Set to Start Week With Gains: Markets Wrap

(Bloomberg) -- Asian stocks were poised to kick off the week with gains after U.S. equities rallied Friday on better-than-expected jobs data. Currencies were steady early Monday.Futures in Japan and Hong Kong pointed higher while Australian shares opened firmer. Gains may be kept in check as the Dec. 15 U.S.-China tariff deadline looms with an agreement still pending. Weekend data showing a drop in Chinese exports underlined the stakes for growth. S&P 500 futures were flat. On Friday, the S&P 500 Index rose for a third day after reports showed payrolls jumped the most since January, wages beat estimates and consumer sentiment increased. Treasury yields climbed above 1.80%.Stocks were whipsawed last week on conflicting signs on progress in trade negotiations between the world’s two-largest economies. White House economic adviser Larry Kudlow said Friday the two sides are haggling over the amount of U.S. farm products Beijing is willing to purchase. Meantime, China’s exports fell 1.1% in November, with those to the U.S. tumbling 23%, underscoring why the nation may want a trade deal.Also in focus for investors are central banks, with policy meetings at the Federal Reserve and the European Central Bank this week, which may offer clues on whether more monetary easing is in store in 2020.Elsewhere, oil climbed after Saudi Arabia surprised the market by promising significant additional production cuts beyond what was agreed with fellow OPEC+ members.Highlights this week:The Federal Reserve decides on interest rates on Wednesday, followed by a press briefing by Chairman Jerome Powell.European Central Bank policy decision is on Thursday.U.K. holds a general election Thursday.These are some of the main moves in markets:StocksNikkei 225 futures rose 0.5%.Australia’s S&P/ASX 200 Index rose 0.3%.Hang Seng Index futures climbed 0.3% earlier.S&P 500 futures were little changed as of 8:05 a.m. in Tokyo. The S&P 500 climbed 0.9% Friday.CurrenciesThe yen was steady at 108.60 per dollar.The offshore yuan was at 7.0248 per dollar.The euro traded at $1.1059.BondsThe yield on 10-year Treasuries rose three basis points to 1.84%.Australian 10-year bond yields climbed three basis points to 1.16%.CommoditiesWest Texas Intermediate crude dipped 0.2% to $59.07 a barrel.Gold was little changed at $1,459.17 an ounce.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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