Asian Stocks Pare Weekly Advance; Dollar Ticks Up: Markets Wrap

(Bloomberg) -- Asian stocks slipped on Friday, paring the week’s advance as a surge in China cooled and concern resurfaced that rising coronavirus cases will hurt the global economic recovery. Treasuries held on to an overnight jump.Shares in China fell about 1% as selling by state-backed funds signaled authorities wanted to slow of the pace of gains following the Shanghai Composite’s eight-day winning streak. Japanese shares slipped along with those in Hong Kong and South Korea. Contracts on the S&P 500 Index edged down after the gauge fell 0.6% on Thursday. Still, the tech-heavy Nasdaq hit a fresh record high. Treasuries held gains following strong demand for an auction of 30-year securities. The dollar nudged higher.“Optimism is giving way to de-risking into the weekend,” said Stephen Innes, chief global market strategist at AxiCorp. “The more uncertainty grows around the economic recovery front, the more cause for investors wanting to book profits even if volatility is not picking up that much.”Record deaths in Florida and California again put the spotlight on the spread of the coronavirus in the U.S. Elsewhere, Hong Kong’s government will announce an immediate suspension of all schools as local cases jump, according to a report. While optimists are betting that fiscal and monetary support will contain the fallout and cited U.S. jobs data Thursday that came in better than expected, others pointed out that the labor market is still treacherous.“We’re going to see intermittent periods of shutdowns over the next year or so while we’re still grappling with this virus,” Erin Browne, a multi-asset portfolio manager at Pacific Investment Management Co. said on Bloomberg TV. “But I wouldn’t expect we’re likely to see a wholesale shutdown of the U.S. economy like we saw earlier this year.”Elsewhere, oil traded below $40 a barrel and gold was steady.Here are some key events coming up:Singapore holds its general election on Friday.These are the main moves in markets:StocksFutures on the S&P 500 Index slid 0.3% as of 1:25 p.m. in Tokyo. The index fell 0.6% on Thursday.Japan’s Topix index declined 0.7%.Hong Kong’s Hang Seng index lost 1.2%.Shanghai Composite declined 1%.Australia’s S&P/ASX 200 Index dropped 0.5%.Euro Stoxx 50 futures rose 0.2%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.2%.The yen was at 107.01 per dollar, up 0.2%.The euro bought $1.1271, down 0.1%.The offshore yuan was at 7.0053 per dollar, down 0.1%.BondsThe yield on 10-year Treasuries remained at 0.61%.Australia’s 10-year yield fell three basis points to 0.87%.CommoditiesWest Texas Intermediate crude slid 1% to $39.22 a barrel.Gold was at $1,801.66 an ounce, down 0.1%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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