Asia Stocks to Slip After Rocky U.S. Session: Markets Wrap

(Bloomberg) -- Stocks in Asia looked set to drop after another tumultuous session on Wall Street and further declines in Treasury yields, on heightened trade uncertainty and fears of a slowing global economy.Futures pointed lower in Japan, Hong Kong and Australia. The S&P 500 swung more than 1% from its high to its low for a 12th straight day in above-average volume before finally ending the day higher. Ten-year Treasury yields slid below 1.5% for the first time in three years, while the 30-year dropped under 2% for the first time. The dollar was little changed.Trade headlines have kept investors on edge amid volatility that’s gripped markets for most of August. China called looming U.S. tariffs a violation of accords reached by Presidents Donald Trump and Xi Jinping, while Trump said Thursday that any deal with must be “on our terms.” With traders gunning for more rate cuts from the Federal Reserve, chair Jerome Powell may give a hint of his thinking when he speaks Aug. 23 at the annual central bankers retreat in Jackson Hole, Wyoming.“The Fed, in order to keep this expansion going, needs to provide additional accommodation,” Tiffany Wilding, U.S. economist at Pacific Investment Management Co., told Bloomberg TV. “Whether they are able to arrest the downturn -- there is some question around that. Ultimately we think that they will be able to.”Elsewhere, oil fell to the lowest level in a week as the U.S.-China trade war escalated against the backdrop of swelling American crude inventories.Here are the main moves in markets:StocksThe S&P 500 Index rose 0.3% on Thursday.Futures on Japan’s Nikkei 225 slid 0.4%.Hang Seng futures earlier declined 0.6%.Futures on Australia’s S&P/ASX 200 Index lost 0.4%.CurrenciesThe yen was at 106.16 per dollar.The offshore yuan was at 7.0484 per dollar.The Bloomberg Dollar Spot Index was steady.The euro bought $1.1107.BondsThe yield on 10-year Treasuries decreased five basis points to 1.53%.CommoditiesGold was at $1,523.28 an ounce.West Texas Intermediate crude declined 1% to $54.70 a barrel.\--With assistance from Sarah Ponczek.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, Cormac MullenFor more articles like this, please visit us at©2019 Bloomberg L.P.