Dollar Heads for Weekly Gain, Asia Stocks Advance: Markets Wrap

Publikuota: 2017-12-08
Dado Ruvic („Reuters“/„Scanpix“) nuotr.
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Dado Ruvic („Reuters“/„Scanpix“) nuotr.

The dollar is poised for a solid weekly advance after U.S. tax-cut legislation made progress in Congress, and ahead of employment data expected to show continued robust hiring.

Asian stocks rose following a broad-based rally in U.S. equities. Japan’s benchmarks advanced, buoyed by a weaker yen, which extended a 0.7 percent slide. The Bloomberg dollar index at one point was heading for its biggest weekly gain this year. The pound advanced on hopes last-minute talks will result in a deal on the Irish border that will allow Brexit negotiations to move on. Gold was steady after extending this week’s slide to a four-month low.

Equities across the Asia-Pacific began rallying on Thursday after an eight-day losing streak saw investors booking profits following 2017 gains. This year remains on track to be the best since 2009 when stocks surged in the immediate aftermath of the financial crisis.

“We’ve had a terrific year in financial assets across the board,” Kenneth Taubes, chief investment officer of U.S. investment management at Amundi, which oversees about $1.6 trillion, told Bloomberg TV. “As we get towards the end of the year and valuations seem more extended than there were last year, it’s pretty natural that people want to lock in some profits.”

Nemokami naujienlaiškiai į savo el. pašto dėžutę:

Svarbiausios dienos naujienos trumpai:


Stocks in the U.S. resumed their run-up tied to speculation that the U.S. tax overhaul will boost corporate profits. The S&P 500 Index ended a four-day losing streak, with industrial and consumer discretionary shares among the best performers. That follows a few days in which the markets drifted as investors awaited the details of a final bill. Meanwhile, Congress passed a two-week extension of federal funding that averts a government shutdown this week.

Investors will be watching as British Prime Minister Theresa May and EU Commission President Jean-Claude Juncker meet this morning in Brussels, followed by a press conference.

And the bitcoin frenzy continues. The cryptocurrency that has sparked so much debate went on a wild ride on Thursday. On Coinbase Inc.’s GDAX exchange, prices zoomed up to almost $20,000 from $16,000 in only about 90 minutes before crashing back down. The largest digital currency is still up more than 16-fold this year. It traded around $16,000 in Asia.

Japan’s economy expanded in the third quarter more than initially reported, as business investment grew at a faster pace. In China, exports in November jumped on firm global demand, while imports were underpinned by a sound domestic economy.

Here’s what to look out for in the remainder of the week:

U.S. employers probably hired at a robust pace in November as the unemployment rate held at an almost 17-year low. The Labor Department’s jobs report Friday may also show a bump up in average hourly earnings.

And these are the main moves in markets:


The Topix index rose 1 percent to close at its strongest in four weeks in Tokyo and was up over the week. The Topix has been down over only one week in the last 13. The Nikkei 225 Stock Average rose 1.4 percent. Australia’s S&P/ASX 200 Index added 0.3 percent. The Kospi index in Seoul was little changed. Hong Kong’s Hang Seng Index rose 1.1 percent, poised for its biggest gain in more than two weeks. The Shanghai Composite Index was added 0.5 percent. S&P 500 futures gained 0.1 percent. The cash measure rose 0.3 percent Thursday. The MSCI Asia Pacific Index advanced 0.7 percent and is up about 25 percent this year.


The Bloomberg Dollar Spot Index was heading for a weekly gain above 1 percent. The yen fell 0.3 percent to 113.38 per dollar. The euro was little changed at $1.1764. The pound climbed 0.3 percent to $1.3513, its highest in more than week.


The yield on 10-year Treasuries was steady at 2.37 percent. Australia’s 10-year yield climbed more than one basis point to 2.53 percent.


West Texas Intermediate crude was little changed at $56.68 a barrel. Gold was trading at $1,249.35 an ounce.

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