Asian Stocks Extend Advance After U.S. Tech Surge: Markets Wrap

Publikuota: 2018-01-03
Mikhail Voskresenskiy („Sputnik“/„Scanpix“) nuotr.
Mikhail Voskresenskiy („Sputnik“/„Scanpix“) nuotr.
 

Asian equities extended gains after a rally in technology companies boosted U.S. stocks to record highs. Bonds fell in Australia and New Zealand following a drop in Treasuries, while crude oil held above $60 a barrel.

Equity gauges rose across Asia on Wednesday, with only the Jakarta Composite Index showing a decline, while regional currencies were mixed. Japanese markets remain closed. U.S. index futures advanced after the Nasdaq 100 Index climbed 1.8 percent on Tuesday, the biggest gain since Oct. 27. The S&P 500 Index also finished at a record high. The euro was steady after a five-day gain, while the won fell the most among around 30 major global currencies.

Investors begin 2018 on the heels of a winning year for equities and a losing one for the U.S. currency, which continues to slide even as Treasury yields surge. Global stocks posted their best performance since 2009 last year, fueled by a synchronous expansion and a go-slow approach toward monetary-stimulus withdrawal in major economies.

“There is still reasonable value from an absolute perspective and Asia is still cheap compared to the U.S.,” said Joshua Crabb, head of Asian equities at Old Mutual Global Investors in Hong Kong. “Earnings are still improving.”

Here are the main events to watch for on Wednesday:

MiFID II, the biggest change to European investment industry rules in a decade, takes effect. Hong Kong releases retail sales data. FOMC December meeting minutes are due.Terminal users can read more in our markets blog.

These are the main moves in markets: Stocks

The Shanghai Composite Index rose 0.6 percent as of 2 p.m. in Singapore. Thailand’s SET Index climbed 1.1 percent and the Philippine Stock Exchange Index advanced 1.6 percent Australia’s S&P/ASX 200 Index closed up 0.2 percent, while New Zealand’s benchmark gauge finished 0.3 percent higher. S&P 500 Index futures increased 0.1 percent after the underlying gauge rose 0.8 percent to 2,695.81 in New York Tuesday.

Currencies

The euro traded at $1.2058, near a three-year high. The yen was steady at 112.28 per dollar and the Aussie declined 0.1 percent to 78.21 U.S. cents The Bloomberg Dollar Spot Index was little changed after declining 0.5 percent Tuesday. South Korea’s won lost 0.4 percent to 1,064.9 per dollar and the onshore yuan declined 0.14 percent to 6.5040 The British pound rose 0.1 percent to 1.3608 per dollar.

Bonds

Australian 10-year yields rose three basis points to 2.72 percent, after touching their highest since October. Similar-dated kiwi notes added five basis points to 2.78 percent. The yield on 10-year Treasuries increased six basis points Tuesday to 2.46 percent. South Korea’s 10-year yield rose one basis points to 2.50 percent, while the similar Taiwanese yield was up one basis point to 0.93 percent.

Commodities

West Texas Intermediate rose 0.1 percent to $60.40 a barrel. Gold fell 0.2 percent to $1,315.35 an ounce, heading for its first drop in nine days.

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