Stocks Gain as Trade Worries Ease; Yields Higher: Markets Wrap

Publikuota: 2018-03-06
Andrew Kelly („Reuters“/„Scanpix“) nuotr.
Andrew Kelly („Reuters“/„Scanpix“) nuotr.

Asian stocks rallied after a second session of gains in the U.S. signaled investor concerns about a potential trade war in wake of President Donald Trump’s proposed tariffs are waning. U.S. Treasury yields stayed higher.

Japan’s Topix index closed up 1.3 percent after advancing as much as 2 percent, and benchmarks from Hong Kong to Seoul clawed back losses incurred since Trump’s protectionist broadside on Thursday. Ten-year Treasury yields hovered around 2.89 percent, though that offered scant support for the dollar, which was little changed.

"People are realizing a large trade war does not have consensus support, and decent leads last night in the U.S. are driving global risk assets higher," Joshua Crabb, head of equities at Old Mutual Global Investors in Hong Kong, said.

Trump’s announcement Thursday that he intends to implement tough tariffs on steel and aluminum imports has been followed by calls by House Speaker Paul Ryan to reconsider. White House economic adviser Gary Cohn is summoning executives from U.S. companies that depend on the metal imports to meet this week with Trump in a last-ditch effort to halt the order, people familiar with the matter say.

The Australian dollar edged higher after export data beat forecasts and the central bank gave an upbeat assessment of the economy, even as it left interest rates unchanged and gave no indication an increase is coming soon. West Texas oil advanced as a halt at Libya’s biggest crude field sparked speculation that supply will tighten.

Here are some key events coming up this week:

The Chinese People’s Political Consultative Conference runs through March 15 and overlaps with the National People’s Congress meetings in Beijing, through March 20. Australia GDP data is due Wednesday. The ECB isn’t expected to change policy on Thursday, but the Governing Council may discuss a change to pave the way for the end of quantitative easing.  BOJ monetary policy decision and briefing on Friday. U.S. monthly payrolls data come Friday.

These are the main moves in markets: Stocks

Japan’s Topix closed up 1.3 percent and the Nikkei 225 Stock Average climbed 1.8 percent. Australia’s S&P/ASX 200 Index added 1.1 percent.  South Korea’s Kospi index advanced 1.6 percent. Hong Kong’s Hang Seng Index rose 1.8 percent. The Shanghai Composite Index added 0.9 percent. Futures on the S&P 500 Index were little changed. The underlying measure rose 1.1 percent Monday. The MSCI Asia Pacific Index climbed 1.3 percent.


The Bloomberg Dollar Spot Index was flat. The euro rose 0.2 percent to $1.2354. The pound was little changed at $1.3849. The yen was flat at 106.18 per dollar. The Aussie dollar climbed 0.2 percent to 77.77 U.S. cents.


The yield on 10-year Treasuries was steady at 2.89 percent. Australia’s 10-year yield climbed about eight basis points to 2.82 percent.


West Texas Intermediate crude rose 0.2 percent to $62.72 a barrel after advancing 2.2 percent Monday. Gold was up 0.3 percent to $1,324.13 an ounce.

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