Stocks Gain With Trade in Focus; Dollar Steady: Markets Wrap

Publikuota: 2018-04-09
Issei Kato („Reuters“/„Scanpix“) nuotr.
Issei Kato („Reuters“/„Scanpix“) nuotr.

Stocks in Asia climbed and U.S. equity-index futures rebounded as investors weighed the likelihood the world’s two largest economies will eventually resolve their ongoing trade spat. The dollar steadied and Treasury yields ticked higher.

Appetite for risk returned, lifting shares across the region with those in Hong Kong outperforming. European stock futures also climbed. Chinese equity markets reopened with gains after a holiday. Markets showed little reaction to a missile attack on a Syrian airbase as a Pentagon spokesman said it wasn’t conducting airstrikes. The yen fluctuated ahead of remarks Monday by Bank of Japan Governor Haruhiko Kuroda at the start of his second term. While Friday’s sell-off left U.S. stocks teetering on a key support level, futures on the S&P 500 Index rebounded.

Trade remained at the forefront of investors minds as President Donald Trump said Beijing will relax its restrictions “because it’s the right thing to do,” and added that deals will be made on tax reciprocity and intellectual property. Attention now turns to China’s Boao Forum, where President Xi Jinping is among senior officials scheduled to speak.

Elsewhere, oil pared losses as hedge funds cut bullish bets amid the escalating trade conflict. Aluminum on the London Metal Exchange extended a rally for a fourth day after U.S. sanctions on Russia.

Here’s what is coming up this week:

Bank of Japan Governor Haruhiko Kuroda speaks in Tokyo Monday at the start of his second term. President Xi Jinping gives a keynote address at Boao Forum Tuesday. Facebook’s Mark Zuckerberg testifies at two Congressional hearings Tuesday and Wednesday. U.S. CPI data and FOMC minutes due Wednesday. JPMorgan and Citigroup first-quarter earnings Friday.

These are the main moves in markets: Stocks

The MSCI Asia Pacific Index rose 0.6 percent as of 3 p.m. Tokyo time. Topix index climbed 0.4 percent. Hong Kong’s Hang Seng Index gained 1.1 percent. Kospi index rose 0.5 percent. Australia’s S&P/ASX 200 Index rose 0.3 percent. Futures on the S&P 500 Index added 0.6 percent. Contracts on the FTSE 100 Index rose 0.4 percent as of 7:10 a.m. London time, while Euro Stoxx 50 futures also added 0.4 percent.


The Bloomberg Dollar Spot Index was little changed. The Japanese yen fell less than 0.1 percent to 106.99 per dollar. The euro was up less than 0.1 percent to $1.2274. The kiwi dollar jumped 0.6 percent to 73.05 per dollar.


The yield on 10-year Treasuries rose two basis points to 2.80 percent. Japan’s 10-year yield fell one basis point to 0.038 percent. Australia’s 10-year yield was steady at 2.66 percent. The German 10-year bund yield was steady at 0.50 percent.


West Texas Intermediate crude rose 0.4 percent to $62.28 a barrel. Gold was little changed at $1,331.56 an ounce. LME copper rose 0.4 percent to $6,797.00 per metric ton. Aluminum jumped 2.2 percent to 2,087.50 per ton.

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