Stocks Climb After Xi's Address; Treasuries Slip: Markets Wrap

Publikuota: 2018-04-10 08:45
Chinese President Xi Jinping delivers a speech at an annual meeting of the Boao Forum for Asia in Boao, in the southern Chinese province of Hainan, in this photo taken by Kyodo April 10, 2018. Mandatory credit  Kyodo/via REUTERS   ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. MANDATORY CREDIT. JAPAN OUT.
Chinese President Xi Jinping delivers a speech at an annual meeting of the Boao Forum for Asia in Boao, in the southern Chinese province of Hainan, in this photo taken by Kyodo April 10, 2018. Mandatory credit Kyodo/via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. MANDATORY CREDIT. JAPAN OUT.
 

Risk appetite showed signs of returning to markets as China’s President Xi Jinping struck a conciliatory tone, lifting stocks in Asia and U.S. equity index futures, while safe haven assets retreated.

Shares from Sydney to Hong Kong rose alongside oil and metals and Treasuries extended losses with gold and the yen. Xi said Cold War and zero-sum mentalities were “out of place,” and backed free trade and dialogue to resolve disputes in his keynote speech Tuesday to the Boao Forum for Asia that had been highly anticipated by traders for any response to the barrage of U.S. tariff threats.

“Xi’s speech sends a positive signal to the market since he backs globalization and the opening up of China’s market,” said Linus Yip, a strategist at First Shanghai Securities. “Investors were very worried about trade disputes, while his speech calms the nerves a lot. The concern about trade disputes in the near-term are still here however, since what Xi pictures is a very long-term picture.”

Political risk also took another turn in the White House overnight, as Special Counsel Robert Mueller’s investigation of Russian meddling in the U.S. election resurfaced. Despite gains in technology stocks driving U.S. equities higher on Monday, the S&P 500 Index erased about two-thirds of its advance amid news the FBI conducted a raid at the office of President Donald Trump’s longtime lawyer, Michael Cohen.

Elsewhere, the Russian assets remained in focus after the ruble plunged and the Moex Russia Index of stocks tumbled the most in four years following the U.S. sanctioning of some prominent Kremlin-connected billionaires and their companies. Aluminum extended Monday’s gain amid concerns that supply may be disrupted after the U.S. imposed restrictions.

Here’s what is coming up this week:

Facebook Inc. Chief Executive Officer Mark Zuckerberg testifies at two Congressional hearings Tuesday and Wednesday. U.S. CPI data and FOMC minutes due Wednesday. JPMorgan Chase & Co. and Citigroup Inc. report first-quarter earnings Friday.

These are the main moves in markets: Stocks

Japan’s Topix index rose 0.4 percent as of 2:29 p.m. in Tokyo. Australia’s S&P/ASX 200 Index gained 0.8 percent. The Kospi index added 0.2 percent. Hong Kong’s Hang Seng Index added 1.1 percent. The Shanghai Composite Index gained 0.3 percent. Futures on the S&P 500 rose 1.1 percent. The S&P 500 rose 0.3 percent Monday.

Currencies

The yen fell 0.4 percent to 107.17 per dollar. The euro traded at $1.2309, down less than 0.1 percent. The Russian ruble nudged lower after declining more than 4 percent on Monday for its biggest decrease since June 2015. The Bloomberg dollar spot index rose less than 0.1 percent.

Bonds

The yield on 10-year Treasuries rose two basis points to 2.80 percent. Australia’s 10-year bond yield climbed two basis point to 2.69 percent.

Commodities

West Texas Intermediate crude rose 0.7 percent to $63.85 a barrel after climbing 2.1 percent Monday. Gold was down 0.3 percent to $1,331.79 an ounce. LME aluminum futures rose 0.5 percent. The spot price surged 6.6 percent on Monday, the biggest bounce since January 1992.

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