Asia Stocks Rise After Recent Rally; Yields Slip: Markets Wrap

Publikuota: 2018-05-14
People look at trading boards at a private stock market gallery in Kuala Lumpur, Malaysia May 14, 2018. REUTERS/Stringer
People look at trading boards at a private stock market gallery in Kuala Lumpur, Malaysia May 14, 2018. REUTERS/Stringer
 

Stocks rose in most Asian markets, extending the biggest weekly advance since February. The ringgit performed better than anticipated by offshore trading as Malaysian markets reopened following Wednesday’s unprecedented election result.

Equities advanced in Japan, Australia, Hong Kong and China, were little changed in South Korea and slipped in Indonesia. Malaysia’s stocks erased earlier losses. U.S. futures pointed to gains after stocks closed slightly higher Friday, capping their best week in two months amid growing conviction that inflation will remain contained. Signs of easing trade tensions are also helping, with suppliers to China’s embattled ZTE Corp. rising. The dollar came under pressure while yields on 10-year U.S. Treasuries ticked lower.

Traders closely watched Malaysia’s equity market Monday after Mahathir Mohamad ousted Najib Razak’s ruling coalition in an historic power shift. The ringgit erased a decline of almost 1 percent against the dollar, which was a fraction of the 2 percent-plus drop in one-month non-deliverable forwards in the immediate aftermath of the election. The nation’s bonds fell, with the 10-year bond yield rising. Stocks in neighboring Indonesia were hit after terrorist attacks there, though pared declines.

Elsewhere, oil held a loss below $71 as the United Arab Emirates said OPEC has enough spare production capacity to mitigate any impact on crude markets if the U.S. re-imposes sanctions on Iran.

These are some key events to watch this week:

China plans to send Vice Premier Liu He to Washington for more trade talks. European Union Chief Brexit negotiator Michel Barnier briefs European affairs ministers on the status of talks with the U.K. China releases data including industrial production and retail sales figures Tuesday. U.K. Prime Minister Theresa May meets with her Brexit cabinet Tuesday to discuss plans for a post-withdrawal customs union. U.S. retail sales, industrial production are due this week. Vodafone Group, Home Depot, Credit Agricole, Tencent, Cisco Systems, Burberry Group, Walmart, Vivendi, AstraZeneca, Deere, Fujifilm, Noble Group, and Campbell Soup are among the companies releasing earnings this week.

These are the main moves in markets: Stocks

The MSCI Asia Pacific Index rose 0.5 percent as of 2:20 p.m. Tokyo time. Topix index rose 0.5 percent. Hong Kong’s Hang Seng Index rose 1.1 percent. Kospi index was little changed. Australia’s S&P/ASX 200 Index rose 0.3 percent. Futures on the S&P 500 Index rose 0.3 percent.

Currencies

The Bloomberg Dollar Spot Index was little changed. The Japanese yen was flat at 109.41 per dollar. The euro rose 0.1 percent to $1.1954.

Bonds

The yield on 10-year Treasuries fell one basis point to 2.96 percent. Australia’s 10-year yield fell about one basis point to 2.77 percent. Malaysia’s 10-year bonds were volatile, with yields leaping to 4.27 percent at one point; they were recently at 4.17 percent, up 4 basis points.

Commodities

West Texas Intermediate crude fell 0.3 percent to $70.47 a barrel. Gold was steady at $1,319.63 an ounce. LME copper was little changed at $6,944.50 per metric ton.

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