Asia Stocks Mixed as Korea Summit Off; Yen Slips: Markets Wrap

Publikuota: 2018-05-25
FILE PHOTO: A combination photo shows U.S.  President Donald Trump and North Korean leader Kim Jong Un (R) in Washignton, DC, U.S. May 17, 2018 and in Panmunjom, South Korea, April 27, 2018 respectively.  REUTERS/Kevin Lamarque and Korea Summit Press Pool/File Photos
FILE PHOTO: A combination photo shows U.S. President Donald Trump and North Korean leader Kim Jong Un (R) in Washignton, DC, U.S. May 17, 2018 and in Panmunjom, South Korea, April 27, 2018 respectively. REUTERS/Kevin Lamarque and Korea Summit Press Pool/File Photos
 

Asian stocks pared opening losses stemming from the cancellation of the U.S.-North Korea summit, as Pyongyang offered an olive branch. The yen fell from recent highs, while Treasury yields and the dollar edged higher.

Shares in Japan, China and Australia fluctuated while those in Korea and Hong Kong showed modest declines. S&P 500 futures climbed after U.S. stocks closed lower despite a late rally. Crude oil held losses after Russia’s energy minister reiterated that OPEC and its partners will discuss phasing out supply curbs when they meet next month. Turkey’s lira resumed its slump as traders weighed whether an emergency rate hike was enough to stem losses.

Geopolitics was back on the agenda with President Donald Trump’s letter to the North Korean leader Kim Jong Un, in which he blamed the “tremendous anger and open hostility” in recent statements from Pyongyang for his decision. North Korea’s government said in a statement that it was surprised at the cancellation and remained willing to meet with the U.S. at any time.

“You see money going into the Treasury market and money going into gold," thanks to the trade and geopolitical headlines, said Quincy Krosby, the chief market strategist at Prudential Financial Inc. “The question for the market is, are there going to be more headlines like this?”

Elsewhere, the euro remained weaker, alongside the pound, as questions swirl around the Italian populist government’s economic policies and Brexit negotiations loom large over British assets.

These are some key events remaining to watch this week:

At the St. Petersburg Forum Friday, Russian President Vladimir Putin and French President Emmanuel Macron, IMF Managing Director Christine Lagarde, and Japan Prime Minister Shinzo Abe participate on a panel moderated by Bloomberg News Editor-in-Chief John Micklethwait. Also Friday, European Union finance ministers discuss the latest on Brexit talks, in Brussels.These are the main moves in markets:

Stocks

The MSCI Asia Pacific Index fell 0.2 percent as of 1:54 p.m. Tokyo time. Topix index fell 0.3 percent. Hong Kong’s Hang Seng Index fell 0.3 percent. Kospi index fell 0.1 percent. Australia’s S&P/ASX 200 Index fell 0.2 percent. Futures on the S&P 500 Index rose 0.3 percent.

Currencies

The Bloomberg Dollar Spot Index rose less than 0.05 percent. The Japanese yen fell 0.2 percent to 109.53 per dollar. The euro fell 0.1 percent to $1.171.

Bonds

The yield on 10-year Treasuries rose one basis point to 2.99 percent. Australia’s 10-year yield fell two basis points to 2.785 percent.

Commodities

West Texas Intermediate crude fell 0.1 percent to $70.65 a barrel. Gold declined 0.2 percent to $1,302.44 an ounce. LME copper rose 0.1 percent to $6,885.00 per metric ton.

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