Asian Stocks Push Higher; Treasury Yields Climb: Markets Wrap

Publikuota: 2018-06-06
(180521) -- NEW YORK, May 21, 2018 (Xinhua) -- Traders work at the New York Stock Exchange in New York, the United States, on May 21, 2018. U.S. stocks closed higher on Monday. The Dow rose 1.21 percent to 25,013.29, and the S&P 500 rose 0.74 percent to 2,733.01, while the Nasdaq increased 0.54 percent to 7,394.04. (Xinhua/Wang Ying)  - Wang Ying -//CHINENOUVELLE_CHINE012504/Credit:CHINE NOUVELLE/SIPA/1805220847
(180521) -- NEW YORK, May 21, 2018 (Xinhua) -- Traders work at the New York Stock Exchange in New York, the United States, on May 21, 2018. U.S. stocks closed higher on Monday. The Dow rose 1.21 percent to 25,013.29, and the S&P 500 rose 0.74 percent to 2,733.01, while the Nasdaq increased 0.54 percent to 7,394.04. (Xinhua/Wang Ying) - Wang Ying -//CHINENOUVELLE_CHINE012504/Credit:CHINE NOUVELLE/SIPA/1805220847
 

Stocks in Asia pushed higher Wednesday, alongside U.S. futures, as investors dialed down worries about the backdrop of protectionism and geopolitical challenges. Treasury yields ticked upwards, while the dollar was flat.

While most shares on the MSCI Asia Pacific Index of stocks rose, benchmarks in Japan, Hong Kong and Australia had modest gains. A positive tone was set by advances in megacap tech shares in the U.S. session, with fresh records posted in Nasdaq indexes. The Australian dollar was buoyed after the nation’s economy expanded faster than forecast as exports rebounded. Crude oil was on track to rise for a second day.

Investors are looking ahead to the Group of Seven meeting later this week that may shed some light on global trade tensions, as well as policy meetings from the Federal Reserve and the European Central Bank this month for any guidance on the trajectory of interest rates. ECB policy makers are said to anticipate holding a pivotal discussion at their meeting next week that could conclude with a public announcement on when they intend to cease asset purchases.

Elsewhere, the Canadian dollar advanced following an ABC News report that U.S. Treasury Secretary Steven Mnuchin asked Trump to exempt the country from steel and aluminum tariffs. Italian bonds tumbled Tuesday after the nation’s premier pledged a raft of populist measures. South Korean markets are closed for a holiday.

These are some key events to watch this week:

Reserve Bank of India rate decision on Wednesday. On Thursday, Japanese Prime Minister Shinzo Abe meets with U.S. President Trump at the White House to discuss the planned U.S. summit with North Korea’s Kim Jong Un. Also on Thursday, euro-zone GDP. Turkey rate decision is due on Thursday. G-7 Leaders’ Summit starts in Quebec Friday through to June 9.

These are the main moves in markets: Stocks

The MSCI Asia Pacific Index rose 0.4 percent as of 1:25 p.m. Tokyo time. Topix index rose 0.2 percent. Hong Kong’s Hang Seng Index rose 0.5 percent. Australia’s S&P/ASX 200 Index rose 0.4 percent. Futures on the S&P 500 Index rose 0.2 percent.

Currencies

The Bloomberg Dollar Spot Index fell 0.1 percent. The Japanese yen fell 0.1 percent to 109.93 per dollar. The euro was unchanged at $1.1718.

Bonds

The yield on 10-year Treasuries rose one basis point to 2.94 percent. Japan’s 10-year yield fell less than one basis point to 0.045 percent. Australia’s 10-year yield jumped three basis points to 2.76 percent.

Commodities

West Texas Intermediate crude rose 0.4 percent to $65.81 a barrel. Gold rose less than 0.05 percent to $1,296.93 an ounce. LME copper rose less than 0.05 percent to $7,102.50 per metric ton.

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