Asian Stocks Push Higher; Treasury Yields Climb: Markets Wrap
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 nations 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 nations 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 Koreas 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 Kongs Hang Seng Index rose 0.5 percent. Australias S&P/ASX 200 Index rose 0.4 percent. Futures on the S&P 500 Index rose 0.2 percent.
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.
The yield on 10-year Treasuries rose one basis point to 2.94 percent. Japans 10-year yield fell less than one basis point to 0.045 percent. Australias 10-year yield jumped three basis points to 2.76 percent.
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.Rašyti komentarą