Asia Stocks Shrug Off G-7 Fallout; Dollar Steadies: Markets Wrap

Publikuota: 2018-06-11 09:23
(180521) -- NEW YORK, May 21, 2018 (Xinhua) -- A trader works 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_CHINE012505/Credit:CHINE NOUVELLE/SIPA/1805220847
(180521) -- NEW YORK, May 21, 2018 (Xinhua) -- A trader works 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_CHINE012505/Credit:CHINE NOUVELLE/SIPA/1805220847
 

Asian stocks pushed higher Monday, with limited fallout from a tumultuous G-7 meeting at the weekend. The dollar steadied and the yen retreated as President Donald Trump readied for his summit in Singapore Tuesday with North Korea’s Kim Jong Un.

Japanese, Hong Kong and South Korean shares showed modest gains while Chinese stocks underperformed. Australia’s markets were shut for a holiday. The Canadian dollar fell most among its G-10 currency peers in the wake of the G-7 meeting, which ended with deepening tensions over U.S. tariffs on imports from its allies and saw a dispute erupt between Trump and Prime Minister Justin Trudeau. The euro rose after Italy’s new finance minister confirmed his commitment to the common currency. Treasury yields edged higher, while S&P 500 futures pared losses.

Investor focus will switch from geopolitics at the beginning of the week, with Trump saying he feels “ very good” about Tuesday’s summit, to the views of the world’s central banks. The Federal Reserve is expected to raise interest rates Wednesday, while European Central Bank members are poised to hold the first formal talks on ending its bond-buying program Thursday. The Bank of Japan meets Friday, with no change to policy expected.

“The week seems to be starting in risk-friendly, G-7-ignoring mood,” Kit Juckes, a global strategist at Societe Generale SA, wrote in a note. “Maybe the Fed can hike dovishly not to worry markets, maybe we’ll see a temporary easing of euro-tensions let the currency trundle around in a range for a bit, but I’m not in the least inclined to be lulled into a false sense of security. Monday morning trades tell us little.”

Elsewhere, oil held losses and traded near $66 after news that the number of rigs drilling for crude in the U.S. inched up and Russia boosted production. Bitcoin traded near a two-month low, after a hacking incident at South Korean cryptocurrency exchange Coinrail.

These are some key events to watch this week:

President Donald Trump and North Korean leader Kim Jong Un meet for an historic summit in Singapore Tuesday U.K. Prime Minister Theresa May faces votes that could derail her Brexit policy, also Tuesday Federal Reserve is expected to raise interest rates Wednesday as the U.S. economy remains solid European Central Bank rates decision Thursday and briefing with President Mario Draghi Bank of Japan June monetary policy decision and news conference Friday FIFA expects more than three billion viewers for the World Cup that begins this week in Russia.

These are the main moves in markets: Stocks

The MSCI Asia Pacific Index rose 0.2 percent as of 2:05 p.m. Tokyo time. Topix index rose 0.4 percent. Hong Kong’s Hang Seng Index added 0.3 percent. Kospi index rose 0.6 percent. Futures on the S&P 500 Index fell 0.1 percent.

Currencies

The Bloomberg Dollar Spot Index rose less than 0.05 percent. The Japanese yen fell 0.2 percent to 109.78 per dollar. The euro rose 0.2 percent to $1.1797. Canada’s dollar dropped 0.3 percent to 1.2966 per dollar.

Bonds

The yield on 10-year Treasuries rose one basis point to 2.96 percent.

Commodities

West Texas Intermediate crude fell 0.3 percent to $65.53 a barrel. Gold rose less than 0.05 percent to $1,298.67 an ounce. LME copper fell 0.2 percent to $7,295.50 per metric ton.

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