Stocks Stall After Trade Optimism; Dollar Steady: Markets Wrap

Publikuota: 2018-07-26 09:42
People look at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. REUTERS/Aly Song
People look at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. REUTERS/Aly Song
 

Stocks gains in Asia eased as initial enthusiasm following a U.S.-European Union agreement to avert a transatlantic trade war for now faded. Treasuries edged higher and the dollar steadied.

Japan’s Topix index and South Korea’s shares rose after President Donald Trump agreed with the European Commission chief to suspend new tariffs while continuing to negotiate over trade. But benchmarks turned lower in Australia, Hong Kong and China, and U.S. futures dropped with weak sales at Facebook wiping about 1 percent off Nasdaq futures. European equivalents pointed to a slightly firmer start to trading. Japanese 10-year government bond yields rose to the highest in a year and the yen strengthened amid renewed speculation the Bank of Japan is paving the way for a stimulus tweak.

Trump’s meeting with Jean-Claude Juncker came amid a raft of earnings from U.S. companies, some of which reflected the impact of recent trade threats from the White House. Facebook tumbled 20 percent plus in after-hours trading as revenue and user growth missed estimates and General Motors shares plunged after the carmaker cut its profit forecast on surging metals prices.

Elsewhere, West Texas crude ticked up above $69 a barrel as stockpiles decreased. Gold slipped and copper futures pushed higher.

Here are some key events coming up this week:

Earnings season continues with the following tech companies among those reporting: Amazon.com, Twitter, Advanced Micro Devices, Qualcomm and Intel. Others include Nissan and Shell. The European Central Bank’s policy decision is Thursday. U.S. gross domestic product probably increased by about 4.2 percent at an annualized rate in the second quarter, the most since 2014, economists forecast ahead of Friday’s data.

These are the main moves in markets: Stocks

Topix index increased 0.7 percent at the 3 p.m. close in Tokyo. Hong Kong’s Hang Seng Index dipped 0.8 percent. Kospi index jumped 0.6 percent. Australia’s S&P/ASX 200 Index fell 0.3 percent. Futures on the S&P 500 Index lost 0.2 percent. FTSE 100 futures rose 0.2 percent as of 7:03 a.m. in London. The MSCI Asia Pacific Index gained 0.3 percent.

Currencies

The Japanese yen rose 0.2 percent to 110.71 per dollar. The offshore yuan fell 0.4 percent to 6.7868 per dollar. The euro was flat at $1.1736. The Bloomberg Dollar Spot Index was little changed.

Bonds

The yield on 10-year Treasuries fell was steady at 2.97 percent. Australia’s 10-year yield rose one basis point to 2.69 percent. Japan’s 10-year yield rose as much as 3.5 basis points to 0.10 percent. It has tripled since last Friday.

Commodities

West Texas Intermediate crude traded at $69.30 a barrel. Gold fell 0.1 percent to $1,229.92 an ounce. LME copper increased 0.4 percent to $6,313.50 per metric ton.

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