Stocks Rise on Trade Talk Hopes, Dollar Steadies: Markets Wrap

Publikuota: 2018-08-17
FILE PHOTO: A man monitors an electronic board displaying stock prices at the Karachi Stock Exchange August 5, 2011. Pakistani stocks provisionally ended 3.78 percent lower on Friday as foreign investors offloaded their holdings amid a global sell-off, while local investors remained cautious, dealers said. REUTERS/Akhtar Soomro/File Photo
FILE PHOTO: A man monitors an electronic board displaying stock prices at the Karachi Stock Exchange August 5, 2011. Pakistani stocks provisionally ended 3.78 percent lower on Friday as foreign investors offloaded their holdings amid a global sell-off, while local investors remained cautious, dealers said. REUTERS/Akhtar Soomro/File Photo
 

Asian stocks are ending a bruising week on a positive note after an easing in trade tensions between China and the U.S and positive results from Walmart boosted American shares. The dollar steadied and Treasuries were little changed.

Equities from Sydney to Hong Kong advanced, though Chinese shares underperformed. Futures signaled a muted start for stocks in London and New York. Emerging market equities rose for the first time in eight sessions and commodities steadied. The Turkish lira pared some of its gains as U.S. Treasury Secretary Steven Mnuchin said Turkey would face more sanctions if the country didn’t release a detained American pastor.

The possibility of a breakthrough in the U.S.-China trade spat has helped shake off some of the elevated caution that’s infected markets and driven Asian equities toward their worst week since March. The trade war remains the wildcard for emerging Asian currency and bond markets, according to a Bloomberg survey of investors.

“I don’t think we’re quite out of the woods yet,” Marcus Miholich, a managing director at State Street Global Advisors Ltd., told Bloomberg TV in Sydney. “Investors have definitely taken note of these tensions and have reallocated into more defensive sectors and defensive names. Given we don’t seem to have the light at the end of the tunnel just yet, that will continue.”

Elsewhere, oil slipped, heading for the longest run of weekly losses in three years on the ongoing crisis in Turkey and after a surprise gain in U.S. crude stockpiles.

These are the main moves in markets: Stocks

Japan’s Topix index climbed 0.6 percent as of 3:00 p.m. in Tokyo. Hong Kong’s Hang Seng rose 0.5 percent. The Shanghai Composite index slid 0.4 percent. Futures on the S&P 500 dropped less than 0.1 percent. The cash index rose 0.8 percent Thursday. Futures on the U.K.’s FTSE 100 Index fell 0.1 percent.

Currencies

The yen was flat at 110.88 per dollar. The offshore yuan slid 0.2 percent to 6.8777 per dollar after rising more than 1 percent. The Bloomberg Dollar Spot Index declined 0.1 percent. The euro rose less than 0.1 percent to $1.1380.

Bonds

The yield on 10-year Treasuries was little changed at 2.87 percent.

Commodities

The Bloomberg Commodities Index slid 0.2 percent after a 1 percent gain. West Texas Intermediate crude slid 0.1 percent to $65.41 a barrel. Gold rose 0.1 percent to $1,174.90 an ounce.

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