Asia Stocks Push Higher; Dollar, Treasuries Steady: Markets Wrap
Most Asian equities gained on Monday as traders held out hopes about developments in the trade war and ahead of a meeting of central bankers later in the week that may throw up clues on the outlook for markets.
Japans shares fell, while stocks rose in Hong Kong in thin volumes in most of Asia. The dollar steadied and the 10-year Treasury yield was little changed. The offshore yuan was stable after signs China may be propping up the currency just as it prepares to restart trade negotiations with the U.S., while the yuan traded onshore strengthened.
Bond traders are betting recent market turmoil wont throw the Federal Reserve off its tightening course. They expect the Fed will raise rates at its next meeting and this weeks Jackson Hole symposium could provide clues as to whether such confidence is warranted as the spread between 2- and 10-year yields narrowed to the least since 2007 on Friday.
Elsewhere, Turkish markets are closed this week. That may mean low trading volumes and the possibility of sharp currency swings.
Here are some key events coming up this week:
Companies announcing earnings include Alibaba, Royal Bank of Canada, Lowes, Target, BHP Billiton, Qantas, Ping An and Chinas Bank of Communications. Central bankers gather at the Kansas City Feds annual Jackson Hole symposium, where Federal Reserve Chairman Jerome Powell speaks Friday. Fed releases the minutes from its July 31 - Aug. 1 FOMC meeting.
These are the main moves in markets: Stocks
Japans Topix index fell 0.3 percent as of 1:44 p.m. in Tokyo. Australias S&P/ASX 200 Index rose 0.1 percent. South Koreas Kospi index gained 0.1 percent. Hong Kongs Hang Seng Index rose 0.9 percent. S&P 500 futures were flat.
The yen was little changed at 110.59 per dollar. The offshore yuan was at 6.8394 per dollar. The onshore yuan rose 0.6 percent to 6.8487 per dollar. The Bloomberg Dollar Spot Index was up less than 0.1 percent. It declined 0.5 percent Friday. The euro bought $1.1428.
The yield on 10-year Treasuries was at 2.86 percent. Australias 10-year bond yield fell almost two basis points 2.53 percent.
WTI crude slipped 0.4 percent to $65.67 a barrel. Gold rose 0.1 percent to $1,185.80 an ounce.Rašyti komentarą