Asian Stocks Advance; Dollar Extends Decline: Markets Wrap

Publikuota: 2018-08-27
FILE PHOTO: An electronic board displaying market data is seen at the entrance of the Tel Aviv Stock Exchange, in Tel Aviv, Israel January 29, 2017. REUTERS/Baz Ratner/File Photo
FILE PHOTO: An electronic board displaying market data is seen at the entrance of the Tel Aviv Stock Exchange, in Tel Aviv, Israel January 29, 2017. REUTERS/Baz Ratner/File Photo

Asian stocks gained at the start of the week following a fresh all-time high in their U.S. counterparts Friday, as the Federal Reserve reaffirmed a slow and gradual pace of policy tightening. The dollar ticked lower and the yen climbed.

The biggest advances were in Hong Kong, China and Japan. The yuan was stable after Friday’s gains spurred by the People’s Bank of China move to restrain the influence of market forces that have been driving the currency lower versus the greenback. Treasury yields steadied and oil slipped after its first weekly advance in two months. European stocks futures gained, while markets in the U.K. are closed for a holiday.

Global equities are grinding upward despite trade talks in Washington between the world’s two largest economies yielding little visible progress toward a resolution. Investors have fully priced in a rate increase next month and see an above-60 percent probability of another move by the Fed’s meeting in December.

Elsewhere, the Mexican peso climbed after people familiar with the discussions said a Nafta deal with the U.S. could come as soon as Monday.

Here are some key events coming up this week:

It’s the U.K. summer bank holiday on Monday, when the London Stock Exchange is shut. Earnings are due from companies including Canada’s largest banks and China Construction Bank Corp., ICBC, Pernod Ricard and Dollar General. China’s official factory PMI may have dropped again in August, to 51.0 from July’s 51.2, according to economists surveyed by Bloomberg. The U.S. economy probably grew in the second quarter at a slightly slower pace. Gross domestic product likely expanded at a 4 percent annualized rate, compared with 4.1 percent in the advance report, economists predict ahead of Wednesday’s report. The Bank of Korea sets policy on Friday. Weak jobs growth has cooled speculation of an interest-rate increase, but the central bank has indicated its next move is up.

These are the main moves in markets: Stocks

Topix index jumped 1.2 percent at the 3 p.m. close in Tokyo. Hong Kong’s Hang Seng Index surged 2 percent. Kospi index added 0.3 percent. Australia’s S&P/ASX 200 Index rose 0.3 percent. Shanghai Composite Index gained 1.6 percent. Futures on the S&P 500 Index rose 0.2 percent. Euro Stoxx 50 contracts advanced 0.4 percent. The MSCI Asia Pacific Index jumped 1.2 percent.


The Japanese yen rose 0.2 percent to 111.04 per dollar. The offshore yuan traded at 6.8032 per dollar. The euro traded at $1.1623. The Bloomberg Dollar Spot Index fell less than 0.1 percent.


The yield on 10-year Treasuries was little changed at 2.81 percent. Australia’s 10-year yield rose one basis point to 2.55 percent.


West Texas Intermediate crude was little changed at $68.69 a barrel. Gold rose 0.1 percent to $1,207.03 an ounce.

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