Stock Rally in Asia Peters Out; Dollar Recovers: Markets Wrap

Publikuota: 2018-08-28
FILE PHOTO An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. REUTERS/Aly Song/File Photo GLOBAL BUSINESS WEEK AHEAD
FILE PHOTO An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. REUTERS/Aly Song/File Photo GLOBAL BUSINESS WEEK AHEAD
 

A rally in Asian stocks stalled and U.S. futures pared gains as the Trump administration dented hopes of an agreement with China on tariffs after it said it was negotiating a bilateral trade deal with Mexico. The dollar recovered against major peers.

Stocks in Japan, Hong Kong and Australia came off Tuesday’s highs, while Chinese shares underperformed. The yuan dipped as President Donald Trump said it’s not the right time for trade negotiations with China. Earlier, U.S. equities closed at all-time highs after Trump unveiled details of the Mexico agreement that he says will replace Nafta. The Mexican peso fell after initially rallying on the news as investors clamored for details and clarity on where it leaves Canada. U.K. equity index futures rose, signaling a catch-up rally as traders return from a holiday.

Stocks have been testing fresh highs since comments from Federal Reserve Chairman Jerome Powell eased concerns that the pace of U.S. interest rate increases will stymie growth in the world’s biggest economy. The breakthrough on trade with Mexico also captured investor attention and raised hopes of a resolution to the U.S. and China trade talks.

Elsewhere, Turkey’s lira added to a decline Monday when the country’s markets reopened following a holiday. Oil slipped below $69 a barrel.

Here are some key events coming up this week:

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 are due Friday. The U.S. economy probably grew in the second quarter at a slightly slower pace, 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.

These are the main moves in markets: Stocks

Japan’s Topix index rose 0.2 percent at the 3 p.m. close in Tokyo. It rose as much as 0.9 percent. Kospi index rose 0.1 percent. Australia’s S&P/ASX 200 Index rose 0.6 percent. Hong Kong’s Hang Seng Index gained 0.2 percent. Futures on the S&P 500 Index were little changed. The MSCI Asia Pacific Index added 0.2 percent. FTSE 100 Index contracts added 0.6 percent as of 7:08 a.m. in London.

Currencies

The Japanese yen fell 0.2 percent to 111.25 per dollar. The offshore yuan fell 0.3 percent to 6.8079 per dollar. The euro fell 0.1 percent to $1.1668. The Bloomberg Dollar Spot Index rose 0.2 percent. The Mexican peso fell 0.4 percent after advancing 0.8 percent Monday. The Turkish lira fell 1 percent, extending a 1.9 percent slide.

Bonds

The yield on 10-year Treasuries was little changed at 2.85 percent. Australia’s 10-year yield gained two basis points to 2.56 percent.

Commodities

West Texas Intermediate crude was steady at $68.79 a barrel. Gold fell 0.2 percent to $1,209.48 an ounce. LME copper declined 0.4 percent to $6,080.50 per metric ton.

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