Stocks Mixed on Trade Angst; Dollar Maintains Gain: Markets Wrap

Publikuota: 2018-09-10
A woman struggles against strong wind caused by Typhoon Jebi, in front of an electronic stock quotation board in Tokyo, Japan, September 4, 2018.   REUTERS/Toru Hanai
A woman struggles against strong wind caused by Typhoon Jebi, in front of an electronic stock quotation board in Tokyo, Japan, September 4, 2018. REUTERS/Toru Hanai
 

Stocks in Asia were mixed at the start of the week as investors digested U.S. President Donald Trump’s threat to escalate the trade war with China. The dollar and Treasury yields held gains as a rise in U.S. wages bolstered the prospects for further interest-rate hikes.

Equities sank in China and Hong Kong’s benchmark index flirted with bear-market territory, while stocks edged higher in Japan and were little changed in Australia and South Korea. European futures flagged pointed to modest gains as did their U.S. counterparts. Emerging-market shares declined. Oil rebounded from the biggest weekly loss in two months on speculation of a crude-supply shortage.

Worries from the trade ructions to emerging-market turmoil have weighed on equities, with even U.S. stocks joining in with declines. Trump’s signal that he’s ready to target a sum of goods equal to virtually all imports from China came as data showed a healthy American labor market with signs of wage inflation that could clear the way for two more Federal Reserve interest rate hikes this year.

“Defensive positioning is still warranted at the moment,” Sean Fenton, director at Tribeca Investment Partners, said on Bloomberg Television in Sydney. On trade, “markets had some hope that as we got to that deadline there would be some concessions, but there’s really escalation.”

Elsewhere, the krona was little changed after Sweden’s election. The country may face weeks or even months of political gridlock after an inconclusive result left the biggest Scandinavian economy without a clear candidate to form a government.

Here are some key events coming up this week:

Policy decisions from the Bank of England and the European Central Bank on Thursday. Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe will meet. Apple unveils its latest iPhones on Wednesday Australia employment is due Thursday. China releases August industrial production, retail sales data on Friday. U.S. retail sales, industrial production, consumer sentiment on Friday.

These are the main moves in markets: Stocks

Japan’s Topix index added 0.2 percent at the 3 p.m. close in Tokyo. Hong Kong’s Hang Seng lost 1.2 percent. The Shanghai Composite Index sank 0.8 percent. Futures on the S&P 500 Index rose 0.1 percent. The S&P 500 fell 0.2 percent Friday. FTSE 100 Index futures gained 0.3 percent as of 7:01 a.m. in London.

Currencies

The yen was at 110.97 per dollar. The offshore yuan held at 6.8744 per dollar. The euro traded at $1.1550. The Bloomberg Dollar Spot Index was steady after its 0.4 percent advance Friday.

Bonds

The yield on 10-year Treasuries held at 2.94 percent after advancing seven basis points. Australia’s 10-year bond yield added three basis points to 2.58 percent.

Commodities

West Texas Intermediate crude rose 0.6 percent to $68.12. Gold fell 0.3 percent to $1,192.90 an ounce.

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