U.S. Stock Futures, Loonie, Peso Advance on Trade: Markets Wrap

Publikuota: 2018-10-01 09:33
(180912) -- NEW YORK, Sept. 12, 2018 (Xinhua) -- Traders work at the New York Stock Exchange in New York, the United States, on Sept. 12, 2018. NIO Inc., a Chinese electric vehicle start-up, rang the New York Stock Exchange (NYSE) opening bell on Wednesday in celebration of its initial public offering (IPO). The company, trading under the ticker symbol of NIO, announced the pricing of its IPO of 160,000,000 American depository shares (ADSs), at 6.26 U.S. dollars per ADS for a total offering size of approximately 1 billion dollars, assuming the underwriters do not exercise their option to purchase additional ADSs. Founded in 2014, NIO, dubbed as China's Tesla, is a pioneer in China's premium electric vehicle market. (Xinhua/Qin Lang) - Qin Lang -//CHINENOUVELLE_CnynysE000082_20180913_TPPFN0A001/Credit:CHINE NOUVELLE/SIPA/1809130915
(180912) -- NEW YORK, Sept. 12, 2018 (Xinhua) -- Traders work at the New York Stock Exchange in New York, the United States, on Sept. 12, 2018. NIO Inc., a Chinese electric vehicle start-up, rang the New York Stock Exchange (NYSE) opening bell on Wednesday in celebration of its initial public offering (IPO). The company, trading under the ticker symbol of NIO, announced the pricing of its IPO of 160,000,000 American depository shares (ADSs), at 6.26 U.S. dollars per ADS for a total offering size of approximately 1 billion dollars, assuming the underwriters do not exercise their option to purchase additional ADSs. Founded in 2014, NIO, dubbed as China's Tesla, is a pioneer in China's premium electric vehicle market. (Xinhua/Qin Lang) - Qin Lang -//CHINENOUVELLE_CnynysE000082_20180913_TPPFN0A001/Credit:CHINE NOUVELLE/SIPA/1809130915
 

U.S. equity futures, Canada’s dollar and Mexico’s peso all climbed as American and Canadian negotiators reached a deal to preserve a three-way trade bloc with Mexico. There was little follow-through to other markets, with Asian trading thinned by holidays.

Japanese shares were mixed, though the Nikkei 225 Stock Average managed to close at its highest level since 1991. FTSE 100 futures tipped a modest drop in U.K. stocks. Contracts on the S&P 500 Index indicated it will extend its advance after the best quarter since 2013. Oil gained on concern of an impending supply crunch. U.S. 10-year Treasury yields ticked higher, to 3.07 percent.

The loonie climbed to its strongest since May against the greenback after American and Canadian representatives announced a trade deal to be known as the U.S. Mexico Canada Agreement, or USMCA, revamping the old Nafta framework. The move is the latest feather in the cap for U.S. trade negotiator Robert Lighthizer, who has advocated a tough line towards China, compared with Treasury Secretary Steven Mnuchin.

The U.S.-China trade war is set to feature American tariff hikes on all Chinese imports, JPMorgan Chase & Co. says.

In Asia, volumes were below normal in a number of markets Monday, with Labor Day in Australia, Hong Kong shut and China out through Oct. 7.

Elsewhere, Tesla shares will be in focus after Elon Musk reached an agreement with the SEC. The billionaire gets to keep his job as CEO but must resign as chairman for three years.

Here are some key events coming up this week:

U.K. Conservative Party opens second day of its annual conference Monday. Prime Minister Theresa May speaks Oct. 3. In Birmingham. Reserve Bank of Australia policy decision Tuesday Reserve Bank of India monetary policy decision Friday U.S. employment report for Sept. also due Friday.

These are the main moves in markets: Stocks

Topix Index was little changed at the close in Tokyo, though the Nikkei 225 Stock Average advanced 0.5 percent. Kospi was down 0.2 percent. S&P 500 Index futures gained 0.5 percent with the benchmark closing flat on Friday. The S&P/ASX 200 was down 0.6 percent.

Currencies

The Japanese yen fell 0.2 percent to 113.92 per dollar. The offshore yuan dipped 0.1 percent to 6.8858 per dollar. The euro was flat at $1.1592. Canada’s dollar climbed 0.7 percent to 1.2822 per dollar and Mexico’s peso jumped about 0.8 percent to 18.5684 per dollar.

Bonds

The yield on 10-year Treasuries gained about one basis point to 3.07 percent.

Commodities

West Texas Intermediate crude rose 0.4 percent to $73.55 a barrel. Gold fell 0.3 percent to $1,189.19. LME copper was down 0.4 percent at $6,229 per metric ton.

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