Euro Sinks on Italy; Stocks Mixed as Dollar Climbs: Markets Wrap

Publikuota: 2018-10-02
Visitors are seen as market prices are reflected in a glass window at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, October 1, 2018.   REUTERS/Toru Hanai
Visitors are seen as market prices are reflected in a glass window at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, October 1, 2018. REUTERS/Toru Hanai
 

The euro dropped on mounting uncertainty about Italy’s fiscal position, and the dollar pushed higher as emerging-market currencies slid. Stocks in Asia were mixed.

The common currency weakened after the head of Italy’s lower house budget committee said the nation would have solved its fiscal problems with its own currency. European futures declined alongside their U.S. counterparts. Japan’s Nikkei 225 Stock Average ticked higher a day after closing at its highest since 1991. Stocks in Hong Kong underperformed as traders returned from a long weekend, and equities also fell in Australia and South Korea. China’s markets are shut.

Global investor sentiment remains fragile, even after a deal between the U.S. and Canada to revamp the Nafta bloc with Mexico. Bank of America Merrill Lynch analysts joined JPMorgan Chase & Co. in downgrading forecasts for the Chinese yuan and other Asian currencies in recent days.

Sino-American tensions remain in focus after the Chinese navy dispelled an American missile destroyer from waters near South China Sea islands, in China’s account of the incident. Meantime, political drama in Washington still swirls around President Donald Trump’s Supreme Court nominee, which may feed through to November congressional elections and affect the outlook for the administration’s agenda.

Elsewhere, oil consolidated around its highest in almost four years as a slowdown in U.S. drilling adds to concern over supply losses from Iran and Venezuela. Indonesia’s rupiah fell past 15,000 per dollar for the first time since 1998 a day after inflation came in slower than forecast, giving the central bank less cause to raise interest rates further.

Here are some key events coming up this week:

U.K. Prime Minister Theresa May speaks Oct. 3. in Birmingham. A central bank policy decision from the Reserve Bank of India is due Friday. U.S. employment reports for September also due Friday.

These are the main moves in markets: Stocks

Japan’s Topix index climbed 0.3 percent and the Nikkei 225 Stock Average rose 0.1 percent at the 3 p.m. close in Tokyo. Australia’s S&P/ASX 200 Index fell 0.7 percent. South Korea’s Kospi index lost 1.3 percent. Hong Kong’s Hang Seng Index declined 2.2 percent. S&P 500 futures fell 0.2 percent. The S&P 500 itself rose 0.4 percent Monday. FTSE 100 Index futures dropped 0.4 percent. The MSCI Asia Pacific Index declined 0.7 percent.

Currencies

The yen was little changed at 113.85 per dollar, near the weakest since November 2017. The offshore yuan was at 6.8884 per dollar. The Bloomberg Dollar Spot Index rose 0.2 percent. The euro fell 0.4 percent to $1.1538. The British pound lost 0.3 percent to $1.3010.

Bonds

The yield on 10-year Treasuries dipped one basis point to 3.07 percent. Australia’s 10-year bond yield was steady at 2.67 percent. Italy’s 10-year bond yield was up five basis points to 3.35 percent.

Commodities

West Texas Intermediate crude rose 0.4 percent to $75.60 a barrel after hitting the highest level since 2014 Monday. Gold rose 0.3 percent to $1,192.21 an ounce. LME copper fell 0.9 percent to $6,192 a metric ton.

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