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MoneyAsia Stocks Build on Weekly Gain; Yuan Rises Again: Markets Wrap

11:30  11 january  2019
11:30  11 january  2019 Source:   msn.com

Furious U.S. Rebound Fails to Stoke Asia's Stocks: Markets Wrap

Furious U.S. Rebound Fails to Stoke Asia's Stocks: Markets Wrap Wall Street’s wild afternoon rebound failed to carry through to Asia on Friday, with Japanese shares dropping at the open and U.S. futures sliding. The yen edged up, heading for its best two-week advance since February. Equity benchmarks fell in Tokyo, and saw modest gains in Sydney and Seoul after the S&P 500 Index erased a drop of almost 3 percent in its afternoon rebound -- the biggest upward reversal since 2010. It’s been a week of superlatives for stock traders, after American shares climbed the most in more than nine years on Wednesday. In other markets, 10-year Treasury yields held below 2.

In Asia , the MSCI Asia Pacific Index and the MSCI China Index rose slightly. Japanese shares and Hong Kong stocks gained , though equities slid in “Traders are still very much aware that the various geopolitical factors that have been so prevalent in influencing market moves over the last 12 months

The rally in global equities showed signs of stalling on Thursday, with Asian stocks opening mixed. U.S. stocks earlier climbed as investors cheered the The offshore yuan stayed at the strongest since August as the U.S. and China laid the ground for resolving trade issues after three days of negotiations.

Asia Stocks Build on Weekly Gain; Yuan Rises Again: Markets Wrap © Bloomberg Yuan extends recent advance to highest level since July

(Bloomberg) -- Asian equities posted modest gains Friday and were on course for the strongest week since early November, bolstered by continued signs of flexibility from the Federal Reserve and optimism over U.S.-China trade negotiations. The yuan climbed to the strongest since July.

Shares in Tokyo led the region, with trading in Hong Kong, South Korea and Australia mostly flat. The S&P 500 earlier extended its rally since Christmas Eve past 10 percent, though gains were limited as retailers sank amid concerns about a sales slowdown. Fed Chairman Jerome Powell underscored the message of patience with further interest-rate hikes, while saying the central bank will keep shrinking its balance sheet to a more normal level -- a remark that sparked an intraday slide in stocks. Later, Vice Chair Richard Clarida said any sustained headwinds to the U.S. economy should be offset by policy.

Asian Stocks May Get Relief After Trump, Xi Talk: Markets Wrap

Asian Stocks May Get Relief After Trump, Xi Talk: Markets Wrap Asian stocks may get some relief Monday from recent wild swings after U.S. President Donald Trump reported “big progress” in trade talks with his Chinese counterpart. U.S. futures opened higher. Trading will be thin with major markets in Japan and China closed and shortened sessions elsewhere on the last day of 2018.

(Bloomberg) -- Asian stocks are poised to gain for a second day, tracking a rise in the U.S. where equities rallied on optimism “Traders are still very much aware that the various geo-political factors that have been so prevalent in influencing market moves over the last twelve months are still relevant.”

Stocks across Asia kicked off the week with strong gains after soothing Federal Reserve comments and an easing of monetary policy in China stoked a renewed appetite for risk assets. (Bloomberg) -- Sign up for China Rising , a new weekly dispatch on where China stands now and where it's going next.

Equities are rallying around the world as signs of progress between the world’s two biggest economies and dovish commentary from the Fed help lift sentiment that took a battering late in 2018. And China’s yuan, which slumped last year as trade tensions worsened, is heading for its best week since 2005 -- back when the country dropped a fixed peg to the dollar.

Still, worries remain about economic growth and earnings prospects.

“Markets are ultimately waiting to see if Fed’s new rhetoric related to stepping back, does it translate to action, and does the Fed actually pause at some point,” Dan Skelly, head of equity model portfolio solutions at Morgan Stanley, told Bloomberg TV in New York. “That’s really what we are waiting for to see a sustained move higher” in stocks, he said.

Canadian Stocks Close Out Worst Year Since 2008 With a Gain

Canadian Stocks Close Out Worst Year Since 2008 With a Gain Canadian stocks rose on the final trading day of the year but it wasn’t enough to prevent them from posting their worst annual performance since 2008. The S&P/TSX Composite Index gained 0.7 percent to 14,322.86 on thin New Year’s Eve volume after U.S. President Donald Trump reported “big progress” in trade talks with China. The benchmark lost 5.8 percent in December, 11 percent in the fourth quarter and 12 percent for the year amid concerns about global trade, rising interesting rates and plunging oil prices. On Monday, the materials sector led the gains, rising 1.7 percent as gold stocks climbed.

U.S. stocks dropped from early session highs to cap a record-breaking week with something of a Earlier, the bullish mood that characterized most of the week buoyed global equity markets . Stocks rallied in Europe and Asia , and the MSCI All-Country World Index was poised for a seven-month high.

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Elsewhere, oil remained above $52 a barrel despite slipping in early Friday trading. It’s up about 9 percent this week.

These are the main moves in markets:

Stocks

The MSCI Asia Pacific Index advanced 0.2 percent as of 11:01 a.m. in Hong Kong. Japan’s Topix index rose 0.3 percent. Australia’s S&P/ASX 200 Index slid 0.2 percent. Hang Seng rose 0.1 percent. Futures on the S&P 500 Index slipped 0.2 percent. The S&P 500 rose 0.5 percent Thursday. Futures on the Euro Stoxx 50 gained 0.2 percent.

Currencies

The yen was steady at 108.29 per dollar. The offshore yuan climbed 0.4 percent to 6.7675 per dollar. The Bloomberg Dollar Spot Index slid 0.2 per cent. The euro added 0.2 percent to $1.1521.

Bonds

The yield on 10-year Treasuries dipped one basis point to 2.73 percent. Australia’s 10-year bond yield held at 2.32 percent.

Commodities

The Bloomberg Commodity Index rose 0.3 percent. West Texas Intermediate crude fell 0.3 percent to $52.41 a barrel after entering a bull market on Wednesday. Gold rose 0.3 percent to $1,291.04 an ounce.

To contact the reporter on this story: Adam Haigh in Sydney at [email protected]

To contact the editor responsible for this story: Christopher Anstey at [email protected]

©2019 Bloomberg L.P.

Sterling rallies after May suffers defeat on Brexit.
Tuesday 20.30 GMT What you need to know Sterling rebounds after “meaningful” vote; MPs vote 432-202 against May’s deal S&P 500 up 0.9%, Nasdaq gains 1.5% Euro tests $1.14 level; Xetra Dax pares early gain Hong Kong leads rebound in Asia, mainland China’s indices also rise Brent crude rises back above $60 a barrel Overview The pound swung sharply in the wake of news of a crushing Brexit defeat in parliament for UK prime minister Theresa May, initially weakening as much as 1.5 per cent against the dollar before recovering to stand little changed on the day.

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