Money ClipsOur pragmatic assessment of global economic and financial market developments and how this affects our most pressing investment goals.
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US equity futures retreated with Treasury yields as investors awaited details from the Trump administration on planned stimulus measures to counter the coronavirus impact. Asian equities were mixed and the oil price extended rebounds with no clear trigger. S&P 500 futures fell as much as 2.6%, following a strong rebound on Wall Street after Monday’s plunge. President Donald Trump didn’t appear at a briefing on the outbreak after promising a day earlier he would announce a “major” economic package, leaving investors waiting.
Asian equities advanced Tuesday after US stocks hit a record high, with most sectors advancing, as investors looked past the potential economic impact of the spreading coronavirus. Shares in Hong Kong, Seoul and Sydney rose with US equity futures. Chinese stocks were little changed. Japanese financial markets are shut for a holiday. Fed Chairman Jerome Powell addresses US lawmakers this week in his semi-annual testimony and markets will be looking for any remarks on the effect of the virus on the economy and monetary policy.
Chinese shares slid and the yuan weakened Monday as traders returned from an extended holiday amid the worsening coronavirus outbreak. Support measures from China’s government helped stem losses somewhat in Asia, while US futures rose and Treasuries slipped. Oil and gold saw modest declines.
Asian stocks kicked off the week with modest gains ahead of key central bank meetings and a looming US-China tariff deadline. Treasuries stabilized after declines. Equity benchmarks were higher from Tokyo to Sydney. Investors are awaiting news on whether the US will go ahead with a planned Dec. 15 tariff hike on Chinese imports. Weekend data showing a drop in Chinese exports underlined the stakes for growth. S&P 500 futures slipped after the index logged gains Friday, when reports showed payrolls jumped the most since January, wages beat estimates and consumer sentiment increased.
Asian stocks traded mixed Wednesday as benchmarks in Japan, Australia and South Korea eked out modest gains, with Hong Kong little changed. China shares edged down. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all climbed to fresh records Tuesday. President Donald Trump declared that talks with China on the first phase of a trade deal were near completion after negotiators from both sides spoke by phone. The dollar was little changed.
Asian stocks got off to a mixed stock this week as traders digested the latest trade developments and weighed continued Brexit uncertainty. Shares in Tokyo, Singapore and Hong Kong gained, while indices in Shanghai, Taiwan and Sydney fell. Futures on the S&P 500 edged higher, signalling American stocks may test an all-time high this week. The dollar traded near its lowest level since July and Treasury yields held steady.