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Stocks Trade Mixed Before Powell; U.S. Yields Rise: Markets Wrap
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Stocks Climb With U.S. Yields Before Powell Speech: Markets Wrap
(Bloomberg) -- Stocks in Asia advanced on low volumes along with U.S. equity futures and Treasury yields as investors awaited Federal Reserve Chair Jerome Powell’s address at the Jackson Hole summit.Gains were modest across the region, with trading activity below average in Japan and South Korea. Futures on the S&P 500 Index ticked higher after U.S. shares closed flat amid weak volumes. Three Federal Reserve policy makers voiced their resistance to the notion that the U.S. economy needs lower interest rates, and a fourth saying he wanted to avoid taking further action “unless we have to.” The greenback edged higher, while crude oil rose. China’s offshore yuan weakened to 7.1 per dollar.Anticipation is building for Powell’s speech after a tumultuous August for markets amid concern over a slowing global economy and the escalating U.S.-China trade war. Investors have priced in a quarter percentage-point U.S. rate cut next month, but dissenting Fed voices may limit the prospects for the larger move that some have advocated, including President Donald Trump.“The markets want more than the Fed is going to give here,” Alicia Levine, chief strategist at Bank of New York Mellon Corp., told Bloomberg TV. “There is real disagreement within the FOMC about where the U.S. economy is, and particularly the fact that the data has been stronger than one would expect. There’s a setup for Powell to disappoint the market.”Elsewhere, the kiwi rose after New Zealand’s central bank governor said he could afford to wait before deciding whether to add more support for the economy. On Thursday, most euro-area government bonds fell as the European Central Bank expressed concern that investors were losing faith in its ability to revive inflation and after a gauge of German manufacturers reinforced recession concern.Here are some of the main moves in markets:StocksFutures on the S&P 500 rose 0.3% as of 12:04 p.m. in Tokyo. The underlying gauge was little changed on Thursday.Japan’s Topix index added 0.2%.Hong Kong’s Hang Seng rose 0.5%.The Shanghai Composite added 0.6%.Euro Stoxx 50 futures climbed 0.7%.CurrenciesThe yen was at 106.56 per dollar, down 0.1%.The offshore yuan was at 7.0992 per dollar.The Bloomberg Dollar Spot Index added 0.1%.The euro bought $1.1073, down 0.1%.The British pound was at $1.2239.BondsThe yield on 10-year Treasuries gained three basis points to 1.64%.Australia’s 10-year yield added six basis points to 0.97%.CommoditiesWest Texas Intermediate crude added 0.2% to $55.48 a barrel.Gold was at $1,495.63 an ounce, down 0.2%.\--With assistance from Rita Nazareth, Vildana Hajric and Caroline Hyde.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Asia Stocks Set for Muted Start as Powell Awaits: Markets Wrap
(Bloomberg) -- Stocks in Asia looked set for a muted Friday start after a lackluster U.S. session that saw traders adopt a cautious stance before Federal Reserve Chair Jerome Powell’s address at the Jackson Hole summit. Treasuries dipped.Futures were little changed in Japan and Hong Kong. The S&P 500 Index closed flat amid weak volumes. Treasuries were volatile, with the benchmark 10-year yield climbing as three Federal Reserve policy makers voiced their resistance to the notion that the U.S. economy needs lower interest rates, and a fourth saying he wanted to avoid taking further action “unless we have to.” The dollar was steady, while crude oil edged up.Anticipation is building for Powell’s speech after a tumultuous August for markets amid concern over a slowing global economy and the escalating U.S.-China trade war. Investors have priced in a quarter percentage-point U.S. rate cut next month, but dissenting Fed voices may limit the prospects for the larger move that some have advocated, including President Donald Trump.“The markets want more than the Fed is going to give here,” Alicia Levine, chief strategist at Bank of New York Mellon Corp., told Bloomberg TV. “There is real disagreement within the FOMC about where the U.S. economy is, and particularly the fact that the data has been stronger than one would expect. There’s a setup for Powell to disappoint the market.”Elsewhere, most euro-area government bonds fell on Thursday as the European Central Bank expressed concern that investors were losing faith in its ability to revive inflation and after a gauge of German manufacturers reinforced recession concern. The British pound jumped as investors seized on hints from European leaders that a Brexit deal could still be reached.Here are some of the main moves in markets:StocksFutures on the S&P 500 were flat as of 8:05 a.m. in Tokyo. The underlying gauge was little changed on Thursday.Futures on Japan’s Nikkei 225 dipped 0.1%.Hang Seng futures earlier added 0.1%.Futures on Australia’s S&P/ASX 200 Index slipped 0.2%.CurrenciesThe yen was at 106.46 per dollar.The offshore yuan was at 7.0897 per dollar.The Bloomberg Dollar Spot Index was little changed.The euro bought $1.1083, little changed.The British pound was at $1.2253 after jumping 1%.BondsThe yield on 10-year Treasuries increased two basis points to 1.61%.Australia’s 10-year yield added five basis points to 0.96%. CommoditiesWest Texas Intermediate crude rose 0.2% to $55.45 a barrel.Gold was at $1,497.74 an ounce.\--With assistance from Rita Nazareth, Vildana Hajric and Caroline Hyde.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Stocks Trade Mixed Before Powell; U.S. Yields Rise: Markets Wrap
(Bloomberg) -- Stocks in Asia were mixed Friday as traders adopted a cautious stance before Federal Reserve Chair Jerome Powell’s address at the Jackson Hole summit. Treasuries retreated.Stocks were little changed in Tokyo and Shanghai, and slipped in Hong Kong and Seoul. Futures on the S&P 500 Index ticked higher after U.S. shares closed flat amid weak volumes. Three Federal Reserve policy makers voiced their resistance to the notion that the U.S. economy needs lower interest rates, and a fourth saying he wanted to avoid taking further action “unless we have to.” The dollar was steady, while crude oil edged up.Anticipation is building for Powell’s speech after a tumultuous August for markets amid concern over a slowing global economy and the escalating U.S.-China trade war. Investors have priced in a quarter percentage-point U.S. rate cut next month, but dissenting Fed voices may limit the prospects for the larger move that some have advocated, including President Donald Trump.“The markets want more than the Fed is going to give here,” Alicia Levine, chief strategist at Bank of New York Mellon Corp., told Bloomberg TV. “There is real disagreement within the FOMC about where the U.S. economy is, and particularly the fact that the data has been stronger than one would expect. There’s a setup for Powell to disappoint the market.”Elsewhere, the kiwi rose after New Zealand’s central bank governor said he could afford to wait before deciding whether to add more support for the economy. On Thursday, most euro-area government bonds fell as the European Central Bank expressed concern that investors were losing faith in its ability to revive inflation and after a gauge of German manufacturers reinforced recession concern.Here are some of the main moves in markets:StocksFutures on the S&P 500 rose 0.2% as of 10:30 a.m. in Tokyo. The underlying gauge was little changed on Thursday.Japan’s Topix index added 0.2%.Hong Kong’s Hang Seng was flat.The Shanghai Composite added 0.1%.Euro Stoxx 50 futures climbed 0.5%.CurrenciesThe yen was at 106.58 per dollar, down 0.1%.The offshore yuan was at 7.0909 per dollar.The Bloomberg Dollar Spot Index was little changed.The euro bought $1.1076, little changed.The British pound was at $1.2243 after jumping 1%.BondsThe yield on 10-year Treasuries gained three basis points to 1.64%.Australia’s 10-year yield added six basis points to 0.97%.CommoditiesWest Texas Intermediate crude was steady at $55.34 a barrel.Gold was at $1,496.03 an ounce, down 0.1%.\--With assistance from Rita Nazareth, Vildana Hajric and Caroline Hyde.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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