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Stock Rally to Extend in Asia After U.S. Advance: Markets Wrap
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U.S. Futures Drop; India Assets Rally on Rate Cut: Markets Wrap
(Bloomberg) -- U.S. equity futures dropped after the first three-day rally in American equities since mid-February, while Asian shares advanced as investors take stock of strengthening stimulus efforts across the globe.India’s bonds and stocks rose along with the rupee after the central bank slashed the benchmark rate by three quarters of a percentage point. S&P 500 futures dropped more than 1% after the index surged more than 6% Thursday. The dollar headed for its biggest weekly retreat since 2009, while Treasuries advanced. Australian stocks fell, while most other regional markets rallied.The U.S. has now overtaken China for the most coronavirus cases worldwide, as infections in New York surged. China will temporarily suspend the entry of foreigners holding valid visas and residence permits starting Saturday as the country where the outbreak began battles to prevent the disease being bought back inside its borders from overseas.The current rally “should struggle to keep on going since it is starting to get a lot worse in the U.S. on the virus front,” said Ed Moya, a maket strategist at Oanda Corp. “Concerns are growing that the virus spread is about to accelerate across the country.”The speed of the rebound has caught some off guard. After falling into a bear market at the fastest rate ever, the S&P 500 just recorded its quickest three-day advance in nine decades. While some investors say equities are now in the process of forming a bottom, many expect renewed declines.Meantime, data are beginning to show the extent of the economic damage of the outbreak -- U.S. jobless claims surged to a record 3.28 million last week as businesses shut down to help prevent its spread. While the reading exceeded estimates, U.S. government aid may help to cushion the impact on workers and businesses. Federal Reserve Chairman Jerome Powell also sought to assure the public that the central bank wouldn’t run out of crisis-fighting ammunition.“You’ve got this dynamic of how long will this last? And that we don’t know,” Priya Misra, global head of rates strategy at TD Securities, told Bloomberg TV. “The market is pricing in a fairly short duration of weakness” for the economy, she said. “A month from now when we realize we are still stuck at home and the data is not looking any better, that is when you can get a further downside move in yields.”Elsewhere, European stock futures were about 1% lower. That follows moves higher on Thursday after the region’s central bank announced it will scrap limits on bond purchases for its emergency program, a landmark decision that gives it almost unlimited power to fight the economic fallout from the virus.These are the main moves in markets:StocksFutures on the S&P 500 slid 1.8% as of 1:48 p.m. in Tokyo. The S&P 500 rose 6.2% on Thursday.Japan’s Topix Index rose 2.5%.The Shanghai Composite added 1.4%.Hong Kong’s Hang Seng rose 1.2%.Australia’s S&P/ASX 200 Index slid 3.7%.Kospi Index jumped 2.1%.Euro Stoxx 50 futures lost 1%.CurrenciesThe yen was at 108.44 per dollar, up 1%.The offshore yuan traded at 7.0756 per dollar, little changed.The euro bought $1.1065, up 0.3%.BondsThe yield on 10-year Treasuries slipped four basis points to 0.80%.Australia’s 10-year yield was at 0.92%, down a basis point.CommoditiesWest Texas Intermediate crude rose 2.1% to $23.08 a barrel.Gold slipped 0.4% to $1,625 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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U.S. Futures Dip After Rally, Asia Comes Off Highs: Markets Wrap
(Bloomberg) -- U.S. futures dropped after the first three-day rally in American equities since mid-February, and Asian stocks came off their highs Friday as investors assess whether the worst is over for the rout in risk assets.The S&P 500 rose more than 6% Thursday after the U.S. Senate passed a $2 trillion fiscal package. Equity benchmarks were up about 2% in Tokyo, Hong Kong and Seoul, while early gains in Australia gave way to a modest retreat. The MSCI All Country World Index is on course for a 13% rise this week, following a crash that dragged stocks around the globe into bear markets. The dollar stabilized after retreating for three days.Data are beginning to show the extent of the economic damage of the outbreak -- U.S. jobless claims surged to a record 3.28 million last week as businesses shut down to help prevent its spread. While the reading exceeded estimates, U.S. government aid may help to cushion the impact on workers and businesses. Federal Reserve Chairman Jerome Powell also sought to assure the public that the central bank wouldn’t run out of crisis-fighting ammunition.The speed of the rebound has caught some off guard. After falling into a bear market at the fastest rate ever, the S&P 500 just recorded its quickest three-day advance in nine decades. Equities are now in the process of forming a bottom, according to Dan Skelly, head of equity model portfolios at Morgan Stanley Wealth Management.“While we do believe this will be possibly the sharpest recession in history, it may also be the shortest, so there is room to be optimistic for a second half rebound,” Skelly told Bloomberg TV. “This could be peaking out in four to five weeks in the U.S. and on top of that we’ve already seen the velocity and the magnitude of the policy response come through -- this can’t be understated.”Meantime, the U.S. overtook China for the most coronavirus cases worldwide, as infections in New York surged. China, where the outbreak began, will temporarily suspend the entry of foreigners holding valid visas and residence permits starting Saturday.”You’ve got this dynamic of how long will this last? And that we don’t know,” Priya Misra, global head of rates strategy at TD Securities, told Bloomberg TV. “The market is pricing in a fairly short duration of weakness” for the economy, she said. “A month from now when we realize we are still stuck at home and the data is not looking any better, that is when you can get a further downside move in yields.”Elsewhere, European stocks moved higher on Thursday, and sovereign debt rose after the region’s central bank announced it will scrap limits on bond purchases for its emergency program, a landmark decision that gives it almost unlimited power to fight the economic fallout from the virus.These are the main moves in markets:StocksFutures on the S&P 500 slid 1.1% as of 10:29 a.m. in Tokyo. The S&P 500 rose 6.2% on Thursday.Japan’s Topix Index rose 2.2%.The Shanghai Composite added 1%.Hong Kong’s Hang Seng rose 1.8%.Australia’s S&P/ASX 200 Index slid 0.3%.Kospi Index jumped 2.5%.Euro Stoxx 50 futures lost 0.7%.CurrenciesThe yen was at 108.61 per dollar, up 0.9%.The offshore yuan traded at 7.0862 per dollar, up 0.1%.The euro bought $1.1044, up 0.1%.BondsThe yield on 10-year Treasuries slipped three basis points to 0.81%.Australia’s 10-year yield was at 0.93%, little changed.CommoditiesWest Texas Intermediate crude rose 29% to $23.06 a barrel.Gold slipped 0.5% to $1,623.26 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Stock Rally to Extend in Asia After U.S. Advance: Markets Wrap
(Bloomberg) -- Asian stock futures climbed after a third straight day of gains on Wall Street, in a tentative sign of optimism among investors encouraged by uprecedented stimulus actions.The S&P 500 rose more than 6% Thursday, while the dollar retreated for a third day, suggesting reduced strains in global money markets. Equity futures in Japan and Hong Kong were more than 3% higher. Australian shares jumped. U.S. contracts were little changed. The MSCI All Country World Index is on course for a 13% rise this week, following a rout that dragged stocks around the globe into bear markets. Treasuries edged higher.Data are beginning to show the extent of the economic damage of the outbreak -- U.S. jobless claims surged to a record 3.28 million last week as businesses shut down to help prevent its spread. While the reading exceeded estimates, U.S. government aid may help to cushion the impact on workers and businesses. Federal Reserve Chairman Jerome Powell also sought to assure the public that the central bank wouldn’t run out of crisis-fighting ammunition.The speed of the rebound has caught some off guard. After falling into a bear market at the fastest rate ever, the S&P 500 just recorded its quickest three-day advance in nine decades. Equities are now in the process of forming a bottom, according to Dan Skelly, head of equity model portfolios at Morgan Stanley Wealth Management.“While we do believe this will be possibly the sharpest recession in history, it may also be the shortest, so there is room to be optimistic for a second half rebound,” Skelly told Bloomberg TV. “This could be peaking out in four to five weeks in the U.S. and on top of that we’ve already seen the velocity and the magnitude of the policy response come through -- this can’t be understated.”Meantime, the U.S. surpassed Italy in cases, with more than 80,700, and is poised to overtake China as having the most infections in the world. China, where the outbreak began, will temporarily suspend the entry of foreigners holding valid visas and residence permits starting Saturday.Elsewhere, European stocks moved higher, and sovereign debt rose after the region’s central bank announced it will scrap limits on bond purchases for its emergency program, a landmark decision that gives it almost unlimited power to fight the economic fallout from the virus.These are the main moves in markets:StocksFutures on the S&P 500 added 0.2% as of 8:23 a.m. in Tokyo. The S&P 500 rose 6.2% on Thursday.Futures on Japan’s Nikkei 225 advanced 3.5%.Hang Seng futures added 3.6%.Australia’s S&P/ASX 200 Index rose 2.3%.CurrenciesThe yen was at 109.33 per dollar, up 0.2%.The offshore yuan traded at 7.0843 per dollar.The euro bought $1.1042.BondsThe yield on 10-year Treasuries slipped two basis points to 0.84% Thursday.Australia’s 10-year yield was at 0.93%, little changed.CommoditiesWest Texas Intermediate crude rose 2.4% to $23.14 a barrel.Gold slipped 0.2% to $1,628 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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