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Dollar Extends Drop, Gold Futures Rise to Record: Markets Wrap
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Dollar Extends Drop, Gold Futures Rise to Record: Markets Wrap
(Bloomberg) -- Stocks in Asia opened mixed and gold futures rose to a record high as investors weighed simmering Sino-American tensions against signs the virus spread in the U.S. may be slowing. The dollar extended its recent slide.Japanese fell, catching up to a two-day slide in global equities when Tokyo was closed for a holiday last week. Stocks in Seoul edged higher and were flat in Australia. S&P 500 contracts ticked up after the benchmark retreated Friday. Gold traded above $1,900 an ounce.Investors this week will be looking to the Federal Reserve’s meeting for clues on what comes next for policy amid expectations for more accommodation ahead. That comes as wrangling continues in Washington over a stimulus bill. On the virus front, cases fell in California, Arizona, Florida and New York.“The July FOMC meeting should kick off a period from August into mid-September in which markets should price in an increasingly dovish, forward-looking Fed policy via lower real rates,” Morgan Stanley strategists including Matthew Hornbach, wrote in a report. “This should benefit breakeven inflation rates, support risk assets, and weigh on the U.S. dollar.”Here are some key events coming up:Earnings include, Apple, Amazon.com, Alphabet, Chevron, Rio Tinto, L’Oreal, Caterpillar, Samsung, Barclays and Credit Suisse.The Federal Open Market Committee holds its policy meeting on Tuesday, with an announcement due on Wednesday.U.S. second-quarter GDP is expected on Thursday.China PMI data comes Friday.These are the main moves in markets:StocksFutures on the S&P 500 edged up 0.2% as of 9:19 a.m. in Tokyo. The gauge fell 0.6% on Friday.Japan’s Topix index lost 1%.South Korea’s Kospi added 0.8%.Australia’s S&P/ASX 200 Index lost less than 0.1%CurrenciesThe yen rose 0.1% to 106.03 per dollar.The offshore yuan held at 7.0195 per dollar.The euro bought $1.1647, down 0.1%.The Bloomberg Dollar Spot Index fell 0.3%.BondsThe yield on 10-year Treasuries remained at 0.59%.Australia’s 10-year bond yield rose four basis points to 0.9%.CommoditiesWest Texas Intermediate crude oil fell 0.3% to $41.16 a barrel.Gold was at $1,917.78 an ounce, up 0.8%.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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