(Bloomberg) -- U.S. stocks advanced as technology shares rallied on strong earnings from a leading chipmaker. Treasuries fell with gold.
The S&P 500 halted a three-day slide, while the Nasdaq indexes surged after Micron Technologies Inc.’s profit topped estimates. Chipmakers Intel Corp. and Cisco Systems Inc. also rallied. Futures rose overnight on signs that the Trump administration won’t escalate its trade war with China at this weeks’ G-20 meeting.
Ten-year Treasury yields pushed above 2%, while oil rose to a four-week high on supply concerns, and gold retreated. The dollar gained for a second day.
Investors have been in a cautious mood ahead of the meeting between Presidents Donald Trump and Xi Jinping, set for Saturday. While Mnuchin’s comments revived risk appetite, a major breakthrough may not come this weekend -- speaking to Fox News on Wednesday, Trump once again threatened substantial additional tariffs if a deal can’t be reached. Meanwhile, many traders hope the Federal Reserve will mitigate any headwinds to global growth with deep cuts, though Fed member James Bullard made clear Tuesday that’s not a given.
“My biggest concern here is that people think higher tariffs, or the threat of higher tariffs, can be offset by the promise of lower rates,” David Kelly, chief global strategist at JPMorgan Asset Management, told Bloomberg TV. “That’s not going to work.”
Elsewhere, Bitcoin surged above $12,000 for the first time in more than a year, and briefly came within striking distance of the $13,000 mark. New Zealand’s dollar strengthened after its central bank left rates unchanged.
Here are some key events coming up:
The Group of 20 summit is in Osaka, Japan, on Friday and Saturday.
These are the main moves in markets:
Stocks
The S&P 500 Index climbed 0.5% as of 9:40 a.m. New York time.The Stoxx Europe 600 Index declined 0.06%.The U.K.’s FTSE 100 Index advanced 0.1% to the highest in more than a week.The MSCI Emerging Market Index increased less than 0.05%.The MSCI Asia Pacific Index sank 0.4% to the lowest in a week.
Currencies
The Bloomberg Dollar Spot Index increased less than 0.05%.The euro declined less than 0.05% to $1.1362.The British pound fell 0.1% to $1.268, the weakest in a week.The Japanese yen dipped 0.5% to 107.69 per dollar, the weakest in a week on the largest decrease in almost 11 weeks.
Bonds
The yield on 10-year Treasuries advanced three basis points to 2.01%, the biggest gain in more than two weeks.Germany’s 10-year yield gained one basis point to -0.32%.Britain’s 10-year yield increased one basis point to 0.806%.
Commodities
West Texas Intermediate crude gained 2% to $59.00 a barrel, the highest in more than four weeks.Gold fell 0.9% to $1,410.15 an ounce, the first retreat in more than a week and the biggest fall in more than two weeks.
--With assistance from Ksenia Galouchko, Randall Jensen and Robert Brand.
To contact the reporter on this story: Laura Curtis in London at lcurtis7@bloomberg.net
To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, ;Samuel Potter at spotter33@bloomberg.net, Ravil Shirodkar
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https://finance.yahoo.com/news/asia-stocks-slip-yields-drop-214509932.html
2019-06-26 13:42:00Z
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