Stocks Decline as Treasuries Advance; Pound Slides: Markets Wrap - Yahoo Finance

Stocks Slide; Pound Whipsawed on Brexit Turmoil: Markets Wrap

(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.

U.S. stocks were poised to drop at the open as Wall Street resumes trading after the long weekend, while equities in Europe and Asia also declined as investors weighed receding chances for fresh China talks this month. Treasuries edged up, while the pound slipped against the dollar as Brexit brinkmanship raised the possibility of an early election in the U.K.

Treasuries edged higher as sovereign bonds advanced across Europe, and a gauge of the dollar ratcheted up for a seventh straight session. Contracts on the three main U.S. stock benchmarks all fell from Friday levels. Declines in energy and mining shares led the Stoxx Europe 600 index lower. Earlier in Asia, stocks fell in most of the region, though they saw modest gains in Tokyo and Shanghai. Gold held Monday’s advance.

The pound gyrated after dipping below $1.20 for the first time since 2017 following Prime Minister Boris Johnson’s threat to call a general election rather than acquiesce to Parliament possibly demanding he request another postponement for the U.K.’s departure from the European Union.

September has begun with a rocky start for risk assets as traders remain sensitive to the twists and turns of the Sino-U.S. trade war. With mistrust on both sides, officials from the world’s two largest economies are struggling to agree on basic terms of re-engagement and even when to hold meetings planned for this month. Violent confrontations in Hong Kong are also weighing on sentiment.

Elsewhere, West Texas-grade crude oil slipped to $54 a barrel amid concerns an economic slowdown from the trade war may dent demand. The U.S. East Coast was bracing for devastating winds and a life-threatening storm surge from Hurricane Dorian as the Category 3 storm continues to wreak havoc on the Bahamas.

Here are some key events coming up:

British members of Parliament will start debating an emergency plan to take control of the legislature’s business on Tuesday evening in London.Bank of England Governor Mark Carney speaks before Treasury Committee on Wednesday alongside colleagues Andy Haldane, Jonathan Haskel and Gertjan Vlieghe, on the bank’s August Inflation Report; he’ll then appear alone to discuss the U.K.’s economic relationship with the EU.Fed speakers this week include New York Fed’s John Williams on Wednesday and Fed chair Jerome Powell on Friday.The U.S. jobs report on Friday is projected to show the widely watched nonfarm payrolls rose by 158,000 in August, versus 164,000 the month prior. Estimates are for unemployment to be steady at 3.7% and the average hourly earnings rate of increase to slow to 3.0%.

These are the main moves in markets:

(All comparisons are with Monday prices, except U.S. futures, Treasuries, copper and crude oil which are compared with Friday.)

Stocks

The Stoxx Europe 600 Index sank 0.3% as of 7:20 a.m. New York time.Futures on the S&P 500 Index declined 0.7%.The MSCI Asia Pacific Index dipped 0.3%.

Currencies

The Bloomberg Dollar Spot Index rose 0.1%.The euro sank 0.3% to $1.0936.The British pound fell 0.2% to $1.2041.The Japanese yen strengthened 0.1% to 106.13 per dollar.The MSCI Emerging Markets Currency Index dipped 0.3%.

Bonds

Britain’s 10-year yield fell four basis points to 0.372%.The yield on 10-year Treasuries declined one basis point to 1.49%.The yield on two-year Treasuries dipped one basis point to 1.50%.

Commodities

West Texas Intermediate crude declined 2% to $54 a barrel.Copper sank 2% to $2.50 a pound.LME nickel dipped 0.2% to $18,015 per metric ton.

--With assistance from April Ma, Andreea Papuc and Francine Lacqua.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Laura Curtis

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Let's block ads! (Why?)

https://finance.yahoo.com/news/asian-stocks-set-slip-trade-214324971.html

2019-09-03 11:28:00Z
CBMiSWh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9hc2lhbi1zdG9ja3Mtc2V0LXNsaXAtdHJhZGUtMjE0MzI0OTcxLmh0bWzSAVFodHRwczovL2ZpbmFuY2UueWFob28uY29tL2FtcGh0bWwvbmV3cy9hc2lhbi1zdG9ja3Mtc2V0LXNsaXAtdHJhZGUtMjE0MzI0OTcxLmh0bWw

Bagikan Berita Ini