U.S. Futures, Stocks Advance Before Powell Remarks: Markets Wrap - Yahoo Finance

U.S. Futures, Stocks Advance Before Powell Remarks: Markets Wrap

(Bloomberg) -- Want the lowdown on what's moving Asia’s markets in your inbox every morning? Sign up here.

U.S. and European stock futures climbed with Asian equities as investors pushed a gauge of global stocks close to reclaiming a record high ahead of commentary from Federal Reserve Chairman Jerome Powell.

Benchmarks in Hong Kong and Seoul climbed more than 1%, while Chinese shares posted their sixth day of advances. Japanese financial markets are shut for a holiday. The risk appetite began in the U.S. where the S&P 500 Index climbed to a new high Monday, with most sectors advancing. The Chinese yuan traded offshore maintained gains, while the yen was little changed. Oil recovered some losses after plumbing a one-year low in New York.

Investors are trying to figure out whether the rate of contagion from the coronavirus is stabilizing even as the death toll climbed above 1,000, higher than the SARS outbreak, and one estimate put the mortality rate from the disease at 1%. Attention turns to corporate earnings, with investors seeking guidance from companies on the expected impact of the virus on their operations. Earnings are due this week from companies such as Alibaba Group Holding Ltd., Credit Suisse Group AG and Nestle SA.

Meanwhile, the Fed’s Powell addresses U.S. lawmakers this week in his semi-annual testimony and markets will be looking for any remarks on the effect of the virus on the economy and monetary policy. Federal Reserve Bank of San Francisco President Mary Daly said Monday that the U.S. economy and policy were in a good place.

“At the margin, we have to consider that the rebound in growth we were expecting over 2020 may be either delayed or somewhat less vigorous than we were anticipating due to the impact of the virus,” Mark Robertson, head of multistrategy at Aviva Investors, said in an interview in Sydney. “But ongoing monetary policy support, especially what was delivered last year, a reduction in uncertainty around trade wars, should still be a tail wind.”

Elsewhere, oil rose back to around $50 a barrel after sliding as prospects for an emergency meeting of OPEC+ withered, raising fears of a supply glut at the same time the coronavirus is weighing on global demand.

Here are some key events coming up:

Earnings season continues with reports including: MGM Resorts and Cisco Systems on Monday; Softbank on Wednesday; Thursday will bring Alibaba, Nissan, Credit Suisse, Airbus, Nestle and AIG.Federal Reserve Chairman Jerome Powell delivers his semiannual testimony in Congress on Tuesday and Wednesday; ECB President Christine Lagarde speaks at the European Parliament in Strasbourg Tuesday.Thursday sees a gauge of underlying U.S. inflation, the core consumer price index. It is forecast to increase to 0.2% in January, a faster pace than in December.China and the U.S. on Friday lower tariffs on billions of dollars of respective imports as part of the trade deal signed last month.

These are the main moves in markets:

Stocks

Hong Kong’s Hang Seng Index rose 1.4% as of 2:58 p.m. local time. The gauge rose above its 50-day mean for the first time since the Lunar New Year holiday.The S&P/ASX 200 Index rose 0.6%.South Korea’s Kospi index added 1%.Shanghai Composite Index rose 0.4%. The broader CSI 300 Index was up 0.9%.S&P 500 futures rose 0.3%. The S&P 500 Index rose 0.7%.Euro Stoxx 50 futures gained 0.6%.The MSCI Asia ex-Japan Index gained 0.6%.

Currencies

The yen was at 109.92 per dollar.The offshore yuan traded at 6.9746 per dollar, up 0.1%.The euro was at $1.0909.The Bloomberg Dollar Spot Index slipped 0.1%.

Bonds

The yield on 10-year Treasuries decreased one basis point to 1.57% Monday. Cash trading won’t resume until London opens because of the holiday in Tokyo.Australia’s 10-year bond yield rose one basis point 1.02%.

Commodities

West Texas Intermediate crude rose 1.3% to $50.20 a barrel.Gold dipped 0.3% to $1,567.3 an ounce.

--With assistance from Claire Ballentine and Vildana Hajric.

To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Joanna Ossinger, Ravil Shirodkar

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

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.

Let's block ads! (Why?)

https://finance.yahoo.com/news/asian-stocks-set-gain-open-214517439.html

2020-02-11 05:39:54Z
CBMiSGh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9hc2lhbi1zdG9ja3Mtc2V0LWdhaW4tb3Blbi0yMTQ1MTc0MzkuaHRtbNIBUGh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vYW1waHRtbC9uZXdzL2FzaWFuLXN0b2Nrcy1zZXQtZ2Fpbi1vcGVuLTIxNDUxNzQzOS5odG1s

Bagikan Berita Ini