Tag: MARKETSAsian

GLOBAL MARKETS-Asian stocks set to rise as tech, stimulus hopes fuel global rally

By Suzanne Barlyn

NEW YORK, Oct 12 (Reuters) – Asian stocks were set to rise on Tuesday as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.

Shares in Apple Inc AAPL.O surged 6.4% on Wall Street on Monday ahead of an expected debut of its latest iPhone on Tuesday, helping boost technology stocks, while Amazon AMZN.O rallied 4.8% ahead of its Prime Day shopping event this week.

CommSec Senior Economist Ryan Felsman said a COVID-19 resurgence in Europe and the United States is partly fueling the tech rally.

“Once again, there is a desire to hold the stay-at-home types of technology stocks…which will still generate profits and will be greatly oriented to a more challenging economic environment,” Felsman said.

On Wall Street, the Nasdaq Composite .IXIC on Monday staged its biggest one-day rally in a month, jumping 2.56%. The Dow Jones Industrial Average .DJI rose 0.88% and the S&P 500 .SPX gained 1.64%.

The U.S. dollar was pinned near a three-week low and gold, another safe-haven asset, stayed below a three-week high, slapped by investor demand for risk. The U.S. bond market is closed on Monday for Columbus Day.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.11% higher.

Australian S&P/ASX 200 futures YAPcm1 rose 1.05% in early trading. Hong Kong’s Hang Seng index futures .HSIHSIc1 rose 0.11%.

E-mini futures for the S&P 500 EScv1 rose 0.01%.

The dollar index =USD fell 0.078%, with the euro EUR= unchanged at $1.1813.

The pan-European STOXX 600 index .STOXX rose 0.72% and MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 0.01%.

Bets that more U.S. stimulus was in the offing came despite signs that talks in Washington had stalled again, leading the Trump administration to call

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GLOBAL MARKETS-Asian markets to inch up as U.S. stimulus talks restart

By Imani Moise

NEW YORK, Oct 8 (Reuters) – Asian shares were set to track Wall Street gains on Friday as revived hopes for a U.S. stimulus deal helped investors overlook weaker-than-expected jobs data and growing global coronavirus cases.

In energy markets, oil prices rallied on production shutdowns ahead of a storm in the U.S. Gulf of Mexico and the possibility of supply cuts from Saudi Arabia and Norway. O/R

U.S. President Donald Trump on Thursday said talks with Congress had restarted on targeted fiscal relief, after calling off negotiations earlier this week.

House Speaker Nancy Pelosi downplayed the likelihood of stand-alone bills without more comprehensive aid, but the fact that talks had resumed was enough to lift markets.

Futures for the S&P 500 EScv1 rose 0.44%, Australia’s S&P ASX 200 futures YAPcm1 were 0.20% higher and Japan’s Nikkei 225 futures NKc1 added 0.32% in early Asia.

Mixed messages about stimulus will likely continue to trigger choppy markets, analysts said.

“Optimism over additional fiscal support in the U.S. resurfaced, but the back and forth between policymakers could see volatility linger for a while yet,” said senior ANZ Research economist Miles Workman in a note.

The Dow Jones Industrial Average .DJI rose 0.43%, the S&P 500 .SPX gained 0.80% and the Nasdaq Composite .IXIC added 0.5%.

MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 0.76%.

Gold also rose on stimulus hopes with the yellow metal XAU= up 0.1% at $1,889.50 on Thursday and U.S. gold futures GCcv1 0.2% higher at $1,895.10.

Meanwhile, the number of jobless claims in the U.S. came in 20,000 higher than economists expected at 840,000 showing unemployment in the world’s largest economy remains historically high and recovery in the labor market losing momentum.

Additionally, the World Health Organization reported a record one-day increase in global

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GLOBAL MARKETS-Asian shares at 1-mth highs on renewed U.S. stimulus hopes

By Swati Pandey

SYDNEY, Oct 8 (Reuters) – A gauge of Asian shares climbed to a one-month high on Thursday, as renewed hopes for more U.S. stimulus helped restore investor confidence with markets now pricing in a Democratic victory during elections in November.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.3% for its fourth straight session of gains to a level not seen since early September.

Australia’s benchmark index .AXJO jumped 1.1% to a one-month high helped by a larger-than-expected fiscal stimulus announced in federal budget on Tuesday night.

New Zealand shares .NZ50 rallied on expectations of further monetary policy easing after the country’s central bank said it was “actively considering” negative interest rates and a funding-for-lending programme.

Japan’s Nikkei .N225 added 0.5%.

Globally, risk assets have rallied since mid-March on a flood of central bank and government support for economies reeling from coronavirus-induced lockdowns world over. Expectations of more aggressive easing have further boosted sentiment.

“It’s another good day for risk and equities have powered up,” said Pepperstone strategist Chris Weston in Melbourne.

“Some talk of fiscal has been in play again, but this has become tiresome and the markets don’t need a reason to rally, they just don’t need to hear negative news. So, in the absence of any, we see equities flying and U.S. Treasuries offered.”

Weston expects more monetary policy stimulus from the U.S. Federal Reserve before Christmas if the fiscal package comes in too small or too late.

Aiding risk sentiment, U.S. President Donald Trump sent out a flurry of tweets on Wednesday urging Congress to pass piece-meal aid packages for targeted industries, small business and consumers, backpedaling from his earlier stance to unilaterally end negotiations.

Further, new polls show Democratic candidate Joe Biden in a firm lead against Trump ahead

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GLOBAL MARKETS-Asian stocks at 2-week high as Trump returns to White House

By Alun John and Tom Westbrook

SINGAPORE, Oct 6 (Reuters) – Asian stock markets advanced to a two-week high on Tuesday after U.S. President Donald Trump was discharged from hospital following treatment for COVID-19 and as prospects for a fresh U.S. stimulus package appeared to brighten.

Bonds and the dollar nursed losses amid the improving risk appetite, while oil extended gains.

Trump returned to the White House on Monday after a three-night hospital stay and said he felt “real good”, though one of his doctors cautioned that he may not be out of the woods yet.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.71% to a two week-high, led by Hong Kong .HSI climbing 0.88%. Japan’s Nikkei .N225 also added 0.41%.

Separately, U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke by phone for about an hour and were preparing to talk again Tuesday, continuing their work towards a deal on coronavirus relief spending.

As well as Trump’s health, “there is also some market attention on whether the U.S. Congress will pass the extra stimulus bill,” said Tai Hui, Chief Asia Market Strategist, J.P. Morgan Asset Management

“If we do see some form of stimulus coming through, I think the market will take it in a positive light as much of the important support from the previous round has expired,” he said.

S&P 500 futures ESc1 rose 0.08% after the best daily gain on the S&P 500 index .SPX in a month overnight. Oil held sharp overnight gains. O/R

Australia’s ASX 200 .AXJO was more subdued, up 0.17%, ahead of a central bank meeting at 0330 GMT and the government’s budget later in the day.

China’s markets remain closed for a holiday.

Asian markets on Monday unwound most of a Friday selloff in the

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EMERGING MARKETS-Asian currencies ease after Trump tests positive for COVID-19

U.S. dollar edges higher after Trump tests positive

Malaysia stocks set to snap two straight weeks of gains

Palm oil stocks in Malaysia stage minor rebound

India, China, South Korea, Hong Kong, Taiwan on holiday

Oct 2 (Reuters) – Southeast Asia’s currencies eased on Friday with investors seeking safety in the U.S. dollar after U.S. President Donald Trump tested positive for COVID-19, while hopes for further U.S. stimulus also waned.

Trump said he and First Lady Melania Trump had tested positive for COVID-19 and would immediately quarantine and begin the “recovery process.”

The positive result raises the level of uncertainty ahead of the U.S. elections in November.

Appetite for riskier stocks was also overshadowed by concerns that a plan to provide more relief to the U.S. economy during the coronavirus outbreak would stall in the Senate, after being approved by the U.S. House of Representatives.

Stocks shed 0.9% in Singapore .STI and 0.7% in Jakarta .JKSEwhile stocks in Malaysia .KLSE and the Philippines .PSI edged higher.

Currencies in the region were largely weaker against the dollar =USD, with the rupiah IDR=, ringgit MYR= and Singapore dollar SGD= all down around 0.2% versus the greenback.

“It is prime time now for (the) U.S. election,” said Jingyi Pan, a senior market strategist at IG.

“Should the President be absent during this period, that could mean even more complications with the election.”

Trading volumes were thin in Asia with a host of places on holiday this Friday including, India, China, South Korea, Hong Kong and Taiwan.

FGV Holdings FGVH.KL and other Malaysian palm oil producers rose on Friday after falling sharply in the previous session, when the United States blocked the entry of FGV’s palm oil products into the country over allegations of forced labour. Malaysia said it

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