Asia Stocks Set for Steady Open; Treasuries Rose: Markets Wrap
(Bloomberg) -- Asia stocks are headed for a calm open as a global rally that drove stocks to all-time highs paused. Treasuries climbed.Futures edged lower in Japan and were little changed in Australia. U.S. futures were steady after technology companies led a modest decline in the S&P 500 Index on Tuesday, offsetting gains in retailers. The Dow Jones Industrial Average and the Nasdaq 100 also retreated in low activity. Volume on U.S. exchanges slipped below 10 billion shares for the first time this year.Oil held gains as the International Monetary Fund upgraded its global growth forecast for the second time in three months, countering concerns about flare-ups in Covid-19 infections in parts of the world. The dollar stabilized after dropping against major peers.Traders are taking heart from the assurance of continued central bank support and an improving growth outlook. Concerns about higher borrowing costs destabilizing the market have also eased, with bond yields subsiding as traders pull their more-aggressive positioning for Federal Reserve policy tightening.“Central banks are continuing to keep interest rates so low so people are looking for some place to put their money where they can get a return,” Sarah Hunt, Alpine Woods Capital Investors associate portfolio manager, said on Bloomberg TV. “I think that’s also why you have stocks priced somewhat for perfection.”Stocks tied to the Archegos Capital Management blowup whipsawed after Credit Suisse Group AG unloaded more than $2 billion of the shares in the latest block trades stemming from the liquidation of Bill Hwang’s fund. ViacomCBS Inc., Vipshop Holdings Ltd. and Farfetch Ltd. erased earlier declines.On the economic front, data showed U.S. job openings rose to a two-year high in February, led by gains in some of the industries hardest hit during the pandemic.Some key events to watch this week:The 2021 Spring Meetings of the IMF and the World Bank Group take place virtually. Federal Reserve Chairman Jerome Powell takes part in a panel about the global economy on Thursday.The Fed publishes minutes from its March meeting on Wednesday.Japan releases its balance of payments numbers Thursday.China’s consumer and producer prices data are due Friday.These are some of the main moves in markets:StocksS&P 500 futures rose 0.1% as of 7:35 a.m. in Tokyo. The S&P 500 fell 0.1%.Nikkei 225 futures fell 0.2%.Australia’s S&P/ASX 200 Index futures were little changed.CurrenciesThe yen was at 109.74 per dollar.The offshore yuan was at 6.5434 per dollar.The Bloomberg Dollar Spot Index was little changed.The euro traded at $1.1873.BondsThe yield on 10-year Treasuries decreased four basis points to 1.66%.CommoditiesWest Texas Intermediate crude was little changed at $59.33 a barrel.Gold was at $1,744.28 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Published:4/6/2021 6:16:01 PM