Asian Stock Markets
Asian stocks fluctuated and the yen gained as traders adopted a
risk-off approach, digesting comments from President Donald Trump’s new
economic adviser. Treasury yields extended declines after lackluster
U.S. retail sales stoked concern that consumer spending is cooling,
weighing on the dollar.
Stock benchmarks fell in Tokyo, and were little changed in Sydney, Seoul and Hong Kong. U.S. futures swung between gains and losses. Earlier, the S&P 500 fell for a third day, with volume more than 10 percent below the 30-day mean. Incoming White House economic adviser Larry Kudlow signaled Trump would support a strong dollar and take a tougher line on trade with China.
The yen gained for a second day. Treasury yields tested early-February lows on bets the Federal Reserve won’t accelerate the pace of interest-rate hikes.
The lackluster retail sales data provided the last major economic indicator prior to the Fed’s policy decision next week. While an increase in borrowing costs at the meeting is pretty much a done deal, it remains an open question as to whether U.S. policy makers lift their expectations for the pace of future increases.
Elsewhere, oil steadied near $61 a barrel as signs of stronger U.S. fuel consumption balanced OPEC forecasting for the first time that new supplies from its rivals will exceed demand growth this year. Bitcoin drifted toward $8,000.
Topix index fell 0.4 percent as of 12:14 p.m. Tokyo time.
Hong Kong’s Hang Seng Index was flat.
Kospi index was little changed.
Australia’s S&P/ASX 200 Index lost 0.2 percent.
Futures on the S&P 500 Index added 0.1 percent.
The MSCI Asia Pacific Index fell 0.2 percent.
The Japanese yen jumped 0.3 percent to 106.01 per dollar.
The euro rose 0.1 percent to $1.2379.
The yield on 10-year Treasuries fell one basis point to 2.81 percent.
Japan’s 10-year yield fell less than one basis point to 0.046 percent.
Australia’s 10-year yield fell two basis points to 2.72 percent.
Stock benchmarks fell in Tokyo, and were little changed in Sydney, Seoul and Hong Kong. U.S. futures swung between gains and losses. Earlier, the S&P 500 fell for a third day, with volume more than 10 percent below the 30-day mean. Incoming White House economic adviser Larry Kudlow signaled Trump would support a strong dollar and take a tougher line on trade with China.
The yen gained for a second day. Treasury yields tested early-February lows on bets the Federal Reserve won’t accelerate the pace of interest-rate hikes.
The lackluster retail sales data provided the last major economic indicator prior to the Fed’s policy decision next week. While an increase in borrowing costs at the meeting is pretty much a done deal, it remains an open question as to whether U.S. policy makers lift their expectations for the pace of future increases.
Elsewhere, oil steadied near $61 a barrel as signs of stronger U.S. fuel consumption balanced OPEC forecasting for the first time that new supplies from its rivals will exceed demand growth this year. Bitcoin drifted toward $8,000.
Topix index fell 0.4 percent as of 12:14 p.m. Tokyo time.
Hong Kong’s Hang Seng Index was flat.
Kospi index was little changed.
Australia’s S&P/ASX 200 Index lost 0.2 percent.
Futures on the S&P 500 Index added 0.1 percent.
The MSCI Asia Pacific Index fell 0.2 percent.
The Japanese yen jumped 0.3 percent to 106.01 per dollar.
The euro rose 0.1 percent to $1.2379.
The yield on 10-year Treasuries fell one basis point to 2.81 percent.
Japan’s 10-year yield fell less than one basis point to 0.046 percent.
Australia’s 10-year yield fell two basis points to 2.72 percent.
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