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Most Asian Stocks Advance; China Tech Retreats: Markets Wrap

 (Bloomberg) -- Most Asian stocks pushed higher Wednesday after a rotation out of defensive technology names into shares more exposed to economic growth continued in the U.S. overnight.

Equities in Japan and Australia climbed more than 1%, but a technology selloff in China deepened following Beijing’s crackdown on the Internet industry. Stock Market Today S&P 500 futures edged up after the benchmark pulled back from a two-month high Tuesday when the Nasdaq 100 index slid almost 2%. European futures slipped.

Shares in companies including Alibaba Group Holding Ltd. and Tencent Holdings Ltd. slumped after the Communist Party unveiled regulations to root out monopolistic practices in the technology industry.

The dollar edged lower and crude oil extended an advance. New Zealand’s currency rose to a 19-month high as traders pared Stock Market Hours Pst expectations for the central bank to introduce negative rates after its latest policy statement.

Investors will also be watching Alibaba’s annual Singles’ Day, the online shopping phenomenon that could provide clues on China’s economic recovery.

Enthusiasm over the prospects for a coronavirus vaccine boosted global equities and sent havens into a tailspin this week, though some analysts said the moves may have gone too far. Stock Market News the coronavirus shot still has several hurdles to clear and there are concern over U.S. fiscal stimulus, the transition of power to President-elect Joe Biden and a virus resurgence.

“It’s clear that we are getting a lot of rotation, but the actual roll out of vaccines is going to take months,” Patrik Schowitz, global multi-asset strategist at JPMorgan Asset Management, said on Stock Futures Bloomberg TV. “Sure, markets are going to price that in well ahead of the actual things happening in the real economy and on the ground. But we’ll get a first burst of rotation and after that it will slow down markedly.”

Read How Wall Street Is Jumping On The Value Train

The coronavirus is roaring back in U.S. cities, Stock Market Heat Map with hospitalizations in the country reaching a record and cases topping 1 million in the first 10 days of November. A public vaccination campaign could begin by spring, Health and Human Services Secretary Alex Azar said.


These Are Some Key Events Coming Up:

European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey, and Federal Reserve Chairman Jerome Powell are among the speakers Thursday at an online ECB Forum entitled “Central Banks in a Shifting World.” U.S. CPI data for October is due on Thursday.Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.


These are some of the main moves in markets:

Stocks

S&P 500 futures rose 0.2% as of 6:16 a.m. in London. The S&P 500 Index dropped 0.1%.Japan’s Topix index gained 1.7%.South Korea’s Kospi index advanced 1.3%.Australia’s S&P/ASX 200 Index added 1.7%.Shanghai Composite fell 0.4%.Euro Stoxx 50 futures declined 0.4%.


Currencies

The Bloomberg Dollar Spot Index fell 0.2%.The euro bought $1.1822, up 0.1%.The yen was at 105.30 per dollar.The offshore yuan rose 0.1% to 6.5917 per dollar.

Bonds

The yield on 10-year Treasuries was at 0.96% on Tuesday.Australia’s 10-year bond yield rose seven basis points to 0.99%.

Commodities

West Texas Intermediate crude increased 1.1% to $41.81 a barrel.Gold was at $1,881.70 an ounce, climbing 0.2%.



Source Url: https://finance.yahoo.com/news/asia-stocks-look-steady-u-215408277.html





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