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  Home > World Business


Asia Extends Global Equity Rally as Bonds Slide: Markets Wrap


 


 September 13th, 2017  |  10:10 AM  |   1066 views

BLOOMBERG

 

Asian equities took another leg higher after the S&P 500 Index rose to a record high and Treasuries tumbled, with less damage than originally feared from Hurricane Irma supporting the case for a gradually improving U.S. economy.

 

Japan’s Topix index added to Monday’s rally, the biggest in three months, while South Korean and Australia equities climbed. The S&P 500 jumped the most since April to close at its first record in a month. Bloomberg’s dollar index steadied after recouping some of last week’s slump on Monday. Oil also held gains triggered by signs that predictions about Irma’s wrath were overdone.

Moves in favor of risk assets that began Monday were built on throughout the day and into Asian trading on Tuesday morning, supported also by a lack of further provocative developments from North Korea. The UN Security Council on Monday approved a watered-down proposal to punish the nation for its latest missile and nuclear tests, omitting an oil embargo and a freeze of Kim Jong Un’s assets.

Markets in the Philippines are shut as heavy rain and flooding from tropical depression Maring descends on the country.

 

Terminal subscribers can read more on our Markets Live blog.

 

Among the key events this week for markets:

 

Apple Inc. reveals its newest products on Tuesday, set to include new iPhones and a fresh version of the Apple watch.

U.S. retail sales and inflation data are due this week.

The Bank of England will almost certainly leave policy unchanged Thursday, even though the U.K. inflation reading two days earlier may show a pickup.

Also due this week are data on China’s August industrial production, retail sales and fixed-asset investment.

Australia releases jobs data on Thursday.

India inflation and industrial output releases are due Tuesday.

Here are the main moves in markets:

 

Stocks

 

Japan’s Topix index advanced 1.1 percent as of 9:12 a.m. in Tokyo.

Australia’s S&P/ASX 200 Index added 0.4 percent.

South Korea’s Kospi index advanced 0.3 percent.

Futures on the S&P 500 Index were flat after the underlying gauge added 1.1 percent on Monday.

Currencies

 

The Bloomberg Dollar Spot Index was flat Tuesday after gaining 0.6 percent for the first advance in more than a week on Monday.

The yen was at 109.44 per dollar after sinking 1.4 percent on Monday, its steepest decline since January.

The Aussie bought 80.22 U.S. cents.

Bonds

 

The yield on 10-year Treasuries rose eight basis points to 2.13 percent on Monday.

The yield on Australian government notes with a similar maturity added more than three basis points to 2.64 percent.

Commodities

 

Gold was steady at $1,326.29 an ounce after sinking 1.4 percent on Monday.

West Texas Intermediate crude was little changed at $48.06 following a 1.2 percent gain on Monday.

 


 

Source:
courtesy of BLOOMBERG

by Adam Haigh

 

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