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Asia Stocks Up After U.S. High on Growth Optimism: Markets Wrap




  • In Business
  • 2021-08-25 02:54:35Z
  • By Bloomberg
 

(Bloomberg) -- Asian stocks wavered Wednesday as investors weighed China's crackdown on private industries and prospects for the economic recovery from the pandemic. Treasuries were steady and the dollar edged higher.

MSCI Inc.'s regional gauge was little changed as a rebound in Chinese technology stocks faded. U.S. futures fluctuated after the S&P 500 and the Nasdaq 100 closed at all-time highs.

In commodity markets, oil gave up some of its recent gains. Concerns about the impact of the delta variant on demand linger even after China's success in stamping out virus flare-ups.

China's 10-year bond yield slipped amid a cash injection by the central bank that indicated officials are seeking to soothe liquidity conditions. In the latest steps following Beijing's regulatory clampdown, the Securities and Exchange Commission said it will demand that Chinese companies trading in U.S. markets better inform investors about political and regulatory risks

Company earnings, expanding vaccinations and support from monetary policy have partially repaired sentiment after a bout of jitters over the economic outlook caused by the fast-spreading delta strain. The next key read on the central bank outlook is due later this week when Federal Reserve Chairman Jerome Powell speaks at the Jackson Hole symposium.

"When you look at how investors are positioned, they are all very bullish," Simon Doyle, head of fixed income and multi-asset at Schroders, said on a webinar. "The market is expensive and investors are all confident, which is something you need to worry a bit about."

In the U.S., the House adopted a $3.5 trillion budget resolution, helping move forward on the core of President Joe Biden's economic agenda.

Here are some events to watch this week:

Bank of Korea policy decision; briefing by Governor Lee Ju-yeol ThursdayFed officials attend the Jackson Hole Economic Policy Symposium from Thursday through SaturdayU.S. GDP, initial jobless claims ThursdayJuly U.S. personal income and spending data Friday. Investors will scrutinize the personal consumption expenditures price index, an inflation measure closely watched by the Fed.

For more market analysis read our MLIV blog.

Some of the main moves in markets:

Stocks

S&P 500 futures were steady as of 11:45 a.m. in Tokyo. The S&P 500 rose 0.2%Nasdaq 100 futures were little changed. The Nasdaq 100 added 0.3%Japan's Topix index rose 0.1%Australia's S&P/ASX 200 Index gained 0.2%South Korea's Kospi index fell 0.3%Hong Kong's Hang Seng Index fell 0.3%China's Shanghai Composite index was little changed

Currencies

The Japanese yen was at 109.83 per dollarThe offshore yuan traded at 6.4757 per dollarThe Bloomberg Dollar Spot Index rose 0.1%The euro was at $1.1736

Bonds

The yield on 10-year Treasuries was at 1.29%Australia's 10-year government bond yield rose one basis points to 1.16%

Commodities

West Texas Intermediate crude was at $67.11 a barrelGold was at $1,796.60 an ounce

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