|Day's Range||23,338.40 - 23,412.48|
|52 Week Range||18,948.58 - 23,608.06|
(Bloomberg) -- Stocks rallied around the globe and Treasuries fell as better-than-expected data bolstered confidence in the world’s largest economy.The S&P 500 Index extended its advance into a third day after reports showed payrolls jumped 266,000 -- the most since January -- as wages beat estimates while consumer sentiment increased. Energy, financial and industrial shares led gains in the equity gauge, which posted its biggest rally in five weeks. The dollar rose, and Treasury 10-year yields traded above 1.8%. Oil surged.Investors pushed up the value of risk assets on the assumption that the American economy isn’t close to signaling a recession -- a fear that’s been lurking amid a trade war. While negotiators are near phase one of a broader accord and “progress has been made,” they haven’t yet put anything in writing, said White House economic adviser Larry Kudlow. Strong economic reports may reduce the urgency for a deal, given that escalating levies have failed to significantly dent growth. They also validate Federal Reserve Chairman Jerome Powell’s view that rates can stay on hold after three cuts.“For the equity market, it provides some encouragement that the U.S. is certainly not heading for a hard landing,” said James McCann, senior global economist at Aberdeen Standard Investments. “As we head into next year, the prospect for earnings still remains pretty healthy based on a still well-supported consumer backdrop.”Read: Wall Street Scraps Recession Assumptions After Robust Jobs DataStocks got whipsawed this week on conflicting signs of progress in trade negotiations between the world’s two largest economies. China said Friday it’s in the process of waiving retaliatory tariffs on imports of U.S. pork and soy by domestic companies -- a procedural step that may also signal a broader trade agreement is drawing closer. President Donald Trump has threatened to impose tariffs on Chinese imports if an accord isn’t reached by Dec. 15, which Kudlow said could still happen.Elsewhere, oil climbed as Saudi Arabia surprised the market by promising significant additional production cuts beyond what was agreed with fellow OPEC+ members. The euro fell after data showed Germany’s industrial slump unexpectedly deepened in October.Some corporate highlights:Apple Inc. jumped to a record high.Big Lots Inc. soared on its bullish view for next year.Ulta Beauty Inc. surged after delivering what analysts called “better-than-feared” results.Ciena Corp. tumbled after UBS recommended selling the stock ahead of next week’s earnings.These are some of the main moves in markets:StocksThe S&P 500 climbed 0.9% to 3,145.90 at 4 p.m. New York time.The Stoxx Europe 600 Index increased 1.2%.The MSCI Asia Pacific Index rose 0.5%.CurrenciesThe Bloomberg Dollar Spot Index added 0.1%.The euro dipped 0.4% to $1.106.The Japanese yen appreciated 0.2% to 108.57 per dollar.BondsThe yield on 10-year Treasuries rose three basis points to 1.84%.Germany’s 10-year yield climbed one basis point to -0.29%.Britain’s 10-year yield fell less than one basis point to 0.772%.CommoditiesThe Bloomberg Commodity Index climbed 0.2%.West Texas Intermediate crude climbed to $59.20 a barrel.Gold declined 1.2% to $1,465.10 an ounce.\--With assistance from Cormac Mullen, Eddie van der Walt, Sam Potter and Yakob Peterseil.To contact the reporters on this story: Rita Nazareth in New York at firstname.lastname@example.org;Vildana Hajric in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Rita NazarethFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Japanese shares closed higher on Friday, a day after its government approved a 26 trillion yen ($239.32 billion) stimulus package to support growth, with the focus shifting to U.S. jobs data that will be out later in the day. The Nikkei index ended up 0.23% to 23,354.40, buoyed by gains in industrial and financial sectors. The stimulus package is expected to push up GDP by 1.4% through fiscal 2021 and comes as Japan, like other major economies, looks to revive growth through spending as central banks rapidly run out of monetary policy options.
The Wall Street Journal reported Thursday that Washington and Beijing are still in disagreement over the size of China’s agricultural purchases. Meanwhile, China has given little indication on how negotiations with the U.S. are progressing.
Asian markets gained in early trading Friday after a senior Chinese official said negotiations for a phase-one trade deal with the U.S. are progressing.
The dollar rose and global equity markets rallied on Friday after data showed U.S. job growth increased by the most in 10 months in November, putting to rest fears of recession and briefly taking the spotlight off the U.S.-China trade talks. U.S. Treasury and German bund yields jumped, while gold slipped as much as 1%, reflecting increased investor appetite for risk. The stronger-than-expected Labor Department data showed steady wage gains and the unemployment rate falling to 3.5%, suggesting consumers will continue to drive the longest economic expansion in U.S. history, now in its 11th year.
Japanese Finance Minister Taro Aso said on Friday he did not believe the central bank's negative interest rate policy was behind a megabank's decision to consider implementing fees on some banking services. Aso made the comment after Mitsubishi UFJ Financial Group (MUFG) confirmed it was weighing such a move, following a report in the Nikkei business daily that the bank was considering fees on dormant accounts and other services. Years of the central bank's heavy money printing have failed to fire up inflation and crushed long-term interest rates near zero, drawing criticism from financial institutions for narrowing their margins and hurting their profits.
Japanese shares rose on Friday, a day after its government approved a 26 trillion yen stimulus package to support growth and shield the economy from risks posed by a slowdown overseas. At 0151 GMT the Nikkei index rose 0.32% to 23,375.02, led by gains in the industrial sector and the financial sector. There were 159 advancers on the Nikkei index against 57 on Friday.
The dollar rose and global equity markets jumped on Friday after data showed U.S. job growth increased by the most in 10 months in November, putting to rest recession fears and briefly taking the spotlight off contentious U.S.-China trade talks. U.S. Treasury yields rose, while gold slipped more than 1%, reflecting a rebound in investor appetite for risk as U.S. unemployment dipped to 3.5%, the lowest in nearly half a century. Stocks on Wall Street neared record highs, with the benchmark S&P 500 closing within 0.24% of its peak set nine days ago.
Investors are filled with holiday cheer Thursday morning. Global stock markets are, for the most part, higher. Earnings have some U.S. stocks moving. At Home cratered after cutting guidance, but Slack is rising after a solid earnings report.
TOKYO/HONG KONG, Dec 5 (Reuters) - Stock markets in Asia inched up on Thursday on the possibility that China and the United States may soon seal a "phase one" deal to end their 17-month trade war, but conflicting messages from U.S. President Donald Trump kept a lid on the advance. European shares are set to follow with a slightly firmer open, with the pan-regional Euro Stoxx 50 futures and London's FTSE futures rising 0.1% in early trade.
Asian shares were rising Thursday amid renewed hopes a U.S. trade deal with China may be nearing, despite tough recent talk from President Donald Trump.
The dollar slid and global equity markets traded little changed on Thursday as enthusiasm over Apple shares was offset by doubts about the likelihood of a "phase one" trade deal before a new round of U.S. tariffs on Chinese imports begins in 10 days. Treasury yields rose on reports indicating a resilient U.S. economy, including a fall in weekly jobless claims and a decline in the U.S. trade deficit, which suggested trade could contribute to growth in the fourth quarter. U.S. President Donald Trump's remarks on trade during his London visit for the NATO summit baffled investors.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Stocks rose and bonds fell on speculation the U.S. and China will reach a deal that avoids tariffs due to take hold in 11 days.The S&P 500 Index halted a three-day slide after Bloomberg News reported negotiators are getting near an agreement on the amount of tariff relief in a phase-one accord between the world’s two largest economies. President Donald Trump said discussions with China are going very well, just a day after downplaying the urgency of a deal. Treasury 10-year yields climbed, following the biggest decline since August. The dollar dropped. Oil surged.Investors are watching for any signs of progress in talks between Washington and Beijing as worries increase that Trump may slap more tariffs on China this month. A flood of trade news has whipsawed global markets, with the U.S. also threatening levies on France after hitting steel from Brazil and Argentina. American equities reached record highs in November, driven in part by optimism that at least an initial trade deal was in the offing.“You wake up every single day and see that the number one thing that’s dictating markets is trade,” said Matt Miskin, co-chief investment strategist at John Hancock Investment Management. “If those tariffs are avoided, then the recent gains in the market will likely hold.”On corporate news:Expedia Group Inc. surged as Chief Executive Officer Mark Okerstrom and Chief Financial Officer Alan Pickerill resigned after clashing with the board on the online travel agency’s direction.Cloud software stocks fell as disappointing forecasts from Workday Inc. and Salesforce.com Inc. added to concern about slowing growth.Peloton Interactive Inc. slumped as a report said it lowered the price of its digital subscription app for workouts in an effort to appeal to more users.Elsewhere, oil rallied as Energy Information Administration data showed U.S. crude inventories fell more than expected. The British pound touched the highest against the euro since May 2017 as traders stepped up bets on a win for the Conservatives in next week’s election.Here are some key events coming up this week:Germany releases factory-order data for October on Thursday.Saudi Aramco’s initial public offering is scheduled to be priced on Thursday, with Riyadh looking to raise more than $25 billion.Friday brings the U.S. jobs report, where estimates are for non-farm payrolls to rise by 190,000 in November.These are the main moves in markets:StocksThe S&P 500 climbed 0.6% to 3,112.76 at 4 p.m. New York time.The Stoxx Europe 600 Index rose 1.2%.The MSCI Asia Pacific Index dipped 0.7%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%.The euro was little changed at $1.1077.The British pound climbed 0.8% to $1.3105.The Japanese yen weakened 0.2% to 108.85 per dollar.BondsThe yield on 10-year Treasuries rose five basis points to 1.77%.Germany’s 10-year yield climbed three basis points to -0.32%.Britain’s 10-year yield jumped seven basis points to 0.741%.CommoditiesWest Texas Intermediate crude surged to $58.43 a barrel.Gold fell 0.3% to $1,480.20 an ounce.\--With assistance from Adam Haigh, Todd White, Sam Potter and Robert Brand.To contact the reporters on this story: Rita Nazareth in New York at email@example.com;Vildana Hajric in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Rita NazarethFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
U.S. stocks are set to start the day in the green, rebounding after news that President Donald Trump might delay a U.S.-China trade deal until after the 2020 election roiled markets on Tuesday.
India's dominant services sector bounced back to growth in November, expanding at its fastest pace in four months, driven by a strong pick-up in new business, a private sector survey showed on Wednesday. "The main positive to be taken from November's survey was a renewed increase in new work, which provided the platform for growth of services activity and employment whilst resulting in an improvement in business confidence," said Pollyanna De Lima, principal economist at IHS Markit, in a press release. Wednesday's upbeat survey comes after official data showed India's annual economic growth slowed to 4.5% in the July-September quarter, its weakest pace since 2013.
The decision by Japan's GPIF, the world's largest pension fund, to suspend share lending removes a big portfolio of international equities from access to short sellers.
A number of leading Wall Street banks are advising clients to make heavy bets on Hong Kong stocks, urging them to look again at a market that has been hammered by months of political tumult. On Wednesday, the IMF predicted Hong Kong’s economy would contract 1.2 per cent this year and grow just 1 per cent in 2020 in comparison with a 3 per cent expansion in 2018. Companies listed in the index derive much of their revenue from mainland China, meaning they would benefit from a “phase one” trade deal between the Washington and Beijing.
Asian markets fell in early trading Wednesday after President Donald Trump said a trade deal with China may not come until after the 2020 presidential election.
Japan's Nikkei share average fell to its lowest level in about two weeks on Wednesday as hopes for a quick initial U.S.-China deal dimmed following U.S. President Donald Trump's remarks, while a stronger yen dented appetite in the country's exporters. Fast Retailing dropped 4.9% after the operator of the Uniqlo casual clothing chain reported weak domestic sales in November.
Government debt yields and a gauge of global equity markets rose on Wednesday as sentiment improved after U.S. President Donald Trump said trade talks with China were going "very well" and a news report suggested key differences were being ironed out. The safe-haven yen and Swiss franc fell as Trump's encouraging comments on the U.S.-China trade negotiations boosted "risk-on" sentiment. The dollar index fell after the Institute for Supply Management (ISM) reported activity in the U.S. services sector slowed more than expected in November amid lingering concerns about trade tensions and worker shortages.