BackAsian stocks poised to drift; Oil pares gains
Asian stocks looked set to drift Tuesday after modest losses in Europe in trading muted by a U.S. holiday. Crude oil pared gains related to supply disruptions in Libya and Iraq.
PremiumAsian stocks looked set to drift Tuesday after modest losses in Europe in trading muted by a U.S. holiday. Crude oil pared gains related to supply disruptions in Libya and Iraq.
Futures dipped in Japan, Hong Kong and South Korea. European stocks edged lower and U.S. equity futures were little changed on Monday as investors awaited a fresh batch of corporate earnings and some key central bank meetings this week. The U.S. dollar pared earlier gains after France announced an agreement with the U.S. on a truce in their digital-tax dispute until at least the end of this year. Most European bonds ticked higher, while the pound was slightly weaker ahead of U.K. jobs data due tomorrow.
The Bloomberg dollar index fell back to little-changed on the report France and the U.S. had agreed not to impose punitive tariffs. The two countries will continue talks.
Investors now turn their attention back to corporate earnings after solid results from the biggest banks on Wall Street. The IMF’s latest outlook gives traders more to mull over, with the fund predicting the world economy will strengthen in 2020, albeit at a slightly slower pace than previously anticipated. Meantime, the Bank of Japan is all but certain to keep rates on hold Tuesday, according to every economist surveyed by Bloomberg.
Meanwhile, Brent crude pared gains though remained above $65 a barrel as unrest hit some key production regions. Gold edged higher.
Here are some events to watch out for this week:
- Companies including Netflix, IBM, UBS, Procter & Gamble and Hyundai will post results.
- Policy decisions are due from central banks including Japan, Canada, Indonesia and the European Central Bank.
- The World Economic Forum, the annual gathering of global leaders in politics, business and culture, opens in Davos, Switzerland.
These are the main moves in markets:
Stocks
- Nikkei 225 futures fell 0.2%.
- Kospi futures dipped 0.1%.
- S&P/ASX 200 futures rose 0.1%.
- Futures on the S&P 500 Index closed little changed.
- The Stoxx Europe 600 Index decreased 0.1%.
Currencies
- The Bloomberg Dollar Spot Index was little changed.
- The euro was little changed.
- The British pound sank 0.1% to $1.3010.
- The offshore yuan was flat at 6.8670 per dollar.
- The Japanese yen was little changed at 110.17 per dollar.
Bonds
- Germany’s 10-year yield declined less than one basis point to -0.218%.
Commodities
- Brent crude futures rose 0.5% to $65.14 per barrel.
- Gold gained 0.2% to $1,560.77 an ounce.
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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
