BackJapan stocks rise as trading reopens post outage
Global equities have struggled since reaching a peak in September, leaving investors looking for the next market catalysts
PremiumJapanese stocks advanced as trading on the Tokyo Stock Exchange resumed after Thursday’s outage, while holiday closures in other major Asian markets may make for a subdued equity trading session. The dollar ticked up ahead of the monthly U.S. payrolls data.
Shares in Tokyo opened higher, while those in Australia dipped. S&P 500 contracts edged down after the House of Representatives passed a $2.2 trillion Democrat-only fiscal stimulus package that Republicans reject. Concerted talks between the two sides have so far failed to yield a bipartisan agreement on fresh steps to alleviate the impact of the pandemic. Hope Hicks, a close aide to President Donald Trump, tested positive for Covid-19.
Low trading activity and reduced liquidity could exacerbate moves in Friday trading with China, Hong Kong, Taiwan, India and South Korea shut for holidays. Oil fell on concerns of oversupply. Treasury yields slipped.
Global equities have struggled since reaching a peak in September, leaving investors looking for the next market catalysts. All eyes turn later Friday to the American September employment report, the last before the November election. Thousands of job cuts this week showed how firms are still wrestling with readjustments needed to survive in the pandemic era.
“The risks to the rally are real," Joanne Feeney, partner at Advisors Capital Management LLC, said on Bloomberg TV. “What’s very unusual is that there is a lot more near-term risk at the moment than longer term."
Meantime, in Hong Kong, police in riot gear flooded the streets Thursday to quash protest activity on the National Day holiday.
These are the main moves in markets:
Stocks
- S&P 500 futures fell 0.3% as of 9:55 a.m. in Tokyo. The index rose 0.5% on Thursday.
- Japan’s Topix index added 0.2%.
- Australia’s S&P/ASX 200 Index fell 1%.
Currencies
- The Bloomberg Dollar Spot Index rose 0.1%.
- The yen was at 105.54 per dollar.
- The offshore yuan traded at 6.7575 per dollar.
- The euro bought $1.1736.
Bonds
- The yield on 10-year Treasuries slid to 0.67%.
- Australia’s 10-year yield dropped to 0.85%.
Commodities
- West Texas Intermediate crude fell to $38.34 a barrel, down 1%.
- Gold slid 0.2% to $1,901.53 an ounce.
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This story has been published from a wire agency feed without modifications to the text.
