Asia Stocks Look Mixed on Trade; Treasuries Rise: Markets Wrap

Asia Stocks Look Mixed on Trade; Treasuries Rise: Markets Wrap(Bloomberg) -- Asian stocks looked set for a mixed session Wednesday as investors assessed the latest in the unpredictable path of trade talks between the U.S. and China. Treasuries rose.Futures slipped in Tokyo, were little changed in Seoul and pointed higher in Hong Kong. U.S. futures rose. U.S. equities finished lower after a seesaw session as it appeared that China was bracing for the worst on the negotiations with U.S. President Donald Trump’s credibility becoming a key impediment to a deal. The 10-year Treasury yield fell below 1.50% to a three-year low and the dollar was steady against major currencies. Crude extended gains on expectations of shrinking U.S. inventories.Trump’s flip-flops on trade have left investors second-guessing the next moves as optimism of a resolution become more remote. The U.S. president’s apparent de-escalation of trade tensions at the Group-of-Seven meetings had helped ease investor nerves somewhat before Beijing questioned some of those comments.“Hope gave way to pragmatic realism about the outlook for the China-U.S. trade dispute,” Greg McKenna, strategist at McKenna Macro, wrote in a note Wednesday. “The market is still trying to get a feel for where it’s at and what it thinks as we get closer to the deadline for the tariffs this week.”Elsewhere, the euro fell following data showing Germany was on the brink of a recession, while the pound gained as opposition politicians stepped up efforts to prevent a no-deal Brexit.Events to keep an eye on this week:The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.Bank of Korea policy decision and briefing is on Friday.Euro-zone CPI data for August is also due Friday.Here are the main moves in markets:StocksNikkei 225 futures fell 0.1% in Singapore.Australia’s S&P/ASX 200 Index futures lost 0.2%.Hang Seng Index futures rose 0.4%.S&P 500 futures rose 0.2% as of 8:20 a.m. in Tokyo. S&P 500 Index fell 0.3%.CurrenciesThe yen traded at 105.75 per dollar after increasing 0.4%.The offshore yuan was stable at 7.1641 per dollar.Bloomberg Dollar Spot Index was little changed.The euro was at $1.1091.The British pound held at $1.2285, the strongest in over a month, after advancing 0.6%.BondsThe yield on 10-year Treasuries declined six basis points to 1.47%, a three-year low.The yield on two-year Treasuries fell two basis points to 1.52%.Australia’s 10-year yield fell three basis points to 0.87%.CommoditiesGold was steady at $1,542.41 an ounce after advancing 1%.West Texas Intermediate crude jumped 1.1% to $55.55 a barrel, adding to a 2.4% gain the previous session.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.




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