Asian stocks fall, led by China; Treasury Rally: Markets Wrap

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(Bloomberg) – A measure of Asian stocks fell Friday after Thanksgiving in the US amid a subdued tone in markets. Treasuries rose as trading resumed after the holiday.

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Hong Kong-listed tech stocks led to declines in Chinese stocks as investors weighed recent gains against an uptick in Covid-19 infections and lockdown-like restrictions impacting large parts of Beijing.

US stock futures advanced on comments from Federal Reserve officials who support a slower pace of interest rate hikes. The dollar fluctuated after a three-day losing streak.

Malaysia’s ringgit extended its gains as the appointment of a new prime minister ended the political gridlock that has gripped the country since the recent election.

The won stabilized within sight of this month’s high after the central bank governor said he needs to see strong signs that inflation is under control before talking about possible turns away from policy tightening.

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Yields on Japan’s benchmark 10-year bond rose to 0.245%, near the top of the central bank’s target band, as inflation accelerated to a 40-year high in Tokyo. The yen fell slightly.

US markets were closed on Thursday and have a shortened session on Friday.

Oil is heading for a third weekly loss as the European Union weighs a higher-than-expected price cap on Russian crude flows and slowdown concerns threaten the outlook for energy demand.

Gold was little changed, but poised for modest weekly gains.

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According to Jun Bei Liu, portfolio manager at Tribeca Investment Partners, the outlook for Chinese markets is improving despite the current flare-up in virus cases.

“In the next 12 months things will get better. We’ve seen this playbook before in other economies,” she said on Bloomberg Television. “We will start to see outperformance very quickly in the coming quarters.”

Some of the major moves in markets:

Shares

  • S&P 500 futures were up 0.2% as of 11:34 a.m. in Tokyo.

  • Nasdaq 100 futures rose 0.4%.

  • The Topix index fell 0.1%

  • The S&P ASX index rose 0.3%

  • The Hang Seng Index fell 1%

  • The Shanghai Composite Index rose 0.5%

  • Euro Stoxx 50 futures were little changed

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Currencies

  • The Bloomberg Dollar Spot Index had changed little

  • The euro was little changed at $1.0411

  • The Japanese yen was little changed at 138.63 per dollar

  • The offshore yuan changed little at 7.1648 to the dollar

Cryptocurrencies

  • Bitcoin fell 0.3% to $16,493.98

  • Ether fell 0.9% to USD 1,185.33

Bonds

  • 10-year Treasury yields fell three basis points to 3.66%

  • Japan’s 10-year yield was 0.245%

  • Australian 10-year yields rose four basis points to 3.58%

Raw materials

  • West Texas Intermediate crude rose 0.5% to $78.31 a barrel

  • Spot gold rose 0.2% to $1,758.35 an ounce

This story was created with the help of Bloomberg Automation.

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