Asia Stocks Set for Higher Open; Currencies Steady: Markets Wrap - Yahoo Finance Australia

Asia Stocks Set for Higher Open; Currencies Steady: Markets Wrap – Yahoo Finance Australia

(Bloomberg) — Asian stocks opened higher on Monday and U.S. equity futures advanced ahead of the start of an earnings season that will provide more clues on how companies are coping with the pandemic. Treasuries edged up.

Japanese shares rose about 1.5%, with gains also seen in South Korea and Australia. S&P 500 futures nudged up, while early moves in currency markets were muted. Oil retreated, and gold was steady near $1,800 an ounce.

With global equities trading near their highest since February, investors are waiting to hear what companies have to say about the profit outlook. New coronavirus outbreaks in some parts of the world are causing partial lockdown restrictions to be reimposed, fueling doubts about the likely pace of the global recovery.

Florida on Sunday posted the biggest one-day rise in cases since the coronavirus pandemic began in the U.S., reporting 15,300 new infections. South Carolina and Texas set new marks a day earlier, while New York’s rate remained steady.

“We do think that the global economy is now entering a multi-year recovery but there are going to be wobbles along the way,” Mary Nicola, a portfolio manager at PineBridge Investments, said on Bloomberg TV. “Governments and the central banks have deployed a lot of measures and will keep doing so until we get to the other side of this.”

Here are some key events coming up:

JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, BNY Mellon and Citigroup start the U.S. earnings season.Wednesday brings the Bank of Japan’s policy decision and a Governor Haruhiko Kuroda briefing.The EIA crude oil inventory report is due Wednesday.China releases second-quarter GDP on Thursday as well as key economic indicators for June.The European Central Bank meets to set monetary policy on Thursday, with President Christine Lagarde holding a virtual press conference afterward.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index climbed 0.3% as of 9:41 a.m. in Tokyo. The gauge rose 1.1% on Friday.Japan’s Topix index advanced 1.5%.South Korea’s Kospi added 0.8%.Austraila’s S&P/ASX 200 Index climbed 1.3%.

Currencies

The yen was at 106.93 per dollar.The offshore yuan traded at 7.0088 per dollar.The euro bought $1.1306.

Bonds

The yield on 10-year Treasuries slid to 0.63%.Australia’s 10-year yield ticked up two basis points to 0.88%.

Commodities

West Texas Intermediate crude oil fell 0.9% to $40.20 a barrel.Gold was at $1,800.11 an ounce, little changed.

©2020 Bloomberg L.P.

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