Economy US futures fall after rally, Asia hits highs: markets...

US futures fall after rally, Asia hits highs: markets wrap

-

(Bloomberg) – US futures fell after the first three-day rally in American stocks since mid-February, and Asian stocks peaked on Friday as investors judged whether the worst for the risky asset price was over.

The S&P 500 rose more than 6% on Thursday after the U.S. Senate passed a $ 2 trillion tax package. Equity benchmarks rose about 2% in Tokyo, Hong Kong and Seoul, while early gains in Australia gave way to a modest retreat. The MSCI All Country World Index is at 13% this week after a crash pulling stocks into bear markets around the world. The dollar stabilized after three days of retreat.

The data gradually shows the extent of the economic damage from the outbreak – unemployment claims in the US rose to a record 3.28 million last week when companies were closed to prevent the spread. While the value has outperformed the estimates, government aid can help mitigate the impact on workers and businesses. Federal Reserve chairman Jerome Powell also wanted to reassure the public that the central bank would not run out of anti-crisis ammunition.

The speed of the rebound surprised some. After falling into a bear market at the fastest rate ever, the S&P 500 has just made its fastest three-day advance in nine decades. According to Dan Skelly, head of equity model portfolios at Morgan Stanley Wealth Management, stocks are currently at a low.

“While we believe that this may be the worst recession in history, it is also the shortest. So there is room for optimism for a recovery in the second half,” Skelly told Bloomberg TV. “In the United States, this could peak in four to five weeks. We have also seen the speed and scale of the political response – this cannot be underestimated.”

In the meantime, the United States overtook China for most coronavirus cases worldwide as infections increased in New York. China, where the outbreak began, will temporarily suspend entry by foreigners with valid visas and residence permits from Saturday.

“You have this momentum, how long will it take? And we don’t know that,” Priya Misra, global director of interest rate strategy at TD Securities, told Bloomberg TV. “The market is anticipating a relatively short weakening period,” she said. In a month when we find that we’re still stuck at home and the data doesn’t look better, you can see another downward trend in yields. “

Elsewhere, European stocks rose Thursday and government debt increased after the region’s central bank announced that it would lift restrictions on bond purchases for its emergency program. This is a pioneering decision that gives it almost unlimited power to fight the economic consequences of the virus.

The main movements in the markets are:

Stocks

S&P 500 futures fell 1.1% at 10:29 a.m. in Tokyo. The S&P 500 rose 6.2% on Thursday. The Topix index in Japan rose 2.2%. The Shanghai Composite grew 1%. The Hang Seng in Hong Kong rose 1.8%. The Australian S & P / ASX 200 index fell 0.3%. The Kospi index rose by 2.5%. Euro Stoxx 50 futures lost 0.7%.

Most Recommended Web hosting

World News : archywordys.com

Currencies

The yen was 108.61 per dollar, an increase of 0.9%. The offshore yuan was quoted at $ 7.0862 a dollar, up 0.1%. The euro bought $ 1.1044, up 0.1%.

tie up

10-year government bond yields fell three basis points to 0.81%. Australia’s 10-year yield was 0.93%, which changed little.

raw materials

West Texas Intermediate Crude Oil rose 29% to $ 23.06 a barrel. Gold fell 0.5% to $ 1,623.26 an ounce.

You can find more articles like this at bloomberg.com

Subscribe now to stay up to date with the most trusted business news source.

© 2020 Bloomberg L.P.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest news

New Orleans chef Larry Galper helps people affected by the corona virus

When Larry Galper moved to New Orleans last June to make his culinary dream come true, he sought to...

Mike Gundy’s latest joke shows that he belongs to the state of Oklahoma

Little is disputed about the coaching acumen of Mike Gundy from the state of Oklahoma. He won 67 percent...

Health plans to recover the “normal activity” in hospitals and health centers

Hospital discharges continue to rise in Castilla y León and manage to give a break to the centers that...

After a month with the car parked, what state is the battery in?

This month marks a month of confinement. Although the most drastic measures limiting displacement during the state of alarm...

Antonio Díaz-Cañabate, a waste of ingenuity

In difficult times, humor helps you cope with tribulations. This is what many Spaniards had to do in the...

Must read

New Orleans chef Larry Galper helps people affected by the corona virus

When Larry Galper moved to New Orleans last June...

Mike Gundy’s latest joke shows that he belongs to the state of Oklahoma

Little is disputed about the coaching acumen of Mike...

You might also likeRELATED
Recommended to you