Asia Stocks Trade Mixed After Muted U.S. Session: Markets Wrap

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Asia Stocks Trade Mixed After Muted U.S. Session: Markets Wrap(Bloomberg) -- Stocks in Asia traded mixed Friday as trade-tensions resurfaced and U.S. shares closed at a record. Treasuries held losses seen after a U.S. inflation reading that came in above expectations.Shares were little changed in Japan and South Korea, and slipped back in Australia. Earlier, the S&P 500 eked out a third straight gain after drifting much of the session. A tweet from President Donald Trump, complaining about China trade policy, sent equities into a fleeting swoon and showed how sensitive the market remains to trade-related developments. Yields on 10-year Treasuries remained near a one-month high. Australian bonds tracked the slide in U.S. debt.“The Trump tweet combined with better than expected U.S. inflation and labor data gave good reason for equities traders to close up shop for the day,” Edward Moya, senior market analyst at Oanda, wrote in a note. “Powell’s testimony on Thursday was mostly a reiteration and we could be in store for lackluster moves heading into Asia.”While the risk-asset rally got a fresh boost on the back of dovish comments from Fed Chair Jerome Powell, the strong CPI print Thursday offers a potential complication to U.S. policymakers prior to its decision at the end of the month. Traders pulled back bets on a half-point cut in July after the inflation data.Elsewhere, oil ticked higher as investors weighed the threat of a tropical storm off the U.S. Gulf Coast against the prospects of more trade conflict.Here are the main moves in markets:StocksFutures on the S&P 500 Index were little changed as of 9:03 a.m. in Tokyo. The underlying gauge rose 0.2% Thursday.Japan’s Topix index rose 0.1%.South Korea’s Kospi index was flat.Australia’s S&P/ASX 200 Index fell 0.1%.CurrenciesThe yen was at 108.58 per dollar, down 0.1%.The offshore yuan held at 6.8776 per dollar.The euro bought $1.1251.The British pound edged up to $1.2524.BondsThe yield on 10-year Treasuries dipped less than one basis point, at 2.13%.Australia’s 10-year yield added ten basis points to 1.43%.CommoditiesWest Texas Intermediate crude added 0.5% to $60.48 a barrel.Gold was at $1,405.71 an ounce, up 0.1%.\--With assistance from Vildana Hajric and Olivia Rinaldi.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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