Stocks Mixed on Trade Fears; U.S. Futures Decline: Markets Wrap

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Stocks Mixed on Trade Fears; U.S. Futures Decline: Markets Wrap(Bloomberg) -- Stocks in Asia traded mixed and U.S. futures dropped as traders remained cautious in the face of trade tensions. Central banks remained in focus with both New Zealand and India cutting rates more than expected.Shares fluctuated much of Wednesday throughout the region. Japan’s stocks closed little changed. S&P 500 Index futures fell despite a surge in the benchmark on Tuesday that went some way to easing the slump in the previous session. European futures were flat. The yuan dipped following a slightly weaker-than-forecast fixing for its daily rate. Treasuries nudged higher. The yen gained and gold futures rallied above $1,500 an ounce as havens remained in favor.The New Zealand dollar fell more than 2% after the central bank cut interest rates by 50 basis points. Australia’s dollar tumbled to the lowest since 2009, yields sank and stocks advanced on speculation it may follow. The kiwi accelerated its slide after Reserve Bank Governor Adrian Orr flagged the possibility of negative rates going forward.Traders remain on tenterhooks after Monday’s moves, which included the biggest one-day plunge in global equities since February 2018. China has said the recent yuan depreciation was decided by the market, not Beijing, and denied the Trump administration’s accusation designating the country a currency “manipulator.”Meanwhile, White House Chief Economic Adviser Larry Kudlow said the U.S. remained committed to more trade talks with Chinese officials in September. Bloomberg reported the People’s Bank of China reassured a number of foreign exporters the yuan won’t continue to weaken significantly and the companies’ ability to buy and sell dollars would remain normal.“We’re likely to see perhaps another shoe drop as the week progresses because this is not getting fixed,” Kristina Hooper, the Atlanta-based chief global market strategist at Invesco Ltd., told Bloomberg TV. “There really is the potential for it to get worse from here.”Elsewhere, Brent crude stabilized after closing in a bear market, down 21% from April’s peak. India’s central bank delivered a bigger-than- expected interest rate cut, ratcheting up measures to support a slowing economy.These are some key events to watch out for this week:Earnings from financial firms include: UniCredit, AIG, ABN Amro Bank, Standard Bank, Japan Post Bank.Central banks with rate decisions Wednesday include India and Thailand.A string of Fed policy makers speak this week, including Chicago’s Charles Evans on Wednesday.Here are the main moves in markets:StocksJapan’s Topix index was flat at the 3 p.m. in Tokyo.Futures on the S&P 500 Index fell 0.4%. The underlying gauge rose 1.3% on Tuesday.Australia’s S&P/ASX 200 Index rose 0.7%.Hong Kong’s Hang Seng was little changed.Shanghai Composite Index edged higher.Euro Stoxx 50 futures rose 0.1%.CurrenciesThe yen rose 0.2% to 106.25 per dollar.The offshore yuan fell 0.3% to 7.0752 per dollar.The Bloomberg Dollar Spot Index was flat.The euro bought $1.1203.The kiwi dropped 1.8% to 64.08 U.S. cents.The Aussie tumbled 0.7% to 67.15 U.S. cents.BondsThe yield on 10-year Treasuries dipped 1 basis point to 1.69%.Australia’s 10-year bond yield fell 8 basis points to 0.96%.CommoditiesGold added 0.7% to $1,485.35 an ounce.West Texas Intermediate crude was stable at $53.62 a barrel.\--With assistance from Brendan Walsh, Olivia Rinaldi and George Lei.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, Andreea Papuc, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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