Asia Stocks Edge Higher; Treasury Yields Slip: Markets Wrap

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Asia Stocks Edge Higher; Treasury Yields Slip: Markets Wrap(Bloomberg) -- Asian stocks edged higher following a late rally in their U.S. counterparts. The Treasury sell-off eased as yields ticked lower.Shares gained in Japan, South Korea and Hong Kong, though Chinese stocks were little changed. U.S. futures slipped after the S&P 500 erased losses in late trading as the recent trend of selling growth shares and buying value continued. Chinese assets remain in focus after the country removed a foreign investment limit in its capital markets. Australian bonds fell, catching up with the overnight move in Treasuries.With investors awaiting the European Central Bank’s policy decision on Thursday and the Federal Reserve’s next week, some are dialing back expectations for more aggressive central bank accommodation. The bond sell-off is intensifying, with Treasury yields extending gains after hitting a three-year low earlier this month.The recent pullback in the bond rally “is a correction to an outsized move in yields during August, not a turn in the trend,” Kit Juckes, chief global FX strategist at Societe Generale SA, wrote in his daily note. “Last Friday’s U.S. labor market data show, clearly enough for me, that the U.S. economy is slowing slowly but steadily as the global trade slowdown infects it.”Elsewhere, Apple suppliers in Asia are in focus after the company unveiled its new iPhone lineup.Here are some key events coming up this week:OPEC’s monthly oil market report, which includes demand forecasts and production estimates, is due Wednesday.The ECB policy meeting Thursday is widely expected to see a cut to interest rates and a review of all options, including QE. Policy makers will also publish forecasts for growth and inflation. ECB President Mario Draghi will hold a press conference.U.S. data for August is due on producer prices Wednesday, and CPI Thursday.These are the main moves in markets:StocksJapan’s Topix index rose 0.8% as of 10:25 a.m. in Tokyo.The Shanghai Composite climbed 0.3%.South Korea’s Kospi index added 0.6%.Hong Kong’s Hang Seng advanced 0.4%.Futures on the S&P 500 were flat after the index closed little changed.Australia’s S&P/ASX 200 Index advanced 0.3%.CurrenciesThe yen was at 107.59 per dollar.The offshore yuan was flat at 7.1156 per dollar.The Bloomberg Dollar Spot Index was little changed.The euro bought $1.1045.BondsThe yield on 10-year Treasuries dipped to 1.71% after rising nine basis points Tuesday.Australian 10-year yields climbed about five basis points, to 1.13%.CommoditiesGold rose 0.4% to $1,492.10 an ounce.West Texas Intermediate crude advanced 0.5% to $57.71 a barrel.\--With assistance from Cameron Crise, Vildana Hajric and Sarah Ponczek.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 PapucFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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