Stocks Mixed as U.S. Tariffs Mulled; Aussie Climbs: Markets Wrap

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Stocks Mixed as U.S. Tariffs Mulled; Aussie Climbs: Markets Wrap(Bloomberg) -- Most stocks in Asia declined as investors contemplated President Donald Trump’s latest tariff moves against an array of trading partners, with a key Dec. 15 deadline looming for Chinese imports.Equity benchmarks opened lower across Asia in the wake of the biggest slide on Wall Street in eight weeks, but pared losses as the session wore on. Shanghai edged into the black, while U.S. and European futures rose. Australia’s dollar climbed after its central bank held its key interest rate and highlighted that past easing is having an impact. Aussie bonds tumbled, adding to a global slump in government bonds Monday.Trump on Monday slapped steel tariffs on Brazil and Argentina, and proposed new levies on France. The moves come amid a continued lack of closure on a U.S.-China trade deal, with the next round of tariff hikes on Chinese goods less than two weeks away.“It looks like it’s going to be pushed to the beginning of next year at the best case,” Steve Brice, chief investment strategist at Standard Chartered private bank, said on Bloomberg TV with regard to a U.S.-China trade agreement. The message to investors is “maybe trim a little bit of equity exposure, or certainly not chase the market at this stage. But look to do so in the next few weeks if we see a 5-to-7% pullback.”Elsewhere, oil extended gains from Monday as traders gauge the probability of OPEC and allied producers tightening supplies when they meet later this week.Here are some key events coming up this week:Saudi Aramco’s initial public offering is scheduled to be priced on Thursday.Friday brings the U.S. jobs report, where estimates are for non-farm payrolls to rise by 190,000 in November.These are the main moves in markets:StocksFutures on the S&P 500 Index rose 0.2% as of 7:03 a.m. in Lodon.Futures on the Euro Stoxx 50 gained 0.3%.Topix index declined 0.5% at the close in Tokyo after falling as much as 1.3%.Hang Seng Index fell 0.2%.Shanghai Composite rose 0.3%.MSCI Asia Pacific Index fell 0.4%.CurrenciesThe yen dipped 0.2% to 109.14 per dollar.The offshore yuan was at 7.0393 per dollar.The euro was at $1.1079.Britain’s pound was at $1.2946.The Aussie dollar rose 0.4% to 68.45 U.S. cents.BondsThe yield on 10-year Treasuries edged up two basis points to 1.84% after climbing four basis points Monday.Australian 10-year yields rose about 10 basis points to 1.20%.CommoditiesWest Texas Intermediate crude was up 0.5% at $56.23 a barrel.Gold was little changed at $1,460.82 an ounce.\--With assistance from Rita Nazareth, Vildana Hajric, Sophie Caronello and Joanna Ossinger.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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