Upper edge stocks; Yen stable before BOJ: market close

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(Bloomberg) – Asian stocks posted modest gains in low volume as investors reflected on new signs of positive development in the global fight against the coronavirus. The yen was stable as traders awaited a key political meeting from the Bank of Japan.

Shares in Hong Kong, South Korea and Japan rose after US stocks strengthened on Friday. US futures have fluctuated and Chinese stocks have changed little. The Australian dollar outperformed, while other risk currencies retreated. Treasury yields have changed little. Deaths from coronaviruses slowed the most in more than a month in Spain, Italy and France, while deaths reported in the United Kingdom and New York were the lowest since late March. The oil has receded.

The Federal Reserve is joining the BOJ and the European Central Bank to announce policy decisions this week as the fight against the pandemic continues, with some countries taking steps to ease the lockdowns. Several major economies will release GDP figures, while corporate profits will continue to pour in, including Amazon.com Inc., Barclays Plc and Samsung Electronics Co.

“This coming week will be huge in terms of macroeconomic data and the extent to which the global economy has been anchored by Covid-19,” said Simon Ballard, chief economist at First Abu Dhabi Bank. “Until we have clearly passed the peak of the epidemic, on a global scale, and we can judge that the pathogen is contained and that there is no significant risk of an second wave of infection, we believe that a defensive investment strategy will remain the most important. appropriate. “

Meanwhile, New York Governor Andrew Cuomo has outlined a gradual reopening that begins with construction and manufacturing. It could start as early as May 15, he said, likely in the northern New York area. Italy and Spain, the two hardest hit countries in Europe, as well as neighboring France, have all reported attempts to open up the economy.

These are the main movements on the markets:

Stocks

Futures on the S&P 500 rose 0.1% at 10:40 a.m. in Tokyo. The gauge added 1.4% on Friday. The Topix index gained 0.9%. The S & P / ASX 200 index of Australia gained 0.4%. The Kospi index of Korea South rose 1.1%. The Hong Kong Hang Seng index added 0.9%. The Shanghai Composite was little changed.

Currencies

The yen was little changed at 107.57 per dollar. The offshore yuan traded at 7.0808 per dollar, up 0.1%. The euro bought $ 1.0825, little changed. ” gained 0.9% to 64.31 cents US.

Obligations

The 10-year Treasury bill yield remained unchanged at 0.61%.

Raw materials

Crude West Texas Intermediate slipped 8.5% to $ 15.50 a barrel. Gold was $ 1,722 an ounce, down 0.4%.

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