(Bloomberg) – US futures and stocks in Asia rose on Tuesday, with a few markets closed for the holidays, as a number of economies move towards easing of the bottlenecks. Crude oil gained for the fifth consecutive day.
S&P 500 futures rose after the index turned around late Monday to firm up as California sounded optimistic in its fight against the virus. Stocks outperformed in Australia and also rose in Singapore. Hong Kong is on the rise, even after a record drop in GDP. Markets are closed in Japan, China and South Korea. West Texas oil expanded its gains. T-bills will not be exchanged until the opening of London.
Global equities remain on volatile ground as US-China discord has broken out again. Investors suspect fears of a second wave of infections and a constant stream of bad economic data in light of efforts by many countries to start easing lock restrictions.
“At this point, we think it is more of a risk to watch out for than something that breaks fundamental economic history,” said Chetan Ahya, chief economist at Morgan Stanley, on Bloomberg. TV in reference to American-Chinese discord. “We are focusing more on the political reactions that every government and every central bank is taking and I think that is a more important driver at the moment for the economy. “
As global deaths from the pandemic hit 251,000 people, California, the first state to shut down its economy on Covid-19, will begin loosening its lock on Friday. Italy began to reopen its economy after two months, but the Prime Minister’s plan was criticized for being cautious. Spain has started to relax its lockdown regime after weeks of detention. The Hong Kong leader said the city could ease restrictions on viruses “soon”.
Results have improved this week, with companies such as Walt Disney Co., BMW and Air France-KLM reporting.
Here are some key events to come:
Regional heads of the Federal Reserve are expected to speak, including Charles Evans and James Bullard. The Reserve Bank of Australia made a political decision on Tuesday and the Bank of England on Thursday. April is expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists forecasts wages will drop by 21 million.
Here are some of the main developments in the financial markets:
The S&P 500 futures contract gained 0.7% at 11:05 a.m. in Hong Kong. The S&P 500 rose 0.4%, Australia’s S & P / ASX 200 rose 1%, the Hong Kong Hang Seng rose 0.5%. on the Euro Stoxx 50 increased by 1.4%.
The Japanese yen was at 106.60 for the dollar, up 0.1%. The euro was $ 1.0908. The British pound was trading at $ 1.246. The Chinese offshore yuan was up 0.2% to 7.1886 per dollar.
The 10-year Treasury bill yield gained two basis points to 0.63% on Monday. The yield on 10-year Australian bonds rose three basis points to 0.86%.
West Texas Intermediate crude rose 7.2% to $ 21.85 a barrel, while gold lost 0.2% to $ 1,698.33 per ounce.
bloomberg.com “data-reactid =” 40 “> For more articles like this, visit us at bloomberg.com
Subscribe now to stay one step ahead of the most trusted source of business information. “Data-reactid =” 41 “> Subscribe now to stay on top with the most trusted source of business information.
© 2020 Bloomberg L.P.