The markets remain vulnerable as the government gradually ease coronavirus prohibitions and restrictions of travel to boost economic growth while attempting to control the spread of Covid-19. During this time, China over the weekend published the details of a draft national security law that would give the continent the right to bring directly to Hong Kong residents for vaguely defined offences.
“The shares remain technically overbought and vulnerable to a correction or period of consolidation, but we continue to see it as a pause in an upward trend,” said Shane Oliver, a global investment strategist at AMP Capital Investors Ltd. “The fear of a second wave of coronavirus cases continues.”
Moreover, China, the suspension of imports from a Tyson Foods Inc. plant stoked concerns about the broader implications for the UNITED states and the world export of meat in the course of the pandemic.
Here are a few upcoming events:
- China is a prime-rate loan, to Monday.
- MSCI Inc. Tuesday, announces the opening of its market classification review in 2020.
- The IMF will publish new 2020 growth projections on Wednesday.
- U.S. jobless claims, durable goods and GDP data are due on Thursday.
- Policy decisions are expected from central banks, Turkey, and the Philippines on Thursday.
- Arebalancing of the Russell indexes is due on Friday.
What are the main movements on the markets:
- Futures on the S&P 500 has increased 0.3% as of 9: 22 a.m. in Tokyo. The index has fallen 0.6% on Friday.
- Japan’s Topix index was little changed.
- Hong Kong’s Hang Seng fell 0.5%.
- South Korea’s Kospi down 0.1%.
- Australia’s S&P/ASX 200 Index fell 0.1%.
- The yen has been stable to 106.93 per dollar.
- The offshore yuan was stable at 7.0758 per dollar.
- The Aussie rose 0.2 per cent to 68.45 cents US.
- The euro bought $1.1186.
- The yield on 10-year Treasuries was at 0.69%.
- Australia has 10 years, the yield has remained at 0.87%.
The basic products
- West Texas Intermediate crude oil has gained 0.5% to $39.95 a barrel.
- Gold rose 0.5% to $length 1753.34 an ounce.
— With the help of Sophie Caronello, Moxy Ying and Joanna Ossinger