(Bloomberg) — Stocks in Asia started the week in mixed mode, as low trading volumes once again suggested a lack of conviction, and as investors focused on the impact of coronavirus epidemics in the countries of the UNITED states to Australia.
S&P 500 index contracts reversed a slide of more than 1% of the top edge. Hong Kong shares were lower, while the losses in Korea and Japan have been reduced and the major indexes traded flat. Australia has reversed a drop of Shanghai and the shares ticked higher. California has registered new cases and the Florida infections have jumped by more than the weekly average. The Australian dollar erased earlier losses seen in the wake of an Australian state tightening restrictions due to the freshness of the case. Treasuries were little changed.
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:
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.A rebalancing of the Russell indexes is due on Friday.
What are the main movements on the markets:
Futures on the S&P 500 was up 0.4% at 11:38 in the morning in Tokyo. The index has fallen 0.6% on Friday.Japan’s Topix index was little changed.Hong Kong’s Hang Seng fell 0.2%.South Korea’s Kospi down 0.1%.Australia’s S&P/ASX 200 Index rose 0.3%.The Shanghai Composite Index rose 0.3%.The Euro Stoxx 50 was down 1%.
The yen was steady at 106.90 per dollar.The offshore yuan was stable at 7.0718 per dollar.The Aussie rose 0.3% to 68.52 cents US.The euro bought $1.1195.
The yield on 10-year Treasuries was at 0.69%.Australia has 10 years, the yield has remained at 0.86%.
The basic products
West Texas Intermediate crude oil has gained 0.5% to $39.94 a barrel.Gold climbed 0.6% to $length 1753.62 an ounce.
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