U.S. Futures Slide After Report on China’s Trade: the Markets Wrap

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(Bloomberg) — Asian stocks rose and the yen fell after President Donald Trump said that the US-China trade is intact, the easing of doubts about reported comments of a senior advisor.

Futures on the S&P 500 opened higher Tuesday, has fallen more than 1%, for a time, after Trump using Peter Navarro has been quoted as saying the trade agreement signed in January has been more than. The crude oil has slipped along with the offshore yuan, before all the moves started to reverse when Navarro said the remark was taken “wildly” out of context. Trump later tweeted that he hoped that China would continue to live up to the deal.

“It shows that the market remains very sensitive to U.S.-China tensions,” Patrick Bennett, head of macro strategy Asia at the Canadian Imperial Bank of Commerce in Hong Kong, said of the reaction to the trade of wholesale securities.

Fluctuations in risk assets on Tuesday, followed by what had been a constructive session on Wall Street on Monday, when stocks rose as investors continued to bet on companies with solid balance sheets and better prospects in the work of the house of the economy. The Nasdaq 100 has jumped by more than 1%, and the Nasdaq Composite capped a seventh straight in its longest rally of the year.

Influential investors had added to the optimism. Steve Schwarzman, ceo of Blackstone Group Inc., said that the economy is likely to benefit from a V-type recovery in the coming months, but to get back to 2019 level of take “some time”. Hedge fund manager Bill Ackman has said he sees a gradual improvement on all fronts with so many resources poured into the health care crisis.

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.A rebalancing of the Russell indexes is due on Friday.

What are the main movements on the markets:

Stocks

S&P 500 futures were little changed of 11:27 hours in Tokyo, after falling as much as 1.6% earlier.The Topix index rose 0.8%.Hang Seng index rose 0.8%.The Shanghai Composite Index rose 0.2%.The Kospi Index rose 0.7%.Australia’s S&P/ASX 200 Index gained 0.3%.

Currencies

The Japanese yen fell by 0.2% at 107.17 per dollar.The offshore yuan was down 0.2% to 7.0687 per dollar.The euro was little changed at $1.1274.

The obligations

The yield on 10-year Treasuries was stable at 0.71%, after a decline of three basis points earlier.Australian 10-year, yields have increased approximately four basis points to 0.91%.

The basic products

West Texas Intermediate crude was down 0.4% at $40.56 a barrel.Gold slipped 0.2% to $1,752 an ounce.

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