市场消息

Bloomberg.com — Stocks began the last week of November on a positive footing, with most Asian benchmarks higher and U.S. equity futures advancing after last week’s tumble. Oil prices also made a run at stabilizing, with West Texas crude putting some distance from the $50 a barrel mark.

Shares climbed from Tokyo and Seoul to Hong Kong, though Chinese and Australian equities bucked the positive trend. Most groups in the MSCI Asia Pacific Index were higher, led by technology — the sector that’s been pounded in the U.S. for much of the past eight weeks. European equity futures also pointed to gains. The yen dipped along with Treasuries, while China’s yuan held steady. The pound was little changed after European Union leaders agreed to the Brexit deal from U.K. Prime Minister Theresa May.

In focus for investors this week will be Federal Reserve speeches and policy-meeting minutes that may give clues on the 2019 outlook, and a key sit-down between Presidents Xi Jinping and Donald Trump ahead of the next scheduled escalation in tariff hikes. With bond traders having reduced expectations for the pace of U.S. monetary policy tightening, Fed Chairman Jerome Powell has the opportunity of shedding light on prospects for a pause in a speech Wednesday.

“The market will be looking for potentially some signs of dovish overtures coming through” from the Fed this week, John Lockton, head of investment strategy in Sydney at Wilsons Advisory & Stockbroking, told Bloomberg TV. On trade, investors “are looking for a pathway. I am not sure we are going to see a detailed agreement. A pathway to success, a pathway to an outcome will be highly supportive of equities globally,” he said.

Elsewhere, bitcoin extended its recent tumble to below $4,000 following the worst week ever for cryptocurrencies. Iron ore futures tanked in Singapore as steel mills’ profitability in China sunk, prompting producers to cut their consumption of the raw material.

Bloomberg.com — Asian stocks were mostly weaker on low volumes, rounding out a third week of losses on a note of caution. The pound kept its gains following a breakthrough over the Brexit deal between the U.K. and EU.

Chinese equities led regional declines, with the technology sector weak on concern the U.S. is ratcheting up a campaign against Huawei Technologies Co. Stocks also fell in Hong Kong, Malaysia and South Korea, while Australian shares outperformed and U.K. futures pointed to a muted start in London. U.S. equity futures indicated declines when trading begins in New York following the Thanksgiving break.

Volumes were lower than average as the week ends with Japan and India shut for holidays, and Treasuries won’t start trading until the London open. China’s yuan slipped amid speculation policy will need to be eased further in 2019 as the economy slows. The pound held on to gains as a draft Brexit deal for deep ties between the U.K. and European Union as well as a solution to the Irish border question was reached. Now it depends on whether opponents of Prime Minister Theresa May can be convinced, with markets expectations showing volatility for sterling will remain elevated.

Equities came under pressure again this week as headwinds built. Investors are questioning the growth outlook ahead of a meeting between the Chinese and U.S. presidents next week, with hope for progress in trade talks dimming as concerns over Huawei surface again. There’s also a murky picture for earnings growth next year as financial conditions tighten with the Federal Reserve poised to keep raising rates.

“Fears of the trade war and slowing macro prevail,” said James Soutter, head of global equities at K2 Asset Management Ltd. in Melbourne. “Investors are waiting for either a conclusion to the trade war or for Xi to present some meaningful stimulus. Chinese companies are actually more sanguine than investors, and in many cases still seeing growth, although not at the levels of last year.”

Elsewhere, West Texas oil fell below $54 a barrel as an increase in U.S. crude inventories added to the recent bearish mood. Bitcoin declined and is on course to lose about 20 percent this week. Treasuries didn’t trade because of the U.S. holiday.

Bloomberg.com — Stocks in Asia traded mixed Thursday after a modest rebound in technology and energy shares underpinned gains in U.S. equities. The dollar slipped amid debate about the Federal Reserve pausing interest-rate hikes in coming months.

Equity benchmarks swung between gains and losses with volumes subdued after their U.S. counterparts closed higher in light pre-Thanksgiving trading. Japanese stocks got an end-of-session boost on a report about a possible government rebate after a planned consumption-tax hike in October. Australia’s stocks rose, while they were little changed in Hong Kong and China. Trading volumes were below average in Asia given the American holiday later today and one in Japan Friday. European equity futures pointed to modest losses.

Investor sentiment remains fragile following the volatility that’s rocked markets since October, wiping out equity gains for the year. Traders are having to contend with the Trump Administration’s trade war, as well as the president’s calls for the Fed to back off from raising rates with corporate credit spreads at two-year highs.

Elsewhere, Bitcoin steadied after a recent sell-off. Oil traded below $55 a barrel as an increase in American crude inventories added to the bearish sentiment with another tweet from President Donald Trump calling for even lower prices.

Bloomberg.com — Filings for U.S. unemployment benefits rose last week to the highest level since late June, potentially reflecting holiday-related volatility in what otherwise has been a strong labor market.

Jobless claims increased by 3,000 to 224,000 in the week ended Nov. 17, Labor Department figures showed Wednesday. That compares with the 215,000 median estimate in a Bloomberg survey of economists and follows an upwardly revised 221,000 in the prior week. The four-week average, a less-volatile measure, rose to 218,500. […]

Bloomberg.com — Stocks in Europe rallied along with U.S. futures, trimming losses after a slew of declines across assets on Tuesday, while Asian shares were mixed. Treasuries edged lower and the dollar slipped.

Technology shares and car companies led an advance in the Stoxx Europe 600 Index, with contracts on the S&P 500, Dow and Nasdaq all pointing to a firmer open. The plunge in Apple Inc.’s stock hit suppliers in Asia after all major U.S. benchmarks fell more than 1.5 percent Tuesday. The euro pushed higher on reports the Italian government may be open to budget revisions, while Italian bonds gained. Gold held steady.

Traders are having to contend with President Donald Trump’s trade war, which shows no sign of abating, as well as concerns that corporate earnings may have peaked. Despite Trump’s pleas for lower rates, the Federal Reserve still appears set to tighten again in December, a move that may weigh on growth and a headache for holders of some $5 trillion in corporate bonds that have been sold by S&P 500 companies in the past decade.

Elsewhere, WTI oil halted a slide near $54 a barrel as investors weighed industry data that showed U.S. crude inventories unexpectedly fell last week against doubts over OPEC’s plans to cut output. Bitcoin stabilized after the recent sell-off.

Bloomberg.com — Stocks in Asia declined Tuesday after weakness in some of the biggest technology companies sent U.S. stocks tumbling, adding to pessimism about a breakthrough in trade tensions.

Equities fell from Tokyo to Sydney as S&P 500 Index futures extended losses and U.K. futures declined ahead of the market’s open. Earlier, U.S. software developers and semiconductor manufacturers led the U.S. gauge lower Monday amid a myriad of concerns swirling around the tech sector. Japanese automakers were under pressure with Nissan Motor Co. tumbling after the arrest on misconduct allegations of the carmaker’s chairman, Carlos Ghosn. The dollar and Treasuries were little changed in subdued trading ahead of the U.S. Thanksgiving holiday Thursday.

In the U.S. session, the Nasdaq 100 Index plunged more than 3 percent to the lowest since April. Apple Inc. slumped on signs of slowing demand for iPhones, while Facebook Inc.’s public image continued to weigh on its share price. Chipmaker Nvidia Corp. plunged almost 28 percent in two days after disappointing earnings, sending shock waves through chipmakers.

Investors are reassessing their expectations after several weeks of volatility spurred by fears of an escalation of the trade conflict and a slowing global economy. Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund firm, said that investors should expect low returns for a long time after years of low interest rates and quantitative easing have squeezed most of the returns out of assets in the U.S. Meanwhile, optimism that relations between the U.S. and China would improve at Group-of-20 meetings starting next week, dissipated.

“A breakthrough is really about slowing down the pace of tariffs or potentially not allowing the $200 billion to move at year end up to a 25 percent tariff from a 10 percent tariff,” Darrell Cronk, president at Wells Fargo Investment Institute, said on Bloomberg TV. “Just an agreement to restart discussions and negotiations in the next year the markets would perceive as strong, positive and good for risk assets.”

Elsewhere, the pound stabilized as U.K. Prime Minister Theresa May appealed to business leaders to help deliver her Brexit deal, and Gibraltar emerged as a fresh sticking point. Bitcoin fell below $5,000 for the first time since October 2017. Crude traded around $57 a barrel.

The Australian dollar declined and 10-year bond yields climbed as the central bank reaffirmed the next move in interest rates “was more likely to be an increase,” though added that there was “no strong case” for a near-term policy adjustment in the minutes of November policy meeting.

Bloomberg.com — Stocks in Asia kicked off the week in lackluster fashion after U.S.-China trade tensions showed no sign of improvement over the weekend. The greenback and Treasuries steadied, while U.S. and U.K. equity futures slipped.

Tension between Chinese President Xi Jinping and U.S. Vice President Mike Pence quashed optimism that relations would improve at Group-of-20 meetings starting next week as the Asia-Pacific Economic Cooperation failed to agree on a joint statement for the first time in its history. Equities posted modest gains in Tokyo, Hong Kong and Shanghai, while Australian shares fell. Trading activity was below average with volumes in the U.S. likely be thinned by the Thanksgiving holiday this week. The S&P 500 Index had eked out a gain on Friday and Treasuries rallied as shorts reined in their bets.

Equities remain volatile and credit markets are signaling intensifying concern over the world economy as rising U.S. interest rates push up the cost of debt repayments. Federal Reserve Vice Chairman Richard Clarida said Friday that policy is getting close to neutral and there is some evidence of global growth slowing.

“Valuations are attractive across Asia,” Binay Chandgothia, fund manager at Principal Global Investors, told Bloomberg TV from Hong Kong. “The concern is the forward looking growth outlook.”

Elsewhere, the pound was little changed after Theresa May said a challenge to her leadership would be a distraction from negotiating with the European Union, and that any new U.K. prime minister would face the same issues she does. Investors are the most bearish on the currency since the U.K. voted to leave the EU. Oil climbed above $57 a barrel following its recent slump into a bear market.

Bloomberg.com — Asian equities rounded out the week in mixed fashion as investors gauged whether China and the U.S. can de-escalate their trade spat before the G-20 summit later this month. The yen gained.

Stocks slipped in Japan, but climbed in most other markets, notably China and Hong Kong. While trade-sensitive industrials led the S&P 500 Index higher and tech stocks rebounded, U.S. futures fell after Nvidia Corp. gave a disappointing sales forecast and Commerce Secretary Wilbur Ross damped hopes of any imminent U.S.-China deal. The pound steadied after Thursday’s plunge as Brexit again threw the U.K. government into turmoil. The dollar slid and Treasuries were steady. Oil held below $57 a barrel in New York.

Equity markets remain volatile as the slowing Chinese economy and uncertain outlook for earnings coincide with investors continuing to adjust to the effects of tightening U.S. monetary policy. Political tensions in Europe from the U.K. to Italy are also hitting sentiment.

“Maybe if we can get progress in trade relations, that could be a boost,” Jason Browne, chief investment strategist at FundX Investment Group, said in an interview. “But the benefits are likely to get offset from expectations of continued hikes from the Fed. That’s part of the challenge right now.”

Sterling tumbled as several ministers resigned and questions of a leadership challenge arose. The events throw into doubt Prime Minster Theresa May’s ability to secure Parliament’s support for the exit plan — and even to survive as leader. As the Westminster resignations rolled in, gilts surged, but at a press conference late Thursday, the premier reiterated her commitment to the exit deal.

Elsewhere, emerging market currencies edged higher. Gold climbed alongside most industrial metals. Education stocks in China plunged in U.S. trading firms after the government unveiled new rules that prohibit companies from financing for-profit kindergartens via the equity market.

Bloomberg.com — U.S. retail sales rose in October by the most in five months on purchases of autos, fuel and building materials, rebounding after Hurricane Florence may have depressed demand in September.

The value of overall sales increased 0.8 percent after a 0.1 percent decrease in the prior month that was revised from a gain, Commerce Department figures showed Thursday. The median forecast of economists surveyed by Bloomberg called for a 0.5 percent advance. […]