市场消息

Bloomberg.com — After endorsing a Republican-dominated government two years ago, investors decided they also like a divided Washington. Stocks in Asia followed a strong U.S. session overnight, spurred by the narrative that checks and balances bode well for returns.

Equities in Japan led gains, alongside solid rises in Hong Kong and South Korea, and futures indicated the positive risk appetite will flow through to European shares. Earlier, the S&P 500 Index rose more than 2 percent as investors bet a split Congress dimmed chances President Donald Trump’s signature tax cuts will be reversed while reducing the possibility of major fiscal initiatives that might have pushed up interest rates. Treasury yields held gains. The dollar was flat.

“This election played out exactly like the polls were telling us, which was a reassurance,” Anne Lester, managing director and portfolio manager at JPMorgan Asset Management, told Bloomberg TV in New York.

With the elections out of the way, attention turns to Thursday’s Federal Reserve decision, with investors looking for any signals on the pace of policy tightening into 2019. China trade data showed a surge in exports and imports for October, months before the next round of tariff hikes in the trade war with the U.S. is set to kick in.

On Wednesday, U.S. tech stocks, which absorbed the brunt of October’s sell-off, led gains as the Nasdaq 100 surged more than 3 percent. Oil steadied after sliding for eight straight days.

Bloomberg.com — Asian equities and U.S. stock futures surrendered gains as investors mulled any implications for markets from American midterm election results that showed the anticipated split in Congress. The dollar retreated against most major peers and U.S. Treasury yields declined.

With Democrats on course to win the House of Representatives majority and Republicans effectively clinching control of the Senate, prospects are for divided government. The results dim chances for any major fiscal initiative from President Donald Trump’s administration that might have offered a lift to yields and the greenback.

The White House will still have the upper hand on getting key appointments approved in the Senate, with a continued Republican majority in position to limit Democratic efforts to reverse Trump’s regulatory actions. Earlier in the session, stocks emulated the late-2016 Trump-reflation play when Republicans looked to do better this time than some forecast. European futures pointed to gains.

Bloomberg.com — Asian stocks traded mixed Tuesday with markets seemingly in a holding pattern after a muted U.S. session ahead of midterm elections. Treasury yields and the dollar were steady.

Equities climbed in Japan and Australia, were little changed in South Korea and Hong Kong, and underperformed in China even as the country’s vice president said Beijing remained ready to discuss a trade solution with Washington. Apple Inc. suppliers in Asia declined on a report the iPhone maker wouldn’t boost some production.

Politics loom large for traders as U.S. congressional elections, seen as a referendum on the policies of President Donald Trump, take place Tuesday. Democrats are expected to take control of the House of Representatives but fall short in the Senate. Investors generally like gridlock in a split decision because it means Democrats won’t be able to roll back tax cuts or reinstate key parts of the Dodd-Frank financial regulations.

In the U.S., Warren Buffett’s Berkshire Hathaway Inc. underpinned an advance in the S&P 500 Index overnight after he revealed he’d been buying back his firm’s own shares. Apple, Facebook Inc. and Amazon.com Inc. sank, weighing on the Nasdaq indexes.

Elsewhere, oil was on track for its seventh day of declines. The pound retained recent gains on signs of further progress in Brexit negotiations. The Aussie was steady after the Reserve Bank of Australia left the official interest rate unchanged and said it saw a gradual pickup in inflation in the next couple of years. Markets in Singapore and Malaysia were closed for a holiday.

Bloomberg.com — Stocks in Europe struggled on Monday after Asian shares declined as optimism over a potential U.S.-China trade deal receded. Treasuries climbed, while the pound strengthened ahead of a U.K. cabinet meeting.

Automakers and financial services companies were among the biggest decliners in the Stoxx Europe 600 Index, with futures on the Dow, Nasdaq and S&P 500 falling alongside those in Asia after White House economic adviser Larry Kudlow downplayed the potential for a quick deal with China. Treasury yields handed back some gains made on Friday, when a strong monthly jobs report reinforced the case for the Federal Reserve to keep raising interest rates. The pound rose on news of further progress in Brexit negotiations.

Politics and central banks loom large in a busy week for global markets. U.S. congressional elections, seen as a referendum on the policies of President Donald Trump, take place Tuesday. On the Brexit front, Prime Minister Theresa May is due to discuss the latest proposals with her cabinet the same day. Investors then turn their eyes to the Fed’s policy meeting. Though officials are expected to keep the benchmark rate unchanged at their penultimate 2018 meeting Thursday, clues will be sought for moves into 2019.

Elsewhere, the yen barely budged even as Bank of Japan Governor Haruhiko Kuroda hinted Monday that he wants to normalize monetary policy once the central bank gets closer to its price goal. Crude was on track for a sixth day of declines even as sanctions on Iran oil snapped back into place Monday.

Bloomberg.com — Stocks in Asia headed for the biggest weekly rally since April 2016 amid fresh hopes for trade talks, with that renewed risk appetite looking set to extend into European and U.S. sessions. The yen slipped and Treasury yields jumped.

The boost to sentiment came after Bloomberg News reported U.S. President Donald Trump is interested in reaching an agreement on trade with Chinese President Xi Jinping at the Group of 20 nations summit in Argentina this month and has asked key U.S. officials to begin drafting potential terms.

Hong Kong’s Hang Seng headed for its biggest rise in more than three years and stocks from Seoul to Tokyo surged, taking gains on the MSCI Asia Pacific Index to almost five percent for the week. Futures on U.S. and U.K. equity gauges climbed, while currencies from South Korea to Australia also joined the rally.

News of a phone call between Trump and Xi showed that the door is still open for U.S.-China trade talks. The phone call is positive, China Foreign Ministry spokesman Lu Kang said at a briefing Friday in Beijing. Sentiment proved resilient to underwhelming news from Apple Inc. that had weighed on U.S. equity futures. The dollar steadied as traders also awaited Friday’s key U.S. jobs report.

Prospects for easing tensions between leaders of the world’s two largest economies are helping round out a week that’s seen appetite for risk assets return following the October rout in equities. Doubts remain, though, on the capacity of earnings to deliver. Apple’s disappointing forecast for the key holiday period suggested weaker-than-expected demand for the company’s pricier new iPhones. Its shares tumbled more than 6 percent in after-hours trading.

“Positive comments from President Trump over U.S.-China trade tension are cheering the market in the short term,” said Tai Hui, chief market strategist for Asia Pacific at JPMorgan Asset Management in Hong Kong. “While we are still cautious over a full resolution of recent tensions in the medium term, resumption of dialogue between Washington and Beijing would be good enough to investors for now.”

Elsewhere, oil prices steadied after tumbling again overnight in New York. In Europe, the pound edged down after Thursday’s biggest gain since April 2017, which was driven by signals of faster interest-rate hikes and hopes for a Brexit deal.

Bloomberg.com — Asian stocks struggled to advance Thursday, after a rally in global equities in the final two days of what was still their worst month in more than six years. The pound climbed on hopes for progress in Brexit negotiations and the dollar weakened.

Hong Kong stocks outperformed while Japanese equities fell with the telecommunications sector weighing on concerns over pricing pressures. Shares slipped in Korea and were little changed in China and Australia. European futures pointed to losses. Sterling surged as the Times of London reported U.K. and European negotiators have reached a tentative agreement that would give U.K. financial services companies continued access to European markets after Brexit. The euro gained against the greenback which slipped from a 16-month high, while the 10-year Treasury yield rose to touch 3.15 percent.

In China, the yuan rallied from the weakest level in a decade as the country’s leadership signaled that further stimulus measures are being planned. The Australian dollar climbed as the trade balance beat estimates and the New Zealand dollar also jumped. Earlier, technology giants rose and the S&P 500 Index posted its biggest two-day surge since February after Facebook’s earnings topped expectations.

Firm U.S. economic data and a strongly worded statement from a China Politburo meeting chaired by President Xi Jinping signaling increased urgency for more measures to combat the slowing economy helped buoy sentiment toward risk assets. Bulls are hoping equities can build on a recovery at the end of October, that marked the worst month for global shares since May 2012. The focus turns to Apple Inc. earnings Thursday, then to the monthly U.S. jobs report Friday.

Elsewhere, oil extended a decline after its worst month in more than two years. The Indian rupee climbed after paring a drop Wednesday as the finance ministry moved to diffuse growing tensions with the central bank. Emerging market currencies also gained.

Bloomberg.com — Stock markets in Asia advanced on the last day of what is shaping up as the worst month for global stocks in more than six years. The dollar edged higher alongside Treasury yields.

Shares in Tokyo outperformed, alongside gains in Hong Kong and China, while Australia and South Korea reversed losses as S&P 500 Index futures advanced. European futures also pointed higher. Earlier, the U.S. benchmark twice erased gains that topped 1 percent before finally securing a rebound in the last hour of trading. China’s overnight repo rate surged the most in more than four years as authorities take steps to combat bets against the yuan, which held near the weakest level in a decade against the greenback.

The latest rally will be welcomed by bulls who’ve been hammered this month after a wipeout of about $8 trillion from global equities. The MSCI All-Country World Index has declined over 8 percent this month. Attention remains on earnings ahead of results from Apple Inc. on Thursday and Friday’s U.S. jobs report. Trade also remains in focus, while the American midterm elections on Nov. 6 have started creeping into the calculus.

China’s overnight repo rate — the cost of lending from the central bank to commercial banks — soared 80 basis points, the most since January 2014, to 2.34 percent. Efforts to stem trades that would benefit if the yuan weakens further remain under scrutiny after the currency touched the weakest level since May 2008 amid signs that the trade war with the U.S. may escalate.

The yen slipped as the Bank of Japan left its monetary stimulus unchanged and kept its 10-year bond yield target at about zero percent as it updated price forecasts that confirm it won’t meet its inflation target for years to come.

Elsewhere, Australia’s dollar declined a weaker than expected inflation reading and as a closely watched gauge of China’s economy showed worsening manufacturing activity from the trade war with the U.S. The Indian rupee had the biggest drop among Asian currencies on speculation of a widening rift between the government and the central bank. Gold declined and oil recovered from a two-month low.

Bloomberg.com — Asian stocks halted a five-day slump and U.S. futures rose as President Donald Trump held out the possibility of a trade deal with China even as his administration prepares for a possible expansion in tariff hikes on the country.

The trade outlook again captured investors’ attention after Bloomberg reported that the U.S. is preparing to put tariffs on all Chinese imports if Trump’s meeting with President Xi Jinping next month fails to ease the trade war. Stocks opened lower in Asia after another decline in the U.S. Monday. Later, Trump said a “great deal” is what’s needed with China, given its surpluses with the U.S., in remarks that prompted a turnaround in Asian markets. The yen slid and Aussie rose, helping stoke Japanese and Australian shares. China’s stocks climbed after authorities said they’d encourage long-term funds to invest.

The yuan was little changed after earlier hitting its weakest against the greenback in a decade, while Hong Kong shares underperformed. Ten-year Treasury yields ticked back up to 3.10 percent as a risk-on mood took hold in the Asian afternoon. With the MSCI World Index of stocks down more than 9 percent this month, some investors may be opting to jump back into equities given expectations for continued economic expansions in all major economies into next year.

Along with corporate earnings releases, U.S.-China trade talks are set to be a focus for investors in coming weeks, with a looming Trump-Xi meeting at the G-20 summit scheduled for next month in Buenos Aires. Trump, in an interview with Fox News late Monday, said “I think we will make a great deal with China, and it has to be great because they’ve drained our country.”

Elsewhere, oil held losses and traded near $67 a barrel in New York. The euro halted losses following news Monday that German Chancellor Angela Merkel has planned her exit from leadership of Europe’s top economy.

Bloomberg.com — Equities resumed declines on Monday after gains earlier in the Asian session, showcasing continuing investor unease as a brutal month winds down. Treasuries held gains from last week, with some traders reining in expectations for Federal Reserve monetary tightening.

Shares in Tokyo ended lower after rising more than 1 percent at one stage, while declines accelerated in China and South Korea as the day wore on. Hong Kong shares were modestly lower. Australian stocks outperformed. U.S. futures dropped after the S&P 500 Index finished Friday just short of a 10 percent decline from its record September high and on pace for the worst month since 2009. The offshore yuan held near the lowest level in a decade amid expectations China will ease policy to stem a growth slowdown.

Equities globally have lost almost $8 trillion of value this month, set for the biggest wipeout since the height of the financial crisis a decade ago on concerns ranging from the peak being past for earnings growth to the U.S.-China trade war to the end of central bank quantitative easing. Traders are paring wagers on Fed rate hikes for next year, with markets now expecting fewer than two quarter-point increases in 2019, compared with three that policy makers project.

“There’s room for a bit of a downside to go, because I do see this as being largely a structural shift in markets,” Kyle Rodda, a market analyst at IG Group in Melbourne, said on Bloomberg Television. “Sentiment is still to the downside, is still quite bearish and there will be a little while for this correction to play out.”

Elsewhere, the euro slipped as Germany’s governing parties fell to their worst results in decades in a vote in Frankfurt’s home state of Hesse, delivering another blow to Chancellor Angela Merkel. A Brazilian equity exchange-traded fund listed in Japan jumped after far-right candidate Jair Bolsonaro won the presidential election. Mexico’s peso plummeted almost 2 percent to the weakest level since July after a vote to scrap a $13 billion airport.