Stocks Decline as Treasury Yields Rise; Yuan Slips: Markets Wrap - Ester Holdings

Stocks Decline as Treasury Yields Rise; Yuan Slips: Markets Wrap

Bloomberg.com — Stocks retreated in Asia after benchmark U.S. Treasury yields climbed back toward seven-year highs in wake of minutes of the latest Federal Reserve policy meeting. The dollar extended gains while China’s currency hit its weakest since the start of last year.

Equity benchmarks fell in Japan and South Korea, while Chinese stocks tumbled deeper into a bear market. U.S. stock futures slid after a flat session on Wednesday and European futures ticked lower. The British pound declined as Brexit talks between the U.K. and the EU appeared deadlocked. The yuan dipped against the greenback as the U.S. Treasury refrained from naming China a currency manipulator, while at the same time escalating scrutiny of the country’s exchange-rate policy.

The risk-off tone across markets highlights the fragility of investor confidence just days after the worst week for global stocks since March. While solid earnings results had spurred a rebound earlier this week, that momentum faded by the Wednesday U.S. session. Meantime, in the latest trade salvo, President Donald Trump plans to withdraw the U.S. from a postal treaty that gives Chinese companies discounted shipping rates for small packages sent to American consumers.

Citigroup Inc. analysts saw no solace in China avoiding the “manipulator” label in the Treasury’s semiannual foreign-exchange report.

“We continue to think that the U.S. is focusing on currency manipulation as an unfair trade practice and that it will deal with China’s FX concerns in the context of broader trade talks,” Citigroup New York-based global markets economist Cesar Rojas wrote in a note.

Elsewhere, oil traded in New York fell below $70 a barrel on supply concerns. The Australian dollar advanced with bond yields after the unemployment rate dropped to the lowest in more than six years.

Аналитическая рассылка

分析 交貨
签署每日早晨分析报告,首先了解最重要的市场活动!

Вы с украины?