U.S. Futures, Japan Stocks Slide; Yen Advances: Markets Wrap - Yahoo Finance

U.S. Futures, Japan Stocks Slide; Yen Advances: Markets Wrap

(Bloomberg) -- U.S. equity futures surrendered gains, Japanese stocks tumbled and bond yields fell Tuesday as enthusiasm about a shift by global policy makers to aid growth faded.

Australia’s dollar rose even after the central bank cut its benchmark rate by a quarter point, underscoring how traders’ expectations have rapidly shifted in recent days. A Reuters report saying that a draft Group of Seven statement stops short of detailing fiscal and monetary steps soured sentiment. Shanghai, Hong Kong and Australian shares also pared gains, while the yen climbed. Crude oil held onto an advance.

Central bankers from the U.S., Japan and Europe have in recent days pledged to act as appropriate to address mounting risks from the coronavirus. G-7 finance chiefs confer by phone Tuesday. The Reserve Bank of Australia, in its policy statement Tuesday, noted that expectations are for further monetary stimulus by most economies in coming months, including the U.S.

“If the Fed surprises in a meaningful way, that could help further -- but you could argue the market already discounts it,” said Quincy Krosby, chief market strategist at Prudential Financial Inc. “I’m also looking to see if we have anything from the fiscal side,” she said. Packages such as Italy’s $4 billion effort “are the sorts of headlines that would boost confidence that governments are prepared to act,” she said.

The central banks’ turn follows signs of mounting damage to the global economy. The OECD is warning that growth will sink to levels not seen in more than a decade. Global manufacturing contracted in February by the most since 2009 as the outbreak severely disrupted demand, trade and supply chains.

Here are some key events coming up:

U.S. citizens in states including California and Texas will vote on “Super Tuesday” for a Democratic candidate to run against President Donald Trump in November’s election.The Bank of Canada has a rate decision on Wednesday.OPEC ministers gather in Vienna on March 5-6.

These are the main moves in markets:

Stocks

S&P 500 futures were down 0.5% as of 3 p.m. in Tokyo. The S&P 500 Index jumped 4.6%.Topix index dropped 1.4% at the close after rising as much as 1.7% earlier.Australia’s S&P/ASX 200 Index climbed 0.7%.South Korea’s Kospi index rose 0.8%.Hong Kong’s Hang Seng Index rose 0.1%.Shanghai Composite Index added 0.5%.MSCI Asia-Pacific Index added 0.1%.Euro Stoxx 50 futures rose 0.1%.

Currencies

The Japanese yen rose 0.6% to 107.70 per dollar.The offshore yuan was down 0.2% at 6.9743 per dollar.The euro gained 0.1% to $1.1150.

Bonds

The yield on 10-year Treasuries fell about five basis points, to 1.11%.Australia’s 10-year bond yield fell about one basis point to 0.79%.

Commodities

West Texas Intermediate crude climbed 1.7% to $47.53 a barrel.Gold rose 0.6% to $1,598.77 an ounce.

--With assistance from Sophie Caronello.

To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil Shirodkar

For more articles like this, please visit us at bloomberg.com

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