Global stocks traded around all-time highs Wednesday as investors weighed the economic rebound from the pandemic and stimulus support. The dollar and Treasury yields were steady.
A gauge of Asia-Pacific equities fluctuated with U.S. and European stock futures. Toshiba Corp. shares are poised to surge after the company received an initial buyout offer from CVC Capital Partners. Earlier, technology companies led a modest decline in the S&P 500 Index, offsetting gains in retailers. The Nasdaq 100 also retreated. Volume on U.S. exchanges slipped below 10 billion shares for the first time this year.
Oil held above $59 a barrel amid optimism that economic expansion will pick up. The International Monetary Fund upgraded its global growth forecast for the second time in three months, while warning about a divergence between advanced and lesser-developed economies.
Traders are taking heart from the assurance of continued central bank support and an improving growth outlook. The IMF opened its spring meetings with forecasts for the strongest global expansion in at least four decades. Concerns about higher borrowing costs destabilizing the market have also eased, with bond yields subsiding as traders pull their more-aggressive positioning for Federal Reserve policy tightening.
“Central banks are continuing to keep interest rates so low, so people are looking for some place to put their money where they can get a return,” Sarah Hunt, Alpine Woods Capital Investors associate portfolio manager, said on Bloomberg TV. “I think that’s also why you have stocks priced somewhat for perfection.”
The latest U.S. labor-market data showed job openings rose to a two-year high in February, led by gains in some of the industries hardest hit during the pandemic.
Despite a rally of at least 40% in energy and financial shares over the five months, hedge funds have steadfastly shunned stocks in the reflation trade, favoring instead companies seen as resilient during an economic slowdown.
Source: Bloomberg
Some key events to watch this week:
- The 2021 Spring Meetings of the IMF and the World Bank Group take place virtually. Federal Reserve Chairman Jerome Powell takes part in a panel about the global economy on Thursday.
- The Fed publishes minutes from its March meeting on Wednesday.
- Japan releases its balance of payments numbers Thursday.
- China’s consumer and producer prices data are due Friday.
These are some of the main moves in markets:
Stocks
- S&P 500 futures were little changed as of 11:31 a.m. in Tokyo. The S&P 500 fell 0.1%.
- Japan’s Topix Index added 0.3%.
- Australia’s S&P/ASX 200 Index rose 0.1%.
- South Korea’s Kospi Index climbed 0.1%.
- Hong Kong’s Hang Seng Index fell 0.5%.
- China’s Shanghai Composite Index fell 0.6%.
- Euro Stoxx 50 futures were 0.2% lower.
Currencies
- The yen was at 109.80 per dollar.
- The offshore yuan was at 6.5444 per dollar.
- The Bloomberg Dollar Spot Index was little changed.
- The euro traded at $1.1870.
Bonds
- The yield on 10-year Treasuries was at 1.66%.
- Australia’s 10-year yield fell two basis points to 1.76%.
Commodities
- West Texas Intermediate crude was little changed at $59.30 a barrel.
- Gold was at $1,737.85 an ounce, down 0.3%.
— With assistance by Lu Wang, and Rita Nazareth
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April 07, 2021 at 04:49AM
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