|Day's range||24,013.75 - 24,115.95|
|52-week range||20,110.76 - 24,115.95|
The United States removed China from a list of countries considered currency manipulators just two days before top trade negotiators for Washington and Beijing signed a key “Phase One” trade deal, the Treasury Department announced on January 13.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Stocks extended this week’s relentless push to all-time highs as positive U.S. and China economic data, low interest rates and easing trade tensions propelled investor optimism. The dollar strengthened and gold climbed.The benchmark S&P 500 Index, along with the tech heavy Nasdaq Composite, set record highs for an eighth consecutive trading session. Boeing Co. slumped after a Fitch downgrade, weighing on the Dow Jones Industrial Average. The Stoxx Europe 600 Index closed at a record, posting its biggest gain since mid-December.“The headwinds of last year have dissipated and we’ve gotten more clarity on the backdrop. That clarity is helping to solidify marginal improvement in risk assets,” said Jack Janasiewicz, a portfolio manager at Natixis Investment Managers Solutions, which oversees $1 trillion “The big one is going to earnings, and so far so good.”The longest-dated Treasuries dipped after the U.S. announced plans for a new 20-year bond. The dollar increased against its major peers including the euro and pound, with the latter reversing gains while gilts turned higher after U.K. retail sales data disappointed.Investors in risk assets headed into the weekend looking confident after the completion of an initial Sino-American trade deal and solid results from the biggest banks on Wall Street. U.S. markets are closed Monday for the Martin Luther King Jr. holiday. The earnings season continues to ramp up next week with Procter & Gamble Co. and Intel Corp. reporting, but for now most economic data is supporting sentiment: China GDP was in line with estimates, while housing starts surged in the U.S.“At this stage of the game we’ve got a Fed that’s committed to staying on hold, you’ve got a belief that there’s a signal of easing, and some improvement in the economic data globally,” Kathy Jones, chief fixed income strategist at Charles Schwab, said on Bloomberg Television. “That’s helping propel markets.”Elsewhere, oil slumped for a second week as optimism following the signing of the America-China trade agreement offset signs that supplies remain plentiful.Emerging-market equities also climbed for a seventh week of gains.These are the major market moves: \--With assistance from Elena Popina.To contact the reporter on this story: Sarah Ponczek in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Dave LiedtkaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Other Chinese economic data released alongside the GDP numbers showed growth in industrial output and retail sales for the month of December. Analysts read the data from Beijing positively, although there was still some caution about the partial trade deal with the U.S.
(Bloomberg) -- For a fresh perspective on the stories that matter for Australian business and politics, sign up for our new weekly newsletter.The record-setting rally in U.S. equities accelerated in the wake of Wednesday’s China trade deal and signs consumer demand remains strong. Bond yields rose.All three main U.S. stock benchmarks surged to all-time highs after setting multiple records earlier this week, with technology and financial shares leading the surge. Alphabet Inc.’s market valuation hit $1 trillion for the first time. Banks and chipmakers rallied after solid earnings reports from Taiwan Semiconductor Manufacturing Co. and Morgan Stanley. Treasuries fell after data showed U.S. retail sales strengthened in December, while the dollar gained.“The consumer is really in positive shape,” said Ryan Detrick, senior market strategist at LPL Financial. “Then when you factor in the alleviation of the U.S.-China tensions, the market is in a pretty good spot.”The Senate approved President Donald Trump’s U.S.-Mexico-Canada free trade agreement, handing the president a major political win on the same day senators were sworn in as jurors in his impeachment trial.The formal signing of a phase one deal between the world’s two biggest economies has put the trade war on hold as far as many investors are concerned. Assuming the detente lasts, traders will be seeking fresh catalysts, most likely in economic data and the ramp-up of earnings season.“The question is if we can keep up the momentum,” said Mike Loewengart, vice president of investment strategy at E*Trade Financial. “Up next, housing, an economic bellwether, which will provide yet another data point of how our economy closed out the year.”West Texas crude fluctuated in a narrow range before pushing higher.Elsewhere, the Stoxx Europe 600 Index closed at a record high after swinging between gains and losses. The euro erased earlier gains, while most European bonds edged up. The ruble slipped in the wake of Russian President Vladimir Putin’s call for sweeping constitutional changes and subsequent replacement of his long-serving prime minister.Meanwhile, soybeans slumped overnight after China signaled purchases would be based on demand, rather than a pre-set amount.Here are some events to watch for this week:China GDP, along with key monthly data for December, come on Friday.A final reading on the euro-zone’s December inflation is also due on Friday.There are some of the main moves in markets:\--With assistance from Cecile Gutscher.To contact the reporters on this story: Claire Ballentine in New York at email@example.com;Vildana Hajric in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Dave LiedtkaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Australian share market surged into record territory on Thursday, passing the 7000-point milestone for the first time ever. The Bank of Japan is expected to keep monetary policy steady next week.
Global markets are mixed as traders wait for the Phase One deal signing. The details so far suggest the Phase One deal is far less than the market was expecting.
The fact that tariffs are likely to remain in place until after the 2020 U.S. presidential elections is rattling investors along with U.S. Treasury Secretary Steven Mnuchin’s comment that existing tariffs on Chinese goods would stay, pending further talks.
The film No Dorai is based on the inspirational story of Bangladesh’s first competitive female surfer, who beat most of her male rivals. Director Tanim Rahman was busy promoting No Dorai — titled Dare to Surf for international markets — when he was served with a legal notice on December 10 that led to the withdrawal of the film from cinemas in the cities of Dhaka and Chattagram, where it had been showing since November 29. The film’s main character is named Ayesha, the name — sometimes written as Aisha — of one of the wives of Mohammed, the chief prophet and central figure of Islam.
Australian shares hit record highs on Tuesday, powered by gains in financial and mining sectors, as optimism over a planned signing of a preliminary Sino-U.S. trade deal lifted investor spirits.
China’s blue-chip index closed at a near 2-year high on Monday, amid strength in technology shares, as investors turned optimistic ahead of the signing of the trade deal.
It is late October in Jonesboro, Arkansas, a long way from the White House and a long way from the trade war. To launch the Anhui, China-based company’s 125,000 sq ft facility in Jonesboro, southern businessmen and their new Chinese colleagues formed an awkward line on stage behind a red ribbon, each holding a pair of golden scissors and looking at each other for the cue to make the cut. Local politicians were presented with gifts from Anhui, including a traditional painting of galloping horses — a Chinese metaphor for prosperity and success — while a giant screen played a video of factory workers in China performing a choreographed marching band routine.
(Bloomberg) -- U.S. stocks fell from records, while Treasuries rose after the latest jobs report delivered mixed signals on the strength of the economy. The dollar declined versus major currencies.The S&P 500 dropped for the first time in three days after hiring data fell short of estimates and wage growth was the weakest in more than a year. The benchmark still notched a weekly advance as the situation in the Middle East held a tenuous calm. Boeing Corp. slumped, helping to pull down the Dow Jones Industrial Average.Treasuries pushed higher as the wage figures erased any inflation worries. Futures traders maintained the amount of easing they expect from the Federal Reserve.The jobs data ultimately did little to alter investor views on the strength of the economy or the Fed’s next step. With stocks near all-time highs, markets continue to look past the flare-up in tensions with Iran and focus on the potential for a pickup in global economic growth.“This is the opposite of a game-changer. It’s very consistent with everyone’s views going into this report, the Fed stays on hold and the economy is slowing down,” said Nela Richardson, an investment strategist at Edward Jones. “We’re consistent on the overall view the Fed stays pat on short-term rates this year. If anything, this report tilts the Fed a little bit towards being more accommodative, not less.”Elsewhere, European shares rose, while bonds in the region advanced. Gold gained, while West Texas oil dropped below $60 a barrel.These are moves in major markets:StocksThe S&P 500 Index fell 0.3% as of 4 p.m. New York time.The Dow Jones Industrial Average dropped 0.5%.The Stoxx Europe 600 Index fell 0.1%.Germany’s DAX Index gained 0.3%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The British pound dropped 0.1% at $1.3059.The euro rose 0.1% at $1.1112.The Japanese yen was little changed at 109.50 per dollar.BondsThe yield on 10-year Treasuries fell three basis points to 1.82%.Britain’s 10-year yield fell five basis points to 0.773%.Germany’s 10-year yield declined two basis points to -0.198%.CommoditiesWest Texas Intermediate crude dropped 0.9% to $59.05 a barrel.Gold rose rose 0.4% at $1,560.30 an ounce.\--With assistance from Constantine Courcoulas and Vildana Hajric.To contact the reporters on this story: Randall Jensen in New York at firstname.lastname@example.org;Sarah Ponczek in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Todd WhiteFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
In economic news, Australia’s retail sales data for November beat expectations, jumping 0.9%, the largest increase since last February, according to a Reuters report. A Reuters poll had forecast a 0.4% gain.
US stocks pulled back from record highs after a disappointing jobs report, concluding a week in which geopolitical uncertainty capped gains on Wall Street. Shares in real estate and utilities groups, which are considered defensive plays for equity investors, were the top performers. The Nasdaq Composite fell 0.3 per cent.
(Bloomberg) -- U.S. stocks rose to fresh records as investor appetite for risk returned after America and Iran stepped back from the brink of war. The S&P 500, Dow Jones Industrial Average and Nasdaq indexes all closed at all-time highs as the conflict between the U.S. and Iran deescalated. Oil fell below $60 a barrel in New York, gold declined for a second day and the Japanese yen dropped to a two-week low versus the dollar.The greenback gained against major currencies for a third straight day after jobless claims fell by more than expected, adding to signs of economic strength ahead of the U.S. payrolls report Friday. Ten-year Treasury yields declined following a government auction.In company news, retail took a hit from signs of poor sales before earnings ramp up next week. Bed Bath & Beyond Inc. slid 19% after results missed analyst estimates, while Kohl’s Corp. also slumped following a disappointing holiday season.“Things have calmed down a bit and with the market hitting new intra-day highs today it seems investors are willing to buy the very little dip we got due to these geopolitical issues,” said Jennifer Ellison, principal at San Francisco-based BOS. “Markets go up and down despite what happens geopolitically, and in many cases geopolitical issues like this really don’t have a direct economic impact.”If the relative geopolitical calm holds, it will allow traders to switch focus to the next clue on the health of the world’s biggest economy, which will come with the non-farm jobs report. Adding to sentiment, the partial trade deal between the U.S. and China looks locked in as China’s vice premier will visit Washington next week for a signing ceremony.Elsewhere, the pound touched its lowest in two weeks after Bank of England Governor Mark Carney said policy makers are debating merits of more monetary stimulus. European and emerging-market shares rose.Here are some events to watch for this week:The U.S. monthly non-farm employment report is due Friday.These are moves in major markets:StocksThe S&P 500 Index gained 0.7% as of 4 p.m. New York time.The Nasdaq 100 Index rose 0.9%.The Stoxx Europe 600 Index climbed 0.3%.Germany’s DAX Index jumped 1.3%.CurrenciesThe Bloomberg Dollar Spot Index gained 0.1%.The British pound decreased 0.3% to $1.3058.The euro was little changed at $1.1107.The Japanese yen weakened 0.4% to 109.51 per dollar.BondsThe yield on 10-year Treasuries fell two basis points to 1.85%.Britain’s 10-year yield was little changed at 0.819%.CommoditiesWest Texas Intermediate crude was steady at $59.59 a barrel.Gold dropped 0.4% to $1,553.40 an ounce.\--With assistance from Todd White.To contact the reporters on this story: Randall Jensen in New York at email@example.com;Vildana Hajric in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Sam PotterFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Wall Street’s main equities gauges hit record highs on Thursday, with Middle East tensions easing and the prospect of a Sino-US “phase one” deal on track to be signed next week. A relief rally began on ...
China’s consumer inflation steadied while factory-gate prices fell at a slower pace in December, giving Beijing room to stay the course on monetary easing as economic growth cools.
(Bloomberg) -- U.S. stocks rose to records and Treasuries fell after President Donald Trump toned down rhetoric against Iran. Equities closed well off highs as reports of fresh rocket attacks in Baghdad heightened investor jitters.The S&P 500 jumped to an intraday record after the U.S. president suggested further military action against Iranian targets is not necessary. The rally faded into the close after reports that rockets hit the Green Zone in Iraq’s capital where the U.S. embassy is located. Equities had swooned overnight around the world after Iran launched missiles at U.S. bases in Iraq, escalating tensions that flared last week. “The dip in markets was only a partial retracement of the gains seen since President Trump spoke, which shows the limited impact,” said Sameer Samana, senior global market strategist for Wells Fargo Investment Institute. “While geopolitical risks are here to stay, and will cause episodic volatility, we don’t believe the current circumstances warrant a change in the investment outlook.”Trump’s statement had calmed financial markets, sparking sharp reversals in assets from oil to gold and Treasuries. U.S. crude ended near $60 a barrel, $5 lower than its overnight highs. Ten-year yields topped 1.86% after falling below 1.8%, and gold slumped more than $40 an ounce from its highs. In company news, Boeing Co. slumped after one of its planes crashed in Iran. Walgreens Boots Alliance sank 6% after the drugstore giant’s profits slid, while Lennar Corp. advanced as its earnings topped estimates.“The main market driver right now is the generally improving macroeconomic backdrop and most other things are a distraction from that overriding theme,” Michael Reynolds, investment strategy officer at Glenmede, said by phone. “I think the loudest distraction has certainly been the geopolitical tension between the U.S. and Iran going back and forth.”Before the late-session drop, markets had settled back into the familiar risk-on mood that pushed benchmarks to recent records amid optimism sparked by signs of a resilient global economy as well as a partial Sino-American trade deal. Investors are also watching the nonfarm jobs report due Friday. A gauge of private employment beat expectations Wednesday.Read here for more on the ongoing market impact:Buy the Dip, Wait and See, Add Hedges: Investors on Iran StrikeGlobal Market Reaction to Iran Rocket Attack in Four ChartsGold Surges Above $1,600 as Iran Attacks Spark Flight to HavensAlgos Seize on Iran Headlines to Leave Some Traders With LossesHere are some events to watch for this week:President Trump said he would make a statement on Wednesday morning in wake of the Iran attack.Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak on Thursday.The U.S. monthly non-farm employment report is due Friday.These are moves in major markets:StocksThe S&P 500 Index advanced 0.5% as of 4 p.m. New York time.The Stoxx Europe 600 Index rose 0.2%.The MSCI Asia Pacific Index decreased 0.9%.CurrenciesThe Bloomberg Dollar Spot Index added 0.2%.The British pound fell 0.2% to $1.3100.The euro dipped 0.4% to $1.1111.The Japanese yen declined 0.7% to 109.19 per dollar.BondsThe yield on 10-year Treasuries rose five basis points to 1.87%.The yield on two-year Treasuries gained four basis points to 1.58%.Britain’s 10-year yield added three basis points at 0.817%.CommoditiesWest Texas Intermediate crude fell 4.5% to $59.91 a barrel.Gold dropped 1.2% to $1,555.70 an ounce.\--With assistance from Todd White.To contact the reporters on this story: Sarah Ponczek in New York at firstname.lastname@example.org;Vildana Hajric in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Randall JensenFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Conflict-related tensions lifted shares of Chinese goldminers and defense companies, with the CSI national defense industry index rising to a near four-month high as discussions of a war intensified.
(Bloomberg) -- Follow Bloomberg on Telegram for all the news and analysis you need.Safe-haven assets, U.S. equity futures and Asian stocks swung wildly Wednesday as tensions in the Middle East escalated, rattling global financial markets.Iran’s attack on American military bases in Iraq, a response to the killing of General Qassem Soleimani by American forces last week, injected new volatility into global assets that enjoyed a blockbuster 2019. S&P 500 futures dropped as much as 1.7% as fears of a protracted conflict increased, before paring the decline as Tehran said it wasn’t seeking a war, and President Donald Trump declared “all is well.”Here are some charts showing the moves:Oil and U.S. StocksWest Texas Intermediate crude futures initially jumped by as much as 4.4% while CME E-mini S&P 500 Index futures tumbled by more than 1%. The moves eased later as there were no signs of an immediate military response from Washington.Treasuries, Dollar/YenTen-year Treasury yields dropped more than 11 basis points to 1.70% before paring much of the loss, and the dollar swung against yen. Further conflict in the Middle East could send 10-year Treasury yields to as low as 1.6% in the short-to-medium term, said Kyle Rodda, analyst at IG Markets in Melbourne.GoldThe precious metal rose through $1,600 an ounce to the highest level since 2013 before retreating from its highs.VolatilityThe Nikkei Stock Average Volatility Index soared as much as 4 points and CBOE Volatility Index January futures advanced almost 3 points, as options traders scrambled to reprice future expectations for swings in stock markets. The moves retraced as investors stepped in to buy the dip in risk assets.(Updates throughout with rebound in risk assets.)\--With assistance from Ruth Carson.To contact the reporters on this story: Andreea Papuc in Sydney at email@example.com;Cormac Mullen in Tokyo at firstname.lastname@example.org;Adam Haigh in Sydney at email@example.comTo contact the editors responsible for this story: Christopher Anstey at firstname.lastname@example.org, Joanna Ossinger, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.U.S. stocks fell as investors remained wary of an escalation in tensions with Iran. The dollar advanced, while oil continued its retreat from multimonth highs.The S&P 500 dropped for the second time in three sessions, with investors cautious after Iran threatened a military response to a U.S. airstrike that killed a top general four days ago. Chipmakers buoyed the benchmark.Havens showed little reaction to the bellicose Iranian rhetoric, with West Texas crude falling below $63 a barrel and gold slightly higher. The dollar advanced versus the yen, while the 10-year Treasury yield rose to 1.82% after indicators pointed to a resilient U.S. economy.“Markets are to some degree calming down from the trash talk that we’ve seen over the last couple of days,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors, about the U.S.-Iran conflict. “The issue is whether there will be heightened conflict in the future. I don’t think markets know yet. This could easily flare back up again.”Even as investors appeared to have started the first full trading week of 2020 in a defiantly upbeat mood, the unfolding crisis in the Middle East, which triggered a broad sell-off on Friday, returned to the forefront Tuesday. Traders are now waiting to see how Iran fulfills its threats.Here are some events to watch for this week:Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak on Thursday.The U.S. monthly employment report is due Friday.These are moves in major markets:StocksThe S&P 500 Index fell 0.3% as of 4 p.m. New York time.The Stoxx Europe 600 Index gained 0.3%.The U.K.‘s FTSE 100 Index was little changed.The MSCI Asia Pacific Index climbed 0.9%.CurrenciesThe Bloomberg Dollar Spot Index increased 0.3%.The euro declined 0.5% to $1.1147.The British pound fell 0.4% to $1.3119.The Japanese yen decreased 0.2% to 108.53 per dollar.BondsThe yield on 10-year Treasuries rose two basis points to 1.82%.Germany’s 10-year yield gained less than one basis point to -0.29%.Britain’s 10-year yield added two basis points to 0.792%.CommoditiesWest Texas Intermediate crude dipped 1% to $62.63 a barrel.Gold rose 0.3% at $1,574.00 an ounce.\--With assistance from Cecile Gutscher and Yakob Peterseil.To contact the reporters on this story: Claire Ballentine in New York at email@example.com;Vildana Hajric in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Randall JensenFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
In keeping with their Chinese heritage, the many sons, daughters and grandchildren of billionaire Indonesian magnate Eka Tjipta Widjaja wore all white to the 98-year-old's funeral last February. “For the greatest gift you've bestowed is the loving family,” Eka's grandson Fuganto Widjaja told mourners in a poem composed and recited in English. Fuganto's vow of expansion would have pleased many of the funeral guests, especially Eka's sons.
Questions are being raised over how China will meet a target of spending billions of dollars more on agricultural goods after the world’s second largest economy said it will not increase its annual low-tariff import quotas for corn, wheat and rice.
Iran's rocket attack on U.S. forces sent markets into turmoil on Wednesday (January 8) and investors racing for safety. It comes as the threat of retaliation the markets were worried about became a reality, after the U.S. killing of a high-ranking Iranian commander last week. Concerns now of a wider war breaking out in the Middle East. Starting the day, Asian shares took a hit after the news: MSCI's broadest index of Asia-Pacific shares outside Japan was 1 percent lower. In Japan, the Nikkei tumbled around 2 percent. South Korean shares hit a one-month low. And Australian shares fell more than 1 percent. In commodity markets, oil prices soared to their highest in months with fears of a spiraling conflict disrupting supplies. Gold - an investor safe haven - rocketed 1.80 percent amid jitters in global stock markets. Shares in airlines could be the ones to watch in the Wall Street open, after the U.S. Federal Aviation Administration banned U.S. carriers from flying over Iraq, Iran and other parts of the Middle East.