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Asia Stocks Fall, Led by China; Treasuries Rally: Markets Wrap

Asia Stocks Fall, Led by China; Treasuries Rally: Markets Wrap

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(Bloomberg) — A gauge of Asian shares fell amid a subdued tone for markets on Friday after the U.S. Thanksgiving holiday. Treasuries rose as trading resumed after the holiday.

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Hong Kong-listed technology stocks led Chinese shares lower as investors weighed recent gains against rising Covid-19 infections and figures on restrictions in Beijing.

U.S. stock futures advanced after comments from Federal Reserve officials supporting a slower-than-expected rate hike. The dollar fluctuated after a three-day losing streak.

Malaysia’s ringgit extended gains as the appointment of a new prime minister ended the political impasse that has gripped the nation since the last election.

The bourse eased within sight of this month’s high after the central bank’s governor said he needed to see strong signs that inflation was under control before discussing a possible reversal of policy tightening.

Yields on Japan’s benchmark 10-year bond rose to 0.245 percent, near the top of the central bank’s target band, as Tokyo inflation accelerated to its fastest pace in 40 years. The yen fell slightly.

US markets were closed on Thursday and will be in a shortened session on Friday.

Oil is headed for its third weekly loss as the European Union imposes a higher-than-expected price ceiling on Russian crude oil flows and concerns about a slowdown threaten the outlook for energy demand.

Gold was little changed but was poised for a modest weekly gain.

According to Jun Bei Liu, portfolio manager at Tribeca Investment Partners, the outlook for the Chinese market is improving despite the current spread of virus cases.

“Over the next 12 months, things will improve. We’ve seen this playbook before in other economies,” he told Bloomberg Television. “We will start to see better results very soon in the next few quarters.”

Some of the main movements in the market:

Stocks

  • S&P 500 futures were up 0.2% in Tokyo at 11:34 a.m.

  • Nasdaq 100 futures rose 0.4 percent.

  • The Topix index fell by 0.1 percent

  • The S&P ASX index rose 0.3 percent

  • Hang Seng index down 1%

  • The Shanghai Composite index rose 0.5%

  • Euro Stoxx 50 futures were little changed

Currencies

  • The Bloomberg Dollar Spot Index was little changed

  • The euro was little changed at $1.0411

  • The Japanese yen was little changed at 138.63 per dollar

  • The offshore yuan was little changed at 7.1648 to the dollar

Cryptocurrencies

  • Bitcoin fell 0.3% to $16,493.98

  • Ether was down 0.9% at $1,185.33

Bonds

  • The yield on 10-year government bonds fell three basis points to 3.66 percent

  • Japan’s 10-year yield was 0.245%

  • Australia’s 10-year yield rose four basis points to 3.58 percent

Merchandise

  • West Texas Intermediate crude rose 0.5% to $78.31 a barrel

  • Spot gold rose 0.2% to $1,758.35 an ounce

This story was produced with assistance from Bloomberg Automation.

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©2022 Bloomberg LP

Source: https://finance.yahoo.com/news/dollar-holds-drop-asia-stocks-220926258.html

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