Asian stocks mixed as focus turns to Central Banks

Treasury yields ticked higher after upbeat economic data at the end of last week left some doubts about a more dovish position from the Federal Reserve.

Jun 17, 2019 02:06 IST India Infoline News Service

Nikkei
Asian stock markets were mixed at the start of a big week for central-bank policy. Treasuries edged lower. Japanese and Australian shares saw modest losses, while equities in Hong Kong opened with gains. S&P 500 Index futures rose after US shares dipped Friday and Chinese shares were flat. Treasury yields ticked higher after upbeat economic data at the end of last week left some doubts about a more dovish position from the Federal Reserve.

Investors will be scrutinizing the Fed’s policy decision on Wednesday for signals on the chances of rates cuts ahead.

Meantime, Commerce Secretary Wilbur Ross reiterated that the prospect of a major trade deal is unlikely to emerge from a possible meeting between President Donald Trump and Chinese President Xi Jinping at the Group of 20 summits in Osaka this month.

Hong Kong’s markets may be in focus after the city’s chief executive suspended a controversial extradition bill, a move that failed to stem huge street protests Sunday. Liquidity shortages have helped send the Hong Kong dollar higher as political tensions rose this month.

Elsewhere, oil rose, finding support from top producer Saudi Arabia’s confidence that OPEC and its allies would agree to extend output cuts into the second half of the year at a meeting that will probably take place in the first week of July.

Source: Bloomberg

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