Friday 29 Mar 2024
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SYDNEY (Jan 25): Stocks in Asia were set for a mixed end to a week that’s seen the equity rally stall amid conflicting signals on a U.S.-China trade resolution. Treasuries climbed and the dollar resumed its advance.

Futures pointed to a muted start for equities in Japan, with small gains indicated in Hong Kong. Australian shares were little changed. Technology shares will be in focus after a weak sales forecast from Intel Corp. Sentiment remained fragile as
Secretary of Commerce Wilbur Ross said the world’s two biggest economies remain “miles and miles” apart on trade. White House economic adviser Lawrence Kudlow later said President Donald Trump is optimistic about trade talks and the January jobs report will be up a significant amount. Oil climbed on growing instability in Venezuela.

Global equities are rounding out the first down week in five as investors question the pace of the post-Christmas rally and earnings season rolls on. Traders are scrambling for hints at progress in trade talks ahead of discussions next week in Washington and are assessing the economic impact of the longest shutdown in U.S. history that’s hampering the normal flow of growth data. The Senate voted down a measure Thursday that could have ended the deadlock.

Elsewhere, the euro weakened as regional economic data fell short of forecasts and a report circulated that the German government cut its growth forecast. Australian bonds extended gains amid worries on economic growth. Venezuela bonds extended their rally on speculation President Nicolas Maduro’s opponents will gain momentum in their efforts to oust him.

These are the main moves in markets:

Stocks

* Futures on the S&P 500 Index were flat after the underlying gauge rose 0.1 percent.

* Futures on Japan’s Nikkei 225 were flat in Singapore. 

* Hang Seng futures added 0.6 percent.

* Australia’s S&P/ASX 200 Index opened little changed. 

Currencies

* The yen was flat at 109.57 per dollar. 

* The offshore yuan was steady at 6.7050 per dollar. 

* The Bloomberg Dollar Spot Index rose 0.3 percent Thursday.

* The euro held at $1.1301.

* The British pound was at $1.3066.

Bonds

* The yield on 10-year Treasuries rose fell three basis points to 2.70 percent.

* Australia’s 10-year bond yield dropped five basis points to 2.22 percent. 

Commodities

* West Texas Intermediate rose 0.1 percent to $53.18 a barrel.

* Gold held at $1,280.80 an ounce.

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