Global Shares Pause Ahead of U.S.-China Trade Talks
07 Enero 2019 - 6:46AM
Noticias Dow Jones
By Will Horner and Joanne Chiu
Global stocks were mixed Monday, with European indexes faltering
despite strong gains in Asia, as investors turned their attention
to U.S.-China trade talks and persistent concerns over economic
growth.
U.S. stock futures pointed to opening declines of 0.2% for the
Dow Jones Industrial Average and the S&P 500, and a 0.4% drop
for the Nasdaq Composite.
In Europe, the pan-continental Stoxx Europe 600 fell 0.5% in
midday trade. Germany's Xetra DAX and France's CAC 40 were both
down 0.6%.
The U.K.'s FTSE 100 was down 0.7% as investors there awaited a
parliamentary debate, set to begin this week, on the nation's
fraught departure from the European Union.
The yield on the U.S. 10-year Treasury note on Monday fell to
2.647%, from 2.661% on Friday. Yields and prices move in opposite
directions. The U.S. dollar softened, with the WSJ Dollar Index,
which measures the dollar against a basket of 16 of its peers, down
0.2%.
In Asia, equities made strong gains. Japan's Nikkei 225 led the
rally, rising 2.4%, helped by a calmer yen, which steadied at
108.21 a dollar. South Korea's Kospi climbed 1.4%, Australia's
S&P/ASX 200 benchmark rose 1.1% and Hong Kong's Hang Seng Index
rose 0.8%.
China's Shanghai Composite advanced 0.7%. It rallied 2.1% Friday
ahead of a well-flagged move by the People's Bank of China to add a
net 800 billion yuan ($116.48 billion) of liquidity into the
banking system by cutting banks' reserve requirements.
The strong climbs in Asia followed a stock surge on Wall Street
Friday, after better-than-expected U.S. nonfarm payroll figures
suggested a healthy labor market and eased investors' concerns
about the potential for a U.S. economic slowdown. Comments later
that day from Federal Reserve Chairman Jerome Powell--who said
economic data suggested good momentum heading into the new
year--added a further boost to see the Dow industrials close nearly
750 points higher, or 3.3%.
The positive employment figures were "a piece of good news in
what has been a pretty grim set of economic data for some time
now," said Peter Dixon, economist at Commerzbank, noting that
investors' concerns around global growth and the U.S.-China trade
dispute remained.
"Today is probably the first full trading day of the year and I
suspect that this is going to set the tone for the next few
sessions," Mr. Dixon said. "Many of the risks that were there last
year still remain on the table."
Market participants were awaiting news from the trade
negotiations between the U.S. and China, scheduled for Monday and
Tuesday.
Felix Lam, a portfolio manager at BNP Paribas Asset Management,
said policy makers in the U.S. and China had helped lift market
sentiment, but the key question was whether the two countries could
reach a trade deal. "Any positive outcome from the trade talks
would have a more long-lasting impact on the earnings trajectory of
corporations in Asia," he said, adding delays would hit corporate
profits.
Meanwhile, British Prime Minister Theresa May is widely expected
to lose a vote next week on her planned Brexit deal.
Lawmakers will debate the deal this week with some potentially
crucial amendments expected, said analysts at UniCredit. They
added, however, that they expect the deal to pass on a second or
third attempt at a vote.
"If, however, there remains an impasse in the U.K. parliament at
the 11th hour, then a [second Brexit] referendum...could become the
only way out of the mire, but we are not there yet."
In commodities, Brent crude advanced 2.2% to $58.31 a barrel.
Gold was up 0.5% to $1,290.80 an ounce.
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
January 07, 2019 07:31 ET (12:31 GMT)
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