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Bloomberg

Stocks Drift Amid Virus Jitters, Stimulus Deadlock: Markets Wrap

(Bloomberg) — Asian stocks and U.S. futures were mixed Friday as investors mulled continued talks over U.S. stimulus and the economic impact of fresh restrictions against the resurgent coronavirus in some parts of the world.Shares dipped in Tokyo and Sydney and saw modest gains in Seoul. S&P 500 futures edged higher after the benchmark came off its session lows as banks rebounded from a two-day selloff and energy shares rallied. President Donald Trump said he is willing to go beyond the $1.8 trillion offer for relief that’s already been offered, but Senate Majority Leader Mitch McConnell rejected that. Earlier, small-cap shares pushed higher while the Nasdaq underperformed. Elsewhere, Treasuries and the dollar were steady, while crude oil ticked lower.With fresh U.S. stimulus remaining elusive for now, investors are monitoring clampdowns in Europe’s biggest cities as concern grows that measures aimed at containing the virus’s spread could cause more damage to a fragile global recovery. Data showed an unexpected surge in U.S. jobless claims to the highest since August — a troubling sign for a labor market whose recovery was already slowing.“We need to take into account the tremendous rally we’ve had over the past five months so some consolidation is certainly warranted,” Jim McDonald, chief investment strategist at Northern Trust, said on Bloomberg TV. “The new risk emerging on the horizon is the increasing cases of Covid that are sweeping across Europe and increasing across the U.S.”Friday brings the expiry of options contracts on U.S. equities, indexes and exchange-traded funds, lifting the chances for intraday volatility.Here are some key events coming up:European Central Bank President Christine Lagarde leads off the virtual annual meetings of the International Monetary Fund and the World Bank Group. Through Oct. 18.These are some of the main moves in markets:StocksS&P 500 futures added 0.3% as of 10:05 a.m. in Tokyo. The index decreased 0.2% on Thursday.Japan’s Topix index dipped 0.2%.South Korea’s Kospi was little changed.Australia’s S&P/ASX 200 Index fell 0.3%.CurrenciesThe Bloomberg Dollar Spot Index was flat.The euro was little changed at $1.1705.The yen traded flat at 105.37 per dollar.The offshore yuan was little changed at 6.7147 per dollar.BondsThe yield on 10-year Treasuries remained at 0.73%.Australia’s 10-year yield ticked down to 0.74%, about three basis points lower.CommoditiesWest Texas Intermediate crude decreased 0.3% to $40.87 a barrel.Gold was at $1,905.81 an ounce, down 0.1%.For 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.

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