Asia stocks edge higher at open, treasuries slip

Galtero Lara
Noviembre 8, 2018

Asian stocks retreated at the start of the week after optimism over a potential U.S.

The Nasdaq was the best performing major US gauge, with Apple, Amazon and Facebook leading the way. Oil traded near the lowest level in seven months as concerns over a supply crunch eased. -China trade deal ebbed in recent days.

Treasury yields slipped, however the British pound gained against the dollar for the third day out of four, based on the signs that there was progress being made on the Brexit negotiations.

The Bloomberg Dollar Spot Index was little changed. The US election, which is being seen as a popular vote on President Trump's policies, will take place on Tuesday this week.

According to the news report by Bloomberg, the US Stock market showed mixed results as investors assessed the outlook for the mid-term elections this week. Democrats are expected to take control of the House of Representatives but fall short in the Senate. Expectations for policy gridlock are "the corner-stone of what feels like a consensual view that growth will slow", he wrote in a note.

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Equities climbed in Japan, Australia and South Korea though Chinese shares underperformed even as the country's vice president said Beijing remained ready to discuss a trade solution with Washington.

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S&P 500 Index futures lost 0.2 per cent. Emerging-market currencies and shares fell.

In currencies, the dollar index fell by less than 0.1%, the Euro remained nearly unchanged at $1.1394, the Japanese Yen also stayed more or less the same at ¥113.17 to the dollar, the British Pound went up by 0.4% to trade at $1.3022 but the MSCI Emerging Markets Currency Index fell by 0.1%. US Treasury yields ticked higher and the US dollar was steady. The S&P 500 Index closed down 0.6 per cent on Friday while the Nasdaq 100 Index fell 1.5 per cent.

-With assistance from Harry Suhartono, Vildana Hajric, Andreea Papuc, Srinivasan Sivabalan, Christopher Anstey, Samuel Potter and Eddie van der Walt.

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