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Asian stocks began on a soft note on Monday as the current reporting season raised concerns about high earnings expectations and traders are preparing for key political meetings of the world's largest central banks. The yen stabilized before a crucial week for the Bank of Japan
The benchmark stocks in Japan, Australia and South Korea fell slightly, while futures posted declines modest in Hong Kong. The S & P 500 index closed lower on Friday and Treasuries climbed while US GDP narrowly missed estimates, despite the fastest pace of growth since 2014. The offshore yuan contributed to the slowdown in growth. last week. . The dollar has stabilized and Treasury yields have increased.
Central bank policy decisions and a series of earnings reports, particularly from Apple Inc., are expected to dominate capital market movements this week. Investors will wonder if the BOJ will refine its policy and look for indications that the Federal Reserve is moving away from two further interest rate hikes before the end of this year.
Bill Miller, Founder of Miller Value Partners and Head of Investment
Source: Bloomberg
Elsewhere, oil climbed to $ 69 a barrel on a draft proposal to reduce US requirements for auto efficiency that could increase fuel efficiency.
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Here are some key events to come this week:
- Earnings season continues with Apple, Berkshire Hathaway, Barclays, Tesla, Toyota, BMW and Rio Tinto among companies that publish results. [19659011] The central banks of the United States, Japan, the United Kingdom, Brazil and India meet this week. The Bank of Japan could change its policy of controlling the yield curve and reducing its CPI forecasts, while the Bank of England is expected to rise even in the context of Brexit. We see the Fed standing up, just like the central bank of Brazil. The RBI will probably increase its benchmark.
- U.S. personal data on expenses and income for June – Tuesday to come – could be stable. Then there is Friday's employment report, which is expected to show a healthy job market, with 193,000 new jobs, and an unemployment rate dropping to 3.9%.
- Chinese PMIs likely dropped in July, according to analysts. deleveraging program and trade war
Here are the main movements on the markets:
Stocks
- The Japanese index Topix fell 0.3% at 9:12 am in Tokyo.
- The Australian S & P / ASX 200 index lost 0.6%.
- The Kospi index of South Korea dropped by 0.2%.
- Hong Kong Hang Seng futures fell by 0.3%.
- The futures on the S & P 500 were down less than 0.1%. The underlying measure fell 0.7% on Friday.
Currency
- The yen rose 0.1% to 110.94 to the dollar.
- The offshore yuan was stable at 6.8235 per dollar.
- The euro was stable at $ 1.1660
- The Bloomberg Dollar Spot Index was stable.
Bonds
- The yield on 10-year Treasury bills climbed to almost 2.96%
- The yield on 10-year Australian bonds was maintained at 2.64%.
Raw Materials
- West Texas Intermediate crude rose 0.4% to $ 69 a barrel
- Gold was little changed at $ 1,222.71 an ounce.
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