Asian shares fall, led by China;  Treasury Rallies: Market Overview

(Bloomberg) — The gauge of Asian shares fell amid a muted tone in markets on Friday after the U.S. Thanksgiving Day holiday. Government securities rose as trading resumed after the holiday.

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Hong Kong-listed tech stocks led Chinese shares lower as investors weighed recent gains against a rise in Covid-19 infections and lockdown-like restrictions affecting parts of Beijing.

US stock futures rose after comments from Federal Reserve officials supported a slower pace of interest rate hikes. The dollar headed for a fourth day of losses.

The Malaysian ringgit continued to rise after the appointment of a new prime minister cleared the political deadlock that gripped the nation following the last election.

The won rose after the central bank governor said he needed to see strong signs that inflation was under control before discussing any prospect of a departure from policy tightening.

The yield on Japan’s benchmark 10-year bond rose one basis point to 0.25%, the upper end of the central bank’s target range, after Tokyo inflation accelerated to its fastest pace in 40 years.

US markets were closed on Thursday and will have a shortened session on Friday.

Oil headed for a third weekly loss as the European Union imposed a higher-than-expected price cap on Russian crude flows and fears of a slowdown threatened the outlook for energy demand.

Gold was poised for a modest weekly gain.

The outlook for Chinese markets is improving despite the ongoing rise in virus cases, according to Jun Bei Liu, portfolio manager at Tribeca Investment Partners.

“In the next 12 months, things will improve. We’ve seen this play out before in other economies,” she said on Bloomberg TV. “We’re going to start seeing outperformance very soon over the next few quarters.”

Some of the major moves in the markets:

Stock up

  • S&P 500 futures were up 0.3 percent as of 1:23 p.m. in Tokyo.

  • Nasdaq 100 futures rose 0.4%.

  • The Topix index was little changed

  • The S&P ASX rose 0.2%

  • The Hang Seng index fell 0.9%

  • The Shanghai Composite rose 0.4%

  • Euro Stoxx 50 futures were little changed

Currencies

  • The Bloomberg Dollar Spot Index fell 0.1%

  • The euro rose 0.2% to $1.0428

  • The Japanese yen was little changed at 138.43 per dollar

  • The offshore yuan was up 0.1 percent at 7.1613 per dollar

Cryptocurrencies

  • Bitcoin fell 0.4% to $16,483.33

  • Ether fell 0.8% to $1,185.86

Bonds

  • The yield on the 10-year note fell four basis points to 3.65%

  • Japan’s 10-year bond yield rose one basis point to 0.25%

  • Australia’s 10-year bond yield rose four basis points to 3.58%

Goods

  • West Texas Intermediate crude rose 0.6% to $78.44 a barrel

  • Spot gold rose 0.3% to $1,760.01 an ounce

This story was created using Bloomberg Automation.

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