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Asian markets brought down to earth as stimulus hopes fade

Bloomberg
Bloomberg10/15/2020 10:47 AM GMT+08  • 3 min read
Asian markets brought down to earth as stimulus hopes fade
Shares slipped in much of Asia, while Australian equities outperformed. S&P500 contracts fluctuated after a Wednesday retreat.
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Asian stocks dipped Thursday as investors weighed earnings reports from U.S. banks and fading chances of an American stimulus deal before next month’s election. The dollar steadied after an overnight decline.

Shares slipped in much of the region, while Australian equities outperformed. S&P 500 contracts fluctuated after the gauge retreated Wednesday. Wells Fargo & Co. and Bank of America Corp. both fell after disappointing investors. Goldman Sachs Group Inc. outperformed after earnings beat expectations.

Elsewhere, Australian bond yields and the local dollar dropped, and stocks pushed higher, after the Reserve Bank of Australia governor said rate cuts were still a possibility. The pound steadied as investors awaited more news on Brexit negotiations. The baht dipped as Thailand declared a state of emergency in Bangkok to crack down on anti-government protesters.

  • Morgan Stanley’s earnings are scheduled for Thursday.
  • U.K. Prime Minister Boris Johnson set a deadline of Thursday to thrash out the outline of a European Union trade deal.
  • 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.

  • S&P 500 futures slid 0.2% as of 10:35 a.m. in Tokyo. The index dipped 0.7% on Wednesday.
  • Japan’s Topix index fell 0.3%.
  • Hong Kong’s Hang Seng slid 0.6%.
  • Shanghai Composite added 0.2%.
  • South Korea’s Kospi dropped 0.7%.
  • Australia’s S&P/ASX 200 Index rose 0.7%.
  • Euro Stoxx 50 futures were 0.6% lower.

  • The Bloomberg Dollar Spot Index rose less than 0.1%.
  • The euro was little changed at US$1.1746 ($1.59).
  • The yen fell 0.1% to 105.23 per dollar.
  • The offshore yuan was little changed at 6.7100 per US dollar.
  • The Aussie fell 0.3% to 71.39 U.S. cents.

  • The yield on 10-year Treasuries ticked down to 0.72%.
  • The Australian 10-year yield fell 8 basis points to about 0.76%.
  • Commodities
  • West Texas Intermediate crude was steady at $41.03 a barrel.
  • Gold was at $1,894.72 an ounce, down 0.4%.

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