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Markets LIVE: Japanese supplies dive, China sinks

Fin24 team

2019-03-26 08:09

Japanese stocks led gains in Asia and US futures advanced as investors digested the recession-risk signals emanating from US Treasuries that sparked a sell-off Friday.

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Last Updated at

08:41


Japan stocks jump, China sinks; yields edge higher

 Andreea Papuc, Bloomberg

Japanese stocks led gains in Asia and US futures advanced as investors digested the recession-risk signals emanating from US Treasuries that sparked a sell-off Friday.

Japan’s Topix index rose more than 2%, though Korea’s benchmark was weighed down by a Samsung Electronics warning on memory-chip prices.

Chinese shares declined and Hong Kong’s saw modest gains as did those in Australia.

US Treasury yields edged up after a two-day tumble that saw 10-year rates drop below those on three-month bills.

West Texas crude climbed above $59 a barrel, and the yen dipped as a risk-on tone took hold.

“It’s premature to talk about the yield curve meaning that we have to go into recession,” Philip Wyatt, a Hong Kong-based economist for UBS Group AG, said on Bloomberg Television. “It is possible for the long end to run too far too fast,” he said of US Treasuries.

The Federal Reserve’s pivot should allow Asian central banks space to aid growth, he also said.

On Wall Street Monday, the S&P 500 Index closed little changed as homebuilders climbed thanks to reduced borrowing costs, but technology shares sank as investors took little encouragement from Apple’s new services offerings.

Ten-year Treasury yields fell below 2.4% for the first time since December 2017, though rose back above that level Tuesday in Asia.

Elsewhere, the pound was flat after Prime Minister Theresa May lost control over the Brexit process thanks to a vote in the UK Parliament. Legislators may now be able to demand that May pursues radical Plan B options, potentially including a second referendum, keeping Britain in the European Union’s customs union, or even canceling Brexit.

Oil advanced for the first time in four days amid rising tensions in Venezuela that threatened to further curb supplies from the holder of the world’s largest crude reserves.



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