Asia stocks look set to drift; dollar weakens

15 Septembre, 2020, 18:42 | Auteur: Auguste Feret

Central bank largesse is shoring up sentiment in the face of risks from the pandemic, the US presidential election and the possibility of a no-deal Brexit.

West Texas Intermediate crude rose 0.2% to $37.35 a barrel.Gold was little changed at $1,958.02 an ounce. S&P 500 futures edged up after the benchmark touched a week high before paring gains.

MSCI's broadest index of Asia-Pacific shares outside Japan ended up 1.06 percent.

He said investors who didn't want to pay lofty valuations of US stocks could look to fast-growing tech companies in Taiwan and South Korea. Positive vaccine comments from Pfizer Inc.'s CEO, which boosted Asian shares Monday, helped sentiment.

Chinese blue chips added 0.7% .CSI300 , buoyed by data showing China's industrial output rose 5.6% in August from a year ago, expanding for a fifth straight month.

Investors remain on edge after the first consecutive weeks of declines since March for global stocks, amid a reassessment of valuations, volatility in options markets and uncertainty about a Covid-19 vaccine. The Federal Reserve is expected this week to maintain its dovish stance on policy as investors look for signs the global economy is recovering from the pandemic, and any indication of an overshoot in inflation after the Fed's new inflation target.

"We remain neutral stocks versus bonds as we balance extended equity valuations, fading fiscal support, and upcoming USA election risks against still ultra-low interest rates and a gradually improving economic environment", analysts at T. Rowe Price said in a global asset allocation report.

"Market volatility is returning after months of steady advances in risk assets", BlackRock Investment Institute strategists led by Elga Bartsch said.

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China industrial production and retail sales data is due on Tuesday.Wednesday sees the FOMC policy decision and news conference from Chair Jerome Powell.Bank of Japan, Bank Indonesia and Bank of England policy decisions come Thursday.Friday sees quadruple witching for US markets when the quarterly expiration of futures and options on indexes and stocks happens on the same day.

Wednesday sees the FOMC policy decision and news conference from Chair Jerome Powell.

Bank of Japan, Bank Indonesia and Bank of England policy decisions come Thursday.

Friday sees quadruple witching for USA markets when the quarterly expiration of futures and options on indexes and stocks happens on the same day.

The Dow Jones Industrial Average closed up 1.2 per cent and the S&P 500 rose 1.3 per cent while the tech-heavy Nasdaq Composite added 1.9 per cent. Japan's Nikkei 225 futures were flat after Chief Cabinet Secretary Yoshihide Suga won a ruling party leadership election, paving the way for him to succeed Prime Minister Shinzo Abe.

Hong Kong's Hang Seng Index futures were little changed.

Australia's S&P/ASX 200 Index futures lost 0.2%.

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