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Global Markets Edge Higher as U.S. Futures Slip

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06/02/2020 | 12:51am EDT

By Xie Yu

International markets made small gains, while U.S. stock futures declined, as investors weighed signs of economic recovery against risks stemming from U.S.-China tensions, the new coronavirus and social unrest in the U.S.

By late morning Tuesday Hong Kong time, the city's Hang Seng Index and stock benchmarks in Japan and South Korea had all risen 0.5% to 1.2%. China's Shanghai Composite seesawed between small gains and losses. Australia's S&P/ASX 200 rose 0.1%.

E-mini S&P 500 futures retreated 0.4%.

"The equity market has been pricing in a smooth recovery of the economy, although it might be too optimistic while overlooking some potential risks," said Anthony Chan, chief Asia investment strategist at Union Bancaire Privée.

Among other risks, Mr. Chan cited the possibility of fresh coronavirus outbreaks, bringing new lockdowns, and a fragile geopolitical backdrop. He said the Trump administration could take more-severe measures related to Hong Kong ahead of the U.S. presidential election in November.

In currency markets, the Australian dollar continued to recover from the troughs it hit in mid-March. One Australian dollar briefly bought more than 68 U.S. cents for the first time since late January, before easing to trade at US$0.6784 later in the session.

The U.S. dollar has slid in recent sessions, and riskier currencies such as the Mexican peso have strengthened, on optimism about economic recovery. On Tuesday morning in Hong Kong, the WSJ Dollar Index, which measures the U.S. currency against 16 others, was fractionally stronger at 92.06. It peaked above 97 in March.

U.S. indexes rose Monday as investors embraced signs that global factory activity was on a path toward recovery and largely shrugged off violent protests in U.S. cities.

In bond markets, the yield on the 10-year U.S. Treasury note eased to 0.651%, according to Tradeweb, down from 0.662% on Monday.

Brent crude, the global oil benchmark, gained 0.6% to $38.53 a barrel.

An alliance of oil-producing nations led by Saudi Arabia and Russia is close to a deal that would extend their collective production cuts through Sept. 1.

Write to Xie Yu at Yu.Xie@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.23% 0.94435 Delayed Quote.4.38%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.18% 74.77 Delayed Quote.-1.69%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) -0.04% 1.06548 Delayed Quote.2.34%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.06% 0.66112 Delayed Quote.-3.17%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.23% 0.69921 Delayed Quote.-0.40%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.03% 1.79602 Delayed Quote.-4.85%
DJ INDUSTRIAL 0.85% 26870.1 Delayed Quote.-5.85%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) 0.13% 1.63125 Delayed Quote.2.20%
EURO / US DOLLAR (EUR/USD) -0.11% 1.14061 Delayed Quote.1.77%
HANG SENG 0.39% 25469.49 Real-time Quote.-9.65%
LONDON BRENT OIL -0.21% 43.52 Delayed Quote.-36.11%
NASDAQ 100 0.11% 10701.679041 Delayed Quote.22.40%
NASDAQ COMP. 0.59% 10550.492362 Delayed Quote.16.90%
S&P 500 0.91% 3226.56 Delayed Quote.-1.03%
S&P/ASX 200 -0.80% 6004 Real-time Quote.-11.12%
S&P/CITIC 300 INDEX -1.62% 4046.55 Delayed Quote.15.80%
S&P/CITIC 50 INDEX -1.95% 3950.04 Delayed Quote.7.78%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -1.48% 237.7408 Real-time Quote.-7.43%
THE GLOBAL LTD. 2.84% 217 End-of-day quote.-53.93%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.14% 70.7996 Delayed Quote.14.70%
WTI -0.17% 40.885 Delayed Quote.-35.52%
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