US and European stock futures climbed, Treasuries dropped and the dollar rose on the first trading day of the quarter.
Bond yields advanced in the wake of a weak government-debt auction in Tokyo. Asian trading saw Japanese shares rise about 1 percent, in a session subdued by holiday closures in Hong Kong and the Chinese mainland. Australia’s dollar slid after the central bank cut its benchmark interest rate to a record low. Investors remain focused on US-China trade talks scheduled for next week, with little impact seen as yet from US President Donald Trump’s impeachment troubles.
“Investors continue to be people who are pulling petals off a daisy saying ‘there will be an accord, there won’t be an accord, there will be an accord, there won’t be,” Sam Stovall, chief investment strategist at CFRA, said about the US-China talks. “Based on the market’s lack of fear, the majority expect some sort of discussion to occur October 10th and that there will be encouraging developments as we move forward.”
Japanese bonds slid after a 10-year note auction that saw the weakest demand since 2016. That’s in wake of a steady cutback in bond purchases by the Bank of Japan, which has worried over poor returns for savers in the negative-yield environment.
Australian stocks climbed and the local dollar fell after the country’s central bank cut rates as most expected and signaled a readiness to ease more.
Stocks
Topix Index rose 1 percent in Tokyo.
Australia’s S&P/ASX 200 rose 0.8 percent.
Futures on the S&P 500 Index rose 0.5 percent.
Euro Stoxx 50 futures rose 0.4 percent.
Currencies
The Bloomberg Dollar Spot Index gained 0.2 percent.
The yen dipped 0.2 percent to 108.28 per dollar.
The offshore yuan was at 7.1440 per dollar.
The euro traded at US$1.0881.
Bonds
The yield on 10-year Treasuries rose about four basis points, to 1.71 percent.
Japan’s 10-year yields rose about six basis points, to negative 0.15 percent, back within the central bank’s preferred zone of 0.2 percent to -0.2 percent.
Commodities
West Texas Intermediate crude rose 0.5 percent to US$54.36 a barrel.
Gold was at US$1,461.89 an ounce.
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