US stocks mostly up as holiday shopping season begins

NEW YORK -- Wall Street stocks mostly climbed to end a shortened trading day on Friday, with investors keeping close watch on consumer spending at the unofficial start of the year-end shopping season.

The Dow Jones Industrial Average rose 0.3 percent to 35,390.15.

The broad-based S&P 500 edged up 0.1 percent to 4,559.34, while the tech-heavy Nasdaq Composite Index ticked down 0.1 percent to 14,250.85.

Markets closed early on "Black Friday," the Friday after the Thanksgiving holiday when retailers often offer major discounts.

The annual sales day, which is followed by the newer "Cyber Monday," marks the start of the holiday shopping season.

"Today's lack of movement can be ascribed to a general lack of trading interest befitting the day after Thanksgiving," said Briefing.com in a note.

Consumers are expected to be increasingly price-conscious this year, still jaded by stubborn inflation and lingering effects from the upheaval of the pandemic.

But "how that ends up impacting retailers' profits remains to be seen" for now, Briefing.com added.

Among major retailers, Walmart shares advanced 0.7 percent while Target was up 0.5 percent.

Amazon shares were flat after it was hit by strikes in Europe, as workers demand better wages and working conditions.

UNI Global Union warned Amazon would face strikes and protests in more than 30 countries around the world, including the United States.

Agence France-Presse

Asian stocks on hold for Lunar New Year, bitcoin eyes record highs

TOKYO/NEW YORK - Asian shares hovered just below a record high on Friday as mixed US economic data caused some investors to show restraint after a global stock market rally pushed many bourses to dizzying heights.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.05 percent, trading just shy of an all-time high reached in the previous session. Australian stocks lost 0.63 percent. Shares in Tokyo fell 0.2 percent, pulling back from 30-year highs.

Futures for the S&P 500 declined 0.12 percent. Euro Stoxx 50 futures were up 0.03 percent, German DAX futures slipped 0.14 percent, and FTSE futures eased 0.13 percent, pointing to a subdued start to European trading.

Markets in Greater China and most of Southeast Asia are closed on Friday for the Lunar New Year holiday. China’s stock and bond markets, foreign exchange and commodity futures markets are closed through Feb. 17 for the holiday.

Bitcoin surged to a new record high after BNY Mellon said it would offer custodian services for cryptocurrencies. The dollar headed for a weekly loss, stung by bitcoin’s assent and disappointing U.S. economic data.

Trading in the United States and Europe on Thursday did not move prices enough to provide much direction, said Tom Piotrowski, a market analyst at CommSec in Sydney.

“We didn’t get much of a lead-in from the northern hemisphere,” Piotrowski said. “Markets are in a bit of a holding pattern waiting for the next catalyst and it is just a question of whether that catalyst is going to be a positive one or a negative one.”

World stock markets were holding close to record highs on Thursday as investors weighed some tepid economic data against increasing vaccinations against COVID-19 and the prospect that more government spending and continued cheap money from central banks will drive higher growth and, eventually, inflation.

The MSCI world equity index, which tracks shares in 49 countries, fell 0.03 percent on Friday, also pulling back from a record high.

On Wall Street, the Nasdaq and S&P 500 eked out gains of 0.4 percent and 0.2 percent, respectively, while the Dow Jones Industrial Average slipped 0.02 percent.

Prices held near records as investors bet on more government spending, although enthusiasm was tempered when U.S. President Joe Biden said that China was poised to “eat our lunch,” raising fears of renewed strain on Sino-U.S. ties.

U.S. weekly unemployment claims fell less than expected and core consumer prices rose at a slower pace, which caused some traders to temper the optimism about the economic outlook.

Bitcoin reached a record high of $49,000 before erasing gains.

BNY Mellon’s announcement that it will help clients hold, transfer and issue digital assets came just days after Elon Musk’s Tesla revealed it had bought $1.5 billion worth of the cryptocurrency and would accept it as a form of payment for its cars.

Spot gold fell 0.17 percent to $1,822.21 per ounce. U.S. gold futures fell 0.14 percent to $1,829.50. Gold prices are still on track for their best week in three amid broad dollar selling.

The dollar index edged up by 0.05 percent on Friday but was still on course for a 0.6 percent weekly decline.

Soft demand at an auction of $27 billion of new 30-year Treasuries on Thursday rattled bond investors.

The yield on 10-year U.S. Treasuries rose to 1.1599 percent. The 30-year yield initially rose but then fell back to 1.9398 percent.

Brent crude fell 0.57 percent to $60.79 a barrel, having dropped half a percent the previous session. U.S. oil fell 0.64 percent to $57.88 a barrel, after falling by 0.8 percent on Thursday.

OPEC cut its demand forecast and the International Energy Agency said the market was still oversupplied, which cast a gloom over energy markets.

-reuters-

Asia shares mostly lower amid rising coronavirus cases, Washington turmoil

NEW YORK - Asian stocks were mostly lower on Tuesday, tracking Wall Street declines as political turmoil in Washington and rising coronavirus cases worldwide weighed on sentiment ahead of the start of the quarterly earnings season.

Political uncertainty dominated trading as House Democrats introduced a resolution to impeach U.S. President Donald Trump, accusing him of inciting insurrection following a violent attack on the Capitol last week.

Several big tech giants, including Twitter Inc, Amazon.com Inc , Alphabet Inc, Facebook Inc and Apple Inc, have taken actions against Trump and his network of supporters, as concerns mounted over the risk of continued violence.

Twitter’s stock tumbled 6.4 percent on Monday after the micro-blogging site permanently suspended Trump’s account last Friday.

Investors also kept an eye on the continued spread of the coronavirus globally as cases surpassed 90 million on Monday, according to a Reuters tally.

“The weakness was led by tech and I think the banning of Trump’s account by Twitter and Amazon stepping up against Parler all brought a renewed focus on increased regulation and reining in on tech,” said Thomas Hayes, chairman of Great Hill Capital in New York.

Japan’s Nikkei slipped 0.48 percent, South Korea’s KOSPI fell 0.91 percent and Hong Kong’s Hang Seng index futures lost 0.54 percent.

Defying the broader selloff, Australia’s S&P/ASX 200 rose 0.24 percent.

On Wall Street, the Dow Jones Industrial Average fell 0.29 percent, the S&P 500 lost 0.66 percent and the Nasdaq Composite dropped 1.25 percent.

Investors are expecting guidance on the extent to which executives see a rebound in 2021 earnings and the economy from results and conference calls from JP Morgan, Citi and Wells Fargo Friday.

Meanwhile, longer-term Treasury yields were at their highest since March before new long-dated supply coming this week and on speculation of more U.S. fiscal stimulus as Democrats will have control of Congress and the White House.

“People are optimistic to see the yield curve steepening and it could help spreads and net interest margins for banks,” Hayes said.

Benchmark 10-year notes last fell 11/32 in price to yield 1.1443 percent, from 1.107 percent late on Friday.

The spread between the two-year and 10-year Treasury yields brushed against 100 basis points to hit its steepest since July 2017.

The climb in yields in turn offered some support to the dollar, which rose to its highest in over two weeks against a basket of currencies.

The U.S. dollar index rose 0.256 percent, with the euro down 0.54 percent to $1.2152. The Japanese yen weakened 0.24 percent versus the greenback at 104.20 per dollar, while Sterling was last trading at $1.3516, down 0.35 percent on the day.

Crude oil prices fell, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns across the globe, as well as the stronger dollar.

U.S. crude recently fell 0.1 percent to $52.19 per barrel and Brent was at $55.61, down 0.68 percent on the day.

Safe-have spot gold dropped 0.2 percent to $1,844.27 an ounce. Silver fell 1.70 percent to $24.94.

-reuters-

Asian stocks at 2-week high as Trump returns to White House

SINGAPORE - Asian stock markets advanced to a two-week high on Tuesday after U.S. President Donald Trump was discharged from hospital following treatment for COVID-19 and as prospects for a fresh U.S. stimulus package appeared to brighten.

Bonds and the dollar nursed losses amid the improving risk appetite, while oil extended gains.

Trump returned to the White House on Monday after a three-night hospital stay and said he felt "real good", though one of his doctors cautioned that he may not be out of the woods yet. 

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.71 percent to a two week-high, led by Hong Kong climbing 0.88 percent. Japan's Nikkei also added 0.41 percent.

Separately, U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke by phone for about an hour and were preparing to talk again Tuesday, continuing their work towards a deal on coronavirus relief spending. 

As well as Trump's health, "there is also some market attention on whether the U.S. Congress will pass the extra stimulus bill," said Tai Hui, Chief Asia Market Strategist, J.P. Morgan Asset Management

"If we do see some form of stimulus coming through, I think the market will take it in a positive light as much of the important support from the previous round has expired," he said.

S&P 500 futures rose 0.08 percent after the best daily gain on the S&P 500 index in a month overnight. Oil held sharp overnight gains. 

Australia's ASX 200 was more subdued, up 0.17 percent, ahead of a central bank meeting at 0330 GMT and the government's budget later in the day.

China's markets remain closed for a holiday.

Asian markets on Monday unwound most of a Friday selloff in the wake of Trump's COVID-19 diagnosis. That improvement also caused Wall Street to rally sharply overnight with energy, tech and healthcare stocks leading. The Dow rose 1.7 percent, the S&P 500 1.8 percent and the Nasdaq 2.3 percent. 

Bond markets also joined in, with the safe-haven asset being sold - especially at the long end - in line with the optimistic mood. The yield on U.S. 30-year government bonds rose 10 basis points to a four month high of 1.5930 percent, before easing slightly. 

Benchmark 10-year yields hit a more than five-week high, and held just shy of that in Asian morning trading at 0.7634 percent.

"Improved near-term stimulus prospects and then potentially bigger deficits under a Biden presidency that has the benefit of clean sweep, are behind the yield gains here," said Ray Attrill, head of FX strategy at National Australia Bank in Sydney.

In currency markets, the dollar was under pressure on other majors apart from the yen, since higher yields can often draw flows from Japan. 

The yen hovered at 105.7 per dollar, while the risk-sensitive Australian and New Zealand dollars edged ahead, with the Aussie last up 0.13 percent at $0.7191.

Oil jumped more than 5 percent overnight and held there in Asia, supported by optimism surrounding Trump's health and a supply squeeze as a strike shut six Norwegian offshore oil and gas fields. 

The strike will cut Norway's total output capacity by just over 330,000 barrels of oil equivalent per day, or about 8% of total production, according to the Norwegian Oil and Gas Association (NOG). 

U.S. crude last stood at $39.27 up 0.13 percent and, Brent crude rose 0.2 percent to $41.37. Gold was steady at $1,912 an ounce.

-reuters-

Dow falls 8.7 percent as US stocks face another rout

NEW YORK - Wall Street stocks were deep in the red early Thursday, resuming after a 15-minute suspension as the economic pain from the coronavirus deepens and widens.

About 25 minutes into trading, the Dow Jones Industrial Average was at 21,505.07, down more than 2,000 points or 8.7 percent.

The broad-based S&P 500 tumbled 8.1 percent to 2,519.43, while the tech-rich Nasdaq Composite Index shed 7.9 percent to 7,323.31.

Trading was suspended after losses hit seven percent on the S&P 500, a benchmark that triggers circuit breakers halting transactions to manage crises.

Anxiety was elevated a day after the Dow entered a bear market as the spread of the virus further crimped economic activity. 

The NBA suspended its professional basketball season after a player tested positive, while Carnival announced that its Princess cruise line would suspend service for 60 days.

The European Central Bank on Thursday followed other major central banks with a flurry of measures to cushion the impact of the coronavirus, including increased bond purchases and cheap loans to banks, but surprised observers by leaving key interest rates unchanged.

Stock losses were widespread, but the impact on major airlines was especially acute after US President Donald Trump announced a 30-day travel ban on European travelers. 

Both Delta Air Lines and United Airlines tumbled more than 10 percent, adding to losses in a bruising period for the industry.

source: news.abs-cbn.com

Asia shares follow Wall Street higher as virus risk lurks

SYDNEY -- Asian shares were looking to rally for a fourth straight session on Thursday as US markets swung sharply higher and another dose of central bank stimulus offered some salve for the global economic outlook.

Wall Street seemed to find relief in the strong performance of former Vice President Biden in the Democratic nomination campaign. Biden is considered less likely to raise taxes and impose new regulations than rival Bernie Sanders.

The US House of Representatives also approved an $8.3 billion funding bill to combat the spread of the virus, sending the emergency legislation to the Senate.

In another wild swing the Dow surged 4.53 percent, while the S&P 500 gained 4.22 percent and the Nasdaq 3.85 percent.

Asian markets followed, if a little more cautiously. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 percent, in its fourth day of gains.

Japan's Nikkei rose 0.8 percent and hard-hit Australian shares finally managed a bounce of 1.6 percent. E-Mini futures for the S&P 500 dipped 0.4 percent after its overnight jump.

That was not to say the coronavirus news had got any brighter, with mounting deaths across the globe, Italy closing all of its schools and airlines cutting more flights.

"There is little doubt that the covid-19 outbreak will slow global growth considerably this quarter, and we expect it to actually produce a rare non-recessionary contraction in GDP," said JPMorgan economist Joseph Lupton.

He noted the bank's all-industry PMI measure of activity for February slumped 6.1 points, the largest one-month drop on record, and at 46.1 was at the lowest since May 2009.

The Federal Reserve and Bank of Canada had both responded by cutting interest rates by 50 basis points, and markets in the euro zone are pricing in a 90 percent chance that the ECB will cut its deposit rate, now minus 0.50 percent, by 10 basis points next week.

Yet, as policymakers grapple with the best strategy to avoid a global recession, some major central bank have been less keen to follow suit.

In the end, monetary policy was not a cure for the disease and the impact was likely to get worse before it got better.

"As we test more folks for COVID-19 in the United States, the case loads will rise and perhaps exponentially. So in the short term, risk assets obviously remain beholden to COVID-19 headlines," Tom Porcelli, chief US economist at RBC Capital Markets.

"We have to get past the threshold where COVID-19 shifts from panic to headline exhaustion and subsequent news on it becomes more and more of a fade," he added. "Then risk assets can move higher in earnest."

HEALTHY, FOR NOW

At least the US economy was in healthy shape to face the risks, with services sector activity jumping to a one-year high in February, while private payrolls gained 183,000.

The better data combined with the rally in stocks to nudge 10-year Treasury yields up from all-time lows under 1 percent to reach 1.05 percent. Yields had fallen for 10 straight days, the longest slide in at least a generation.

That move gave the dollar a modest lift, with the euro dipping back to $1.1131 from a two-month high of $1.1212 hit earlier in the week.

The dollar also inched up to 107.57 yen, from a five-month trough of 106.84, while the dollar index firmed to 97.389.

Gold steadied after jumping in the wake of the Fed's rate cut, and was last at $1,637.13 per ounce.

Crude oil prices were mixed as major oil producers, including Saudi Arabia, tried to bring Russia on board for deeper supply cuts to try to offset a slump in demand.

Brent crude futures were off 16 cents at $51.70 a barrel, while US crude added 55 cents to $47.33.

source: news.abs-cbn.com

Asian stocks, US Treasury yields fall as pandemic fears intensify

TOKYO -- Asian shares fell on Wednesday as a US warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble and pushed yields on safe-haven Treasuries to record lows.

The S&P 500 and the Dow Jones Industrial Average both shed more than 3 percent on Tuesday in their fourth straight session of losses.

That led MSCI's broadest index of Asia-Pacific shares outside Japan down 0.6 percent. Australian shares were down 1.77 percent, while Japan's Nikkei stock index slid 1.1 percent.

Yields on 10-year and 30-year US Treasuries teetered near record lows as worries about the economic impact of the virus outbreak boosted safe-haven assets.

Oil prices recovered some recent losses in Asia, but there are lingering concerns that expected output cuts by major oil producers will not be enough to offset a decline in global energy demand caused by the virus.

The World Health Organization says the epidemic has peaked in China, but concern that its spread is accelerating in other countries is likely to keep investors on edge.

"What we are seeing is share markets are playing catch up," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

"Other asset markets have been flashing warning signs for weeks. A corrective bounce in equities is possible, but we still have a lot of downward momentum."

While the stock rout has been global, the recent pace of selling in Asia has not been as severe as it has on Wall Street, which has been hit hard by the escalation of virus cases outside of Asia.

The S&P 500 lost $2.14 trillion in market capitalization over the last four sessions, according to S&P Dow Jones Indices analyst Howard Silverblatt.

US stock futures rose 0.5 percent in Asia on Wednesday, but that did little to brighten the mood.

Adding to recent fears was an alert from the US Centers for Disease Control and Prevention on Tuesday warning Americans to prepare for the spread of coronavirus in the United States, signalling a change in tone for the Atlanta-based US health agency.

The virus has claimed almost 3,000 lives in mainland China but has spread to dozens of other countries. Of increasing concern to investors, however, in the rising death toll in other countries.

Drastic travel restrictions slammed the brakes on China's manufacturing and consumer spending, and there are worries other countries will face similar disruptions.

The yield on benchmark 10-year Treasury notes traded at 1.3521 percent on Wednesday in Asia, close to a record low of 1.3070 percent The 30-year yield stood at 1.8274 percent, above a record low of 1.7860 percent.

The decline in yields weighed on the dollar. The greenback was last quoted at 110.25 yen, continuing a pullback from a 10-month high of 112.23 yen.

The dollar traded at $1.0877 per euro, off an almost three-year high of $1.0778 reached on Feb. 20.

US crude ticked up 0.58% to $50.19 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, have been sending signals that they will cut output further.

However, oil could come under more pressure as weekly US supply reports due later on Wednesday are expected to show a rise in inventories, according to a Reuters poll.

source: news.abs-cbn.com

Global stocks tumble as gold soars on virus pandemic fears

NEW YORK -- Global stocks were hammered Monday and gold prices soared on safe-haven buying as fears mounted that the new coronavirus would derail economic growth.

Equity bourses were a sea of red, including in Italy and South Korea -- two countries outside of China that have suffered outbreaks of the virus in recent days. In the US, the Dow plunged more than 1,000 points in its worst session in more than 2 years.

"The market reaction is a classic 'sell now and ask questions later,'" said Quincy Krosby, chief market strategist for Prudential Financial, who said the selloff reflects fears the virus will dent earnings growth.

Oil prices tumbled on worries about demand, while gold prices on the London Bullion Market spiked to $1,689.31 per-ounce, a level last seen in January 2013, before easing back somewhat as investors sought the precious metal as a safety measure amid the market turbulence.

Investors have been unsettled by the spread of the disease, analysts said.

Italy reported its seventh death from the coronavirus, but officials called for calm and reported the number of infections slowing after a spike over the weekend.

South Korea's K-league postponed the start of the new football season as a leap in cases wrought havoc across its sporting calendar.

Meanwhile, the World Health Organization said the new coronavirus epidemic had "peaked" in China but warned that a surge in cases elsewhere was "deeply concerning" and all countries should prepare for a "potential pandemic."

US President Donald Trump on Twitter said the virus "is very much under control in the USA," adding that "stock markets are starting to look very good to me!"

Trump's comments aimed to encourage bargain-hunting after major US indices ended down more than three percent, with all 11 industrial sectors tumbling.

Earlier, European stock markets were a sea of red, with Frankfurt and Madrid falling by 4 percent, Paris shedding 3.9 percent and London losing 3.3 percent.

"The root of the problem is this: there is burgeoning fear that the shutdown effect that has hit China's economy is going to take over elsewhere, dealing another blow to global growth, and earnings growth prospects," commented Patrick O'Hare at Briefing.com.

Travel and tourism linked firms were particularly vulnerable, with Sydney-listed airline Qantas plunging more than seven percent, and Air China off by nearly six percent in Hong Kong.

An exception was Gilead Sciences, which surged 4.6 percent following upbeat comments from a World Health Organization official about the company's remdesivir, an experimental drug to treat the virus.

KEY FIGURES AROUND 2200 GMT (6 a.m. Tuesday in Manila)

New York - Dow: DOWN 3.6 percent at 27,960.80 (close)

New York - S&P 500: DOWN 3.4 percent at 3,225.89 (close)

New York - Nasdaq: DOWN 3.7 percent at 9,221.28 (close)

Milan - FTSE Mib: DOWN 5.4 percent at 23,427.19 (close)

Madrid - IBEX 35: DOWN 4.1 percent at 9,483.50 (close)

London - FTSE 100: DOWN 3.3 percent at 7,156.83 (close)

Frankfurt - DAX 30: DOWN 4.0 percent at 13,035.24 (close)

Paris - CAC 40: DOWN 3.9 percent at 5,791.87 (close)

EURO STOXX 50: DOWN 4.0 percent at 3,647.98 (close)

Seoul - KOSPI: DOWN 3.9 percent at 2,079.04 (close)

Shanghai - Composite: DOWN 0.3 percent at 3,031.23 (close)

Hong Kong - Hang Seng: DOWN 1.8 percent at 26,820.88 (close)

Tokyo - Nikkei 225: Closed for a public holiday

Brent Crude: DOWN 3.8 percent at $56.30 per barrel

West Texas Intermediate: DOWN 3.7 percent at $51.42 per barrel

Gold: UP at $1,676.50 per ounce from $1,643.41 late on Friday

Euro/dollar: UP at $1.0852 from $1.0847

Pound/dollar: DOWN at $1.2924 from $1.2964

Euro/pound: UP at 83.95 pence from 83.67 pence

Dollar/yen: DOWN at 110.71 from 111.61

Agence France-Presse

World stocks rally, safe-haven currencies drop on China plan to cut tariffs

NEW YORK -- World equity markets rallied for a fourth day on Thursday, with key stock indexes touching fresh peaks, as news that China plans to cut tariffs in half on some US goods buoyed risk sentiment and pushed safe-haven currencies lower.

The yield on Germany's benchmark 10-year Bund touched its highest in almost 2 weeks and US Treasury yields rose as investors bet China's efforts to contain the deadly coronavirus would mitigate its impact on the global economy.

The death toll in mainland China jumped by 73 to 563, with more than 28,000 infections confirmed.

US Treasury Secretary Steven Mnuchin, in an interview with Fox Business Network, downplayed concerns that the outbreak could affect global supply chains, but acknowledged "this is something we're monitoring very carefully."

Major stock indexes, including the STOXX Europe 600 of small-, mid- and large-cap stocks, the benchmark S&P 500 and Dow industrials on Wall Street, and the S&P/TSX composite in Toronto, set records.

The yen slid to a two-week low against the dollar and the franc fell to its weakest in more than a week as investors hailed news China would halve tariffs on 1,717 US goods.

Many risk-off moves taken over the past two weeks are being unwound, said Simon Harvey, an FX market analyst at Monex Europe in London.

"We're seeing credible responses from monetary authorities in China and it looks like it's soothing market fears of a more entrenched slowdown in the Chinese economy," Harvey said.

MSCI's gauge of stocks across the globe gained 0.53 percent and its emerging market stocks rose 1.03 percent.

The pan-European STOXX 600 index rose 0.44 percent, helped by a swathe of strong earnings reports, with the euro zone banks index posting its biggest daily gain in a month.

Indexes in Frankfurt, Paris and London all gained, rising between 0.3 percent and 0.9 percent.

The Dow Jones Industrial Average rose 95.16 points, or 0.32 percent, to 29,386.01. The S&P 500 gained 10.74 points, or 0.32 percent, to 3,345.43 and the Nasdaq Composite added 52.71 points, or 0.55 percent, to 9,561.39.

Rebounding worker productivity in the fourth quarter and other U.S. economic data also lifted sentiment on Wall Street.

The number of Americans filing for unemployment benefits dropped to a nine-month low last week.

Despite optimism about containing economic fallout, the impact of the health emergency in China was showing up in corporate reports. Chipmaker Qualcomm Inc flagged a potential threat to the mobile phone industry from the outbreak, and its shares fell 1.7 percent.

The dollar index rose 0.21 percent, with the euro down 0.2 percent to $1.0975. The yen weakened 0.15 percent versus the greenback at 110.00 per dollar.

Gold rose on expectations central banks will keep interest rates low. US gold futures settled up 0.5 percent at $1,570 an ounce.

Bond yields in Europe were pressured upward by remarks from European Central Bank President Christine Lagarde that euro zone growth remains modest but there are signs of stabilization.

Germany's Bund yield rose as much as 3 basis points to -0.339 percent, its highest in almost two weeks, before pulling back to around -0.39 percent.

Benchmark 10-year US Treasury notes fell 1/32 in price to yield 1.6508 percent.

Brent crude gave up early gains as the Organization of the Petroleum Exporting Countries and Russia gave mixed signals about possible further output cuts to counter concerns about weak demand due to the coronavirus.

Brent fell by 35 cents to settle at $54.93 a barrel while West Texas Intermediate rose 20 cents to settle at $51.07 a barrel.

source: news.abs-cbn.com

Wall Street ends off day's highs on renewed Middle East tensions

NEW YORK -- US stocks ended higher on Wednesday, but the day's uneven path showed investors' sensitivity to any signs of turmoil in the Middle East, with stocks rising on comments by President Donald Trump and paring gains on reports of blasts in Baghdad.

Trump spoke at a White House briefing after Iran's missile strikes overnight on military bases housing US troops in Iraq. The US president said the strikes had not harmed any Americans and that Tehran appeared to be standing down.

Comments earlier from Iran's foreign minister that the country did not seek an escalation and a tweet from Trump that "All is well!" also helped calm investor jitters.

Both the S&P 500 and Nasdaq hit record intraday highs, but major indexes cut their gains late in the day following reports of two blasts heard in Baghdad. After the bell, Iraq's military said two rockets had fallen inside Baghdad's Green Zone but there were no casualties.

"The measured tones coming out of the Trump administration potentially dialing back from a tit-for-tat reaction on balance is positive, but the market is going to react to minute-by-minute news of increased tensions in the Middle East," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.

The Nasdaq registered a record high close and most S&P 500 sectors rose, while the S&P 500 energy index fell 1.7 percent as oil prices slumped.

Global markets have been rattled by concerns about rising tensions in the Middle East after the US killing of influential Iranian Major General Qassem Soleimani on Jan. 3.

The Dow Jones Industrial Average rose 161.41 points, or 0.56 percent, to 28,745.09, the S&P 500 gained 15.87 points, or 0.49 percent, to 3,253.05, and the Nasdaq Composite added 60.66 points, or 0.67 percent, to 9,129.24.

Among the day's decliners, Boeing fell 1.8 percent after a 737-800 jet made by the company and belonging to a Ukrainian airline burst into flames shortly after takeoff from Tehran, killing all 176 people aboard.

Walgreens Boots Alliance Inc slid 5.8 percent after its quarterly profit missed expectations. Shares in rival CVS Health fell 1.3 percent.

On the upside, Lennar Corp ended up 0.8 percent after the No. 2 US homebuilder beat quarterly profit estimates and forecast 2020 homes sales above analysts' estimates as lower home prices and mortgage rates drive demand.

Adding to the upbeat mood, the ADP National Employment Report showed private payrolls jumped by 202,000 jobs last month, well above the 160,000 rise expected by economists polled by Reuters.

Advancing issues outnumbered declining ones on the NYSE by a 1.51-to-1 ratio

The S&P 500 posted 6258 new 52-week highs and no new lows; the Nasdaq Composite recorded 118106 new highs and 149 new lows.

Volume on US exchanges was 7.78 billion shares, compared to the 7.01 billion average for the full session over the last 20 trading days

source: news.abs-cbn.com

Nasdaq ends above 9,000 for 1st time, Dow also hits record

NEW YORK -- The tech-rich Nasdaq finished above 9,000 for the first time on Thursday, powering to its 10th straight record on gains by Amazon and other tech giants.

The Nasdaq surged 0.8 percent to finish the post-holiday session at 9,022.39.

The other two major indices also finished at records in a sleepy post-Christmas trading day when overseas markets were closed.

The Dow Jones Industrial Average added 0.4 percent to end at 28,621.39, while the broad-based S&P 500 gained 0.5 percent to close at 3,230.91.

A report by Mastercard Spending Plus estimated that holiday shopping sales rose 3.4 percent this year, which was better than expected, with e-commerce taking a bigger bite of overall sales.

E-commerce behemoth Amazon jumped 4.5 percent after boasting of another "record" performance this season.

Most other retailers rose at least somewhat, with Gap gaining 1.7 percent, Target 0.3 percent and Walmart 0.1 percent.

Briefing.com analyst Patrick O'Hare said the latest run of records reflects upbeat investor sentiment based on a lower risk of recession anytime soon, a mellowing of US-China trade tensions and accommodative monetary policy.

"In general the market will be supported and there will be an inclination to buy the dip in the absence of negative news shocks," O'Hare said.

Besides Amazon, other tech giants including Apple, Google parent Alphabet and Facebook all gained at least one percent.

But Dow member Boeing remained under pressure, shedding another 0.9 percent after a House investigative committee said earlier in the week that it obtained more records on the 737 MAX showing "very disturbing" signs about the aviation giant's approach to safety, according to a congressional aide.

Meanwhile, oil prices finished at a three-month high following industry data showing lower US oil inventories.

Agence France-Presse

Asia shares rest at highs, sterling licks wounds

SYDNEY -- Asian stocks took a breather at 18-month peaks on Wednesday having climbed for five straight sessions, while the British pound was licking its wounds as revived Brexit fears came back to bite it.

MSCI's broadest index of Asia-Pacific shares outside Japan was dead flat in thin early trade, just off its highest since June last year.

Japan's Nikkei dipped 0.1 percent and away from its 2019 top, while Korean shares edged up 0.1 percent to an 8-month peak. E-Mini futures for the S&P 500 were little changed.

Upbeat economic news had helped the S&P 500 reach a record for the fourth straight session, building on its 27 percent gain this year. The Dow ended Tuesday up 0.19 percent, while the S&P 500 gained 0.07 percent and the Nasdaq 0.11 percent.

US housing starts were surprisingly strong in November, and building permits rose to the highest level since May 2007. Manufacturing output picked up more than expected as a strike at General Motors Co ended.

A run of better data recently has helped calm fears of recession while the phase one Sino-US deal on trade seems to have lifted some of the uncertainty on the global outlook.

The sea change was clear in BofA Global Research's latest survey of fund managers with recession concerns diving 33 percentage points to a net 68 percent of investors saying a recession is now unlikely in 2020.

Global growth expectations jumped 22 percentage points, marking the biggest 2-month rise on record. As a result, funds' allocation to global equities climbed 10 percentage points to a net 31 percent overweight, the highest level in a year.

THEN AGAIN...

Yet it might be too soon to declare an all-clear on the political front with UK Prime Minister Boris Johnson upsetting markets by taking a hard line on Brexit talks.

Johnson will use the prospect of a Brexit cliff-edge at the end of 2020 to demand the EU give him a comprehensive free trade deal in less than 11 months.

The threat of a hard exit sent shivers through sterling, which slid 1.5 percent in its largest one-day fall this year.

The pound was last at $1.3110 having shed all the gains made on Thursday and Friday after it became clear that the Conservative Party was heading for a big win.

"We treat the risk of a hard Brexit as a 'tail risk' at this stage," said Joseph Capurso, a senior currency strategist at CBA. "A UK-EU trade deal by end 2020, while difficult, is still possible."

"In our view GBP/USD will remain supported at around $1.3000-$1.3100 and upside contained near $1.3500 over the next several months."

Sterling's slide gave the dollar index a lift to 97.184 against a basket of currencies, extending a bounce from last week's five-month low of 96.588.

The euro also surged on the pound and was steady on the dollar at $1.1150. The yen was little changed at 109.52 per dollar.

Spot gold was idling at $1,475.90 per ounce, after a couple of very quiet sessions.

Oil prices eased from three-month highs as data showed U.S. crude stocks rose unexpectedly in the most recent week.

US crude fell 37 cents to $60.57 a barrel, while Brent crude futures had yet to trade.

source: news.abs-cbn.com

World stocks rise after Fed keeps rates on hold; oil falls

NEW YORK -- Global equity markets rose on Wednesday after the Federal Reserve indicated interest rates would remain on hold for some time - a positive for risk assets - while oil prices fell after data showed an unexpected increase in US crude inventories.

New projections showed 13 of the US central bank's 17 policymakers foresee no change in rates until at least 2021 as moderate economic growth and low unemployment are expected to continue through next year's presidential election.

That outlook nudged stocks on Wall Street higher as investors await a decision on whether US President Donald Trump would allow his promised new tariffs on almost $160 billion of Chinese goods to go forward on Sunday.

The projection of no rate hikes for the foreseeable future is phenomenal when US monetary policy over the last few decades is considered, said Kristina Hooper, chief global market strategist at Invesco in New York.

"We shouldn't treat that as boring or uneventful; this is actually very important. The bar is very high for any rate hikes," she said.

Hooper said the Fed is the key factor that has been driving the stock market, in addition to US-China trade relations that have been center stage for markets in recent weeks as negotiators try to hammer out a "phase one" deal.

"The Fed decision to sit on its hands and its outlook for 2020 should be positive for the stock market," she said.

MSCI's gauge of stocks across the globe gained 0.41 percent, climbing to within two points of its all-time high of 550.63. The pan-European STOXX 600 index rose 0.22 percent.

On Wall Street, the Dow Jones Industrial Average rose 29.58 points, or 0.11 percent, to 27,911.3. The S&P 500 gained 9.11 points, or 0.29 percent, to 3,141.63 and the Nasdaq Composite added 37.87 points, or 0.44 percent, to 8,654.05.

The 17-month trade war has roiled capital markets and crimped global growth, noticeably in China. Paramount in investors' minds is the looming Dec. 15 US deadline on tariffs, with no immediate clarity on what the decision will be.

After US stocks set new highs two weeks ago and MSCI's global gauge of equity performance neared its all-time peak, stocks have since trended downward as investors await news on the trade front.

"The market's waiting for Godot, waiting on the tariffs," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

Confidence has grown as Sunday approaches that Trump will do something to keep the trade talks on track, which has increased risk-on sentiment in the market, Ghriskey said.

The White House's top economic and trade advisers are expected to meet with Trump in coming days on a decision, a source told Reuters.

Jamie Dimon, chief executive at JPMorgan and chairman of the Business Roundtable, a trade group of top US CEOs, said he expected a phase-one trade deal to be finalized and said not doing so would be "negative" for markets.

Gold rose and extended gains during comments by Fed Chair Jerome Powell, while the US dollar trended lower.

US gold futures settled 0.5 percent higher at $1,475 an ounce.

Investors also await the first European Central Bank meeting with Christine Lagarde as president on Thursday, as well as a general election in Britain that could determine the fate of the country's exit from the European Union.

The dollar index fell 0.3 percent, with the euro up 0.39 percent to $1.1135. The Japanese yen strengthened 0.14 percent versus the greenback at 108.57 per dollar.

The British pound, a high-flier of late, dropped from a seven-month peak after an opinion poll projected a narrower-than-expected victory for the Conservative party in the UK election.

Benchmark 10-year US Treasury notes rose 10/32 in price to yield 1.7983 percent.

In the Middle East, Saudi Aramco shares surged 10 percent above their initial public offering price on their first day of trading. That gave the state-controlled oil company a market value of about $1.88 trillion, making it the world's most valuable listed company.

Oil prices fell after US crude stocks clocked a surprise rise in the most recent week while gasoline and distillate inventories also rose, data from industry group the American Petroleum Institute showed.

Brent futures settled down 62 cents at $63.72 a barrel. West Texas Intermediate crude slipped 48 cents to settle at $58.76 a barrel.

source: news.abs-cbn.com

Asian shares adrift as tariff deadline looms

SINGAPORE -- Asian stocks flatlined on Wednesday as Sino-US trade talks approached a weekend deadline with little sign of progress, while a tightening of the UK election race knocked the pound.

Investors are beginning to suspect that even if US tariffs due to take effect on Sunday are delayed, it may be 2020 before Washington and Beijing can agree a broader rapprochement.

In the absence of detailed trade news, focus moves to the US Fed's outlook for the economy due at 2000 GMT (4 a.m. Thursday in Manila) - along with an expectation interest rates will be held steady - and Thursday's British election.

"The market is just so singularly focused on the trade thematic, it seems to push everything else aside," said James McGlew, executive director of corporate stockbroking at Perth broker Argonaut.

"These things never end well. Tariffs and artificial barriers in economies can never level the playing field the way proponents theorize it will ... no-one wins until this stops, its as simple as that."

MSCI's broadest index of Asia-Pacific shares outside Japan barely budged. Japan's Nikkei ticked lower after White House trade adviser Peter Navarro said a decision on the Dec. 15 tariffs would come soon, also knocking modest early gains off Australia's S&P/ASX 200.

The biggest mover of the morning was the British pound, which shed 0.3 percent to hit $1.3128 after a closely watched YouGov poll showed the ruling Conservatives tracking toward a much slimmer majority than forecast a fortnight ago.

The pound had climbed to an eight-month high overnight, before the survey, as investors priced in a comfortable Conservative victory and expected it could end years of uncertainty over Britain's exit from the European Union.

YouGov's research director, however, said the results showed a hung parliament was possible.

"Granted, this still portrays a Tory majority but given what is already priced ... the actual outcome has resulted in some of the heat coming out of a fairly frothy market," said Chris Weston, head of research at Melbourne brokerage Pepperstone.

TRADE STALEMATE

On the trade front, officials from Canada, Mexico and the United States signed a fresh overhaul of the quarter-century-old North American trade pact, but there were few hints of progress on a deal between the globe's two largest economies.

A Wall Street Journal report that said US and Chinese officials were preparing for a delay to the Dec. 15 round of tariffs knocked bonds but did not shift stocks since it suggested no resolution to the trade conflict.

"Assuming it is (delayed), then trade policy uncertainty is set to linger well into the next decade," said Ray Attrill, head of FX strategy at National Australia Bank.

"This has very much been the emerging consensus heading into the weekend deadline, hence the reports have failed to spark any market volatility."

White House economic adviser Larry Kudlow later said that no decision had been reached regarding the tariffs, which will automatically take effect unless they are reversed or suspended.

The Dow Jones Industrial Average and the S&P 500 each fell 0.1 percent, while the Nasdaq dropped by a little less.

The yield on benchmark 10-year Treasury notes, which moves inversely to price, last stood a little higher at 1.8399 percent.

US inflation data due at 1330 GMT, expected to hold steady, may further decrease the likelihood of 2020 rate cuts should it surprise on the upside.

The Fed is widely expected to hold rates steady at the conclusion of Wednesday's policy meeting, with investors instead focused on any change to the central bank's view of the economy and its 2 percent growth forecast for next year.

Elsewhere in currencies, the dollar slipped against the euro overnight as German economic sentiment sharply rose after an unexpected rebound in October exports.

US crude dipped 0.25 percent to $59.09 a barrel, while gold was slightly lower at $1463.526 per ounce.

source: news.abs-cbn.com

Asian shares up from 3-week lows, but trade uncertainty nags

SHANGHAI -- Asian equities rose on Friday, bouncing from a 3-week low touched a day earlier, but gains were capped by persistent worries over the status of trade negotiations between China and the United States.

Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.12 percent. The index had fallen as much as 1.41 percent on Thursday, hitting its lowest level since Oct. 30, on concerns that US legislation on Hong Kong threatened to undermine trade talks between the world's two largest economies.

Australian shares were up 0.52 percent and Japan's Nikkei gained 0.1 percent.

Worries that a "phase one" trade deal between the United States and China might not occur until next year weighed on investor sentiment on Wall Street overnight, pulling the S&P 500 down 0.16 percent to 3,103.54, the Dow Jones down 0.2 percent to 27,766.29 and the Nasdaq Composite 0.24 percent lower to 8,506.21.

Those losses were tempered by China saying it was willing to work with the United States to resolve core trade concerns, and a report in the Wall Street Journal that China has invited top US trade negotiators for a new round of face-to-face talks in Beijing.

"I was ready to give up on a trade deal yesterday. But it seems the Chinese haven't so I, we, mustn't," said Greg McKenna, strategist at McKenna Macro.

But analysts at ANZ said in a morning note that whipsawing hopes over a deal were starting to wear on investors in the 16th month of the US-China trade war.

"It's fair to say that some signs of trade-headline fatigue are emerging in markets," analysts at ANZ said in a note.

While Asian stocks ticked higher, US Treasury yields were broadly unchanged after snapping three sessions of declines on Thursday.

The yield on benchmark 10-year Treasury notes was at 1.7723 percent, just a hair higher than its US close of 1.772 percent on Thursday. The policy-sensitive two-year yield, was at 1.6046 percent compared with a US close of 1.605 percent.

In currency markets, the safe-haven yen was a touch stronger, with the dollar dropping 0.05 percent to 108.58. The euro was up 0.05 percent at $1.1063.

The dollar index, which tracks the greenback against a basket of 6 major rivals, was unchanged at 97.993.

Oil prices retreated after hitting two-month highs on a Reuters report that the Organization of the Petroleum Exporting Countries and its allies are likely to extend existing output cuts until mid-2020.

US crude dipped 0.41 percent to $58.34 a barrel.

Spot gold edged up 0.04 percent to fetch $1,464.70 per ounce.

source: news.abs-cbn.com

Asian shares rise as weak sentiment caps gains

SHANGHAI -- Asian equities rose on Friday after the S&P 500 index notched a new record closing high, but investor sentiment remained fragile following weak data from China and Germany, which reinforced concerns about the global economy.

Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.34 percent. Japan's Nikkei added 0.58 percent and Australian shares gained 0.53 percent.

The safe-haven yen weakened, with the dollar rising 0.11 percent to buy 108.50 yen. The euro was unchanged at $1.1021 and the dollar index, which tracks the greenback against a basket of six major rivals was flat at 98.163.

Providing a fillip to investor confidence in Asia were comments from White House economic adviser Larry Kudlow that Washington was getting close to a trade agreement with China.

Higher US Treasury yields also indicated a slight risk-on tone in the Asian session, with the 10-year yield rising to 1.8307 percent from a US close of 1.815 percent on Thursday.

The policy-sensitive two-year yield rose to 1.6036 percent from 1.593 percent on Thursday after US Federal Reserve Chair Jerome Powell said the risk of the US economy facing a dramatic bust was remote.

A Reuters poll of more than 100 economists showed that while concerns have eased over a US recession, few see an economic rebound, and most believe a trade truce is unlikely in the coming year.

Global sentiment has been buffeted in recent weeks by conflicting assessments of progress in talks between the United States and China aimed at ending their 16-month-long trade war.

On Thursday, China's commerce ministry said that the two countries are holding "in-depth" discussions on a first phase trade agreement, and that cancelling tariffs is an important condition to reaching a deal.

China has also ended a nearly five-year ban on imports of US poultry meat, which the US Trade Representative said would lead to more than $1 billion in annual shipments to China.

Those developments followed comments from officials from both countries last week that they had a deal to roll back tariffs, only to have US President Donald Trump deny that any such deal had been agreed to.

The new record for the S&P, which gained just 0.08 percent to 3,096.63, came despite a grim outlook from network gear maker Cisco Systems that underlined the impact of trade uncertainty.

The company forecast second-quarter revenue and profit below expectations as increasingly global economic uncertainties kept clients away from spending more on its routers and switches, sending its shares down 7.3 percent.

The Dow Jones Industrial Average fell 0.01 percent 27,781.96 and the Nasdaq Composite dropped 0.04 percent to 8,479.02.

European shares also fell after data showed the German economy grew just 0.1 percent in the third quarter, with consumer spending helping the country to avoid a mild contraction.

"In further diminishing the likelihood of significant fiscal stimulus from the Berlin government, it was not good news at all," analysts at National Australia Bank said in a morning note.

The German data followed numbers from China indicating a faster-than-expected slowdown in factory output growth in October due to weak domestic and global demand.

In commodity markets, US crude prices rebounded after sliding Thursday on rising US crude inventories. US West Texas Intermediate crude was 0.37 percent higher at $56.98 a barrel.

Gold retreated from gains prompted by trade uncertainty. Spot gold was last trading at $1,466.98 per ounce, down 0.27 percent.

source: news.abs-cbn.com

Dow, S&P 500, Nasdaq end at records on optimism on trade

NEW YORK -- Wall Street stocks surged to fresh records on Monday on optimism over international trade talks and continued positive momentum from solid economic data and earnings.

The Dow Jones Industrial Average finished at 27,462.11, up 0.4 percent and about 105 points above the previous all-time high in July.

The broad-based S&P 500 also gained 0.4 percent, rising to 3,078.27, while the tech-rich Nasdaq Composite Index jumped 0.6 percent to 8,433.20.

Both the S&P 500 and Nasdaq had ended at records on Friday.

Analysts cited remarks from US Commerce Secretary Wilbur Ross that "phase one" of the trade agreement between Beijing and Washington was on track and hinting that the US may not impose tariffs on car imports from Europe and Japan.

Alan Skrainka, chief investment officer at Cornerstone Wealth Management, said investors are heartened that the United States and China have pulled back from threats of new additional tariffs.

"The idea that it was going to get worse and worse was what investors were most worried about," Skrainka said. "And that is off the table."

The records also followed a strong US employment report released Friday and a large number of third-quarter earnings reports in recent weeks that bested analyst expectations.

Positive momentum in stocks has created a "fear of missing out" among investors, said Briefing.com analyst Patrick O'Hare.

Petroleum-linked shares had an especially positive session, with Dow members Exxon Mobil and Chevron and Halliburton all winning at least three percent.

But another Dow company, McDonald's, dropped 2.8 percent after the fast-food chain over the weekend ousted CEO Steve Easterbrook over a "consensual relationship" with an employee that violated company policy. 

On Monday, McDonald's said its top human resources executive, David Fairhurst, is also exiting the company.

Under Armour plunged 17.9 percent as it said the US Justice Department and Securities and Exchange Commission are investigating its accounting practices.

The company "continues to believe its accounting practices and related disclosures were appropriate," Under Armour said in a securities filing.

Part of the reason for the big drop was that Under Armour did not previously disclose the probe, which began in 2017, analysts said.

source: news.abs-cbn.com

Asian shares edge up; investors anxious over earnings, Brexit

SYDNEY -- Asian shares pulled ahead on Thursday with corporate earnings buffeting trading as investors remained anxious about the business impact of the Sino-US trade war while Brexit uncertainties kept overall sentiment in check.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent with Japan's Nikkei up 0.5 percent at a one-year high. Australian shares climbed 0.5 percent while South Korea's KOSPI inched 0.4 percent higher.

South Korea earlier reported third quarter growth slightly below expectations, though exports showed signs of recovery, while a private survey showed Japanese factory activity shrank at the fastest pace in over three years in October, hurt by slowing global demand and trade frictions.

On Wall Street overnight, the Dow and the Nasdaq added 0.2 percent each while the S&P 500 gained 0.3 percent.

Telsa shares jumped 21 percent in after-hours trading following a surprise third quarter profit.

Microsoft also posted forecast-beating profit and revenue numbers after the closing bell though the outlook was darkened by slower-than-expected take-up of its Azure cloud services.

Earlier, shares of US industrial bellwethers Boeing Co and Caterpillar Inc ended about 1 percent higher each despite big earnings misses.

RBC Capital Markets' chief economist Tom Porcelli pointed to consistently alarming headlines since the first quarter of 2018 suggesting poor Caterpillar earnings meant a recession was round the corner, though that has yet to transpire.

"We have been down this road before with CAT," Porcelli said in a note titled 'Still Waiting For Recession.'

"If you keep saying a recession is here, it is a mathematical certainty that at some point you will be right," he wrote. "Maybe try again after CAT's next quarterly earnings report."

So far, results from about 125 of the S&P500 companies are out with analysts expecting earnings to have declined 2.9 percent year-over-year, according to IBES data from Refinitiv.

Risk appetite was also aided by a ceasefire in northern Syria which resulted in the lifting of US sanctions against Turkey.

Later in the day, European and US manufacturing numbers are due while the European Central Bank meets, with no change to policy expected at President Mario Draghi's last meeting. Draghi will be replaced by Christine Lagarde.

Activity in the currency market was rather muted.

Sterling paused at $1.2918 after rising 0.3 percent on Wednesday with Brexit developments in focus.

Britain appears closer than ever to resolving its 3-1/2-year Brexit conundrum but there are still hurdles to clear.

EU member states on Wednesday delayed a decision on whether to grant Britain a three-month Brexit extension. Prime Minister Boris Johnson said if the deadline is deferred to the end of January, he would call an election.

"The Brexit battle looks like it will drag on," economists at ANZ wrote in a note.

"The UK government will not meet its current timetable of leaving the EU on 31 October, and an extension appears likely. In the meantime, Brexit uncertainty will keep weighing on UK business investment and activity."

The single currency was flat at $1.1135. The Japanese yen was a shade higher at 108.62 per dollar while the Australian dollar was barely changed at $0.6852.

That left the dollar index mostly unchanged at 97.461 against a basket of six major currencies.

In commodity markets, U.S. crude eased 30 cents to $55.67 while Brent slipped 28 cents to $60.89.

Gold was treading water at $1,492.5 an ounce.

source: news.abs-cbn.com

Asian stocks track Brexit deal cheer but China caution prevails

SHANGHAI -- Asian stocks edged higher on Friday, tracking the global lift in sentiment after the UK and the European Union struck a long-awaited Brexit deal, but concern about the Chinese economy is likely to cap gains with data expected to show weaker growth.

Sterling, which had enjoyed its biggest rising streak since October 1985 and hit a five-month high on the back of the Brexit deal, gave up ground on Friday morning amid doubts that the agreement would receive parliamentary approval. The pound eased 0.18 percent to buy $1.2865.

"Whatever was agreed last night with the EU still has to go through the British parliament ... The uncertainty surrounding that still hasn't changed one iota," said James McGlew, executive director of corporate stockbroking at Argonaut in Perth, Australia.

MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.1 percent in early trade, echoing Wall Street's small gains. Australian shares were off 0.6 percent, while Japan's Nikkei added 0.5 percent.

Equity markets had enjoyed a bounce from the initial Brexit news, with the S&P 500 briefly topping 3,000 points for the first time in more than three weeks.

Investors were also encouraged by upbeat earnings from Netflix and Morgan Stanley, but poor results from International Business Machines Corp and weak US economic data weighed.

Housing starts, industrial production and mid-Atlantic factory output all fell short of economist expectations.

The Dow Jones Industrial Average gained 0.09 percent to 27,025.88, the S&P 500 finished up 0.28 percent at 2,997.97 and the Nasdaq Composite rose 0.4 percent to 8,156.85.

On Friday morning, S&P 500 e-mini stock futures, were down a hair at 2,997.

China is also in focus in Asia with the world's second-largest economy expected to post its weakest economic growth in at least 27-1/2 years when it releases gross domestic product data at 0200 GMT. Weak numbers could raise pressure on Beijing to introduce new stimulus measures to counter the effects of a long-running trade war with the United States.

McGlew said expectations for a further slowdown in China had been largely priced in by the market already.

"Unless it's a diabolically low number, I don't really think it's going to have too much of an impact on prices today. But we can't price that uncertainty," he said, referring to further developments in the trade spat between Washington and Beijing.

On Thursday, China said that it hoped to reach a phased agreement in its trade dispute with the US as soon as possible.

Reflecting the cautious mood, the yield on benchmark 10-year Treasury notes fell slightly to 1.7483 percent compared with a US close of 1.755 percent on Thursday.

In the currency market, the dollar was flat against the yen at 108.65, while the euro was up 0.04 percent on the day at $1.1126.

The dollar index, which tracks the greenback against a basket of 6 major rivals, was barely lower at 97.596.

Oil was mixed ahead of the China data, with US crude up 0.1 percent to $53.99 a barrel, but Brent crude easing by 0.13 percent to 59.83 percent.

Spot gold was flat, trading at $1,491.73 per ounce.

source: news.abs-cbn.com