Asian equities began the week on a subdued note as high U.S. Treasury yields tested Wall Street's lofty valuations, keeping the U.S. dollar near multi-month highs. Market Performance : MSCI Asia-Pacific Index dipped 0.2% but remains 16% up for the year. Japan’s Nikkei slid 0.9%, still boasting a 20% annual gain. Chinese blue chips rose 0.3%, with most of their 16% yearly gain achieved after Beijing’s September stimulus promises. South Korea's index edged up 0.3% but is down 9% for the year, weighed by political uncertainties and events like Jeju Air’s recent plane crash. Global Futures : EUROSTOXX 50 futures gained 0.1%. U.S. futures saw slight declines, with S&P 500 and Nasdaq futures down 0.1%. Economic Drivers and Concerns U.S. Treasury Yields : Yields on 10-year Treasuries are near eight-month highs at 4.631%, up 75 basis points for the year. Rising yields reflect revised expectations of less restrictive monetary policy, raising concerns about potential impacts on corpo...
European shares and US stock futures rallied on Thursday, bouncing back from a recent sell-off. The dollar slipped, with the euro, yen, and pound gaining strength.Europe’s STOXX 600 rose 0.57%, following three days of declines. Britain’s FTSE 100 climbed 0.78%, and Germany’s DAX increased by 0.65%. In the US, Nasdaq futures were up 0.73%, fueled by a 12% jump in Tesla shares after the company reported strong third-quarter profits and forecasted 20-30% growth in sales for next year. S&P 500 futures rose 0.41% after a 0.9% drop in the previous session.
The rebound was supported by positive corporate earnings from Renault, Unilever, and Hermes in Europe. However, in Asia, Tokyo’s Nikkei gained only 0.1%, while Hong Kong’s Hang Seng and China’s blue-chip index fell by over 1%.
The dollar index fell 0.23%, with the euro, pound, and yen rising. The euro was last up 0.14% at $1.0797, helped by a slightly better-than-expected German PMI reading. The pound climbed 0.31% to $1.2963, driven by a rise in British government bond yields. The yen strengthened by 0.5% to 152 after recent declines.
In bond markets, US 10-year Treasury yields dropped five basis points to 4.196%, retreating from a three-month high.
In commodities, Brent crude futures rose 1.61% to $76.17 a barrel, recovering some losses after a rise in US crude stocks.
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