ASIA STOCKS UP AS INVESTORS KEENLY EYE SHIFT IN FED POLICY
Stocks in Asia drifted higher Monday, April 26, 2021, as investors look for clues on the economic recovery in a big earnings week and a Federal Reserve meeting. The dollar and Treasuries were steady, Andreea Papuc reported for Bloomberg News.
An MSCI Inc. gauge of the region’s stocks rose, though the individual market moves across the region were muted. US futures were little changed after most major groups in the S&P 500 advanced Friday.
US new-home sales rebounded in March to the highest since 2006, while output at manufacturers and service providers reached a record high in April. The 10-year Treasury yield hovered below 1.6%.
The dollar edged lower against major peers. Oil and gold were little changed. Bitcoin fell to the lowest in seven weeks before bouncing back above $50,000. US new-home sales are at the highest since 2006.
Focus turns to the Fed meeting, with policymakers reiterating that they are in no hurry to withdraw support even as the US economy rebounds. A slew of earnings from megacaps including Tesla Inc., Facebook Inc., and Apple Inc. will be parsed as investors look for clues on how companies are faring in the recovery.
S&P 500 futures were little changed as of 10:31 a.m. in Tokyo. The S&P 500 rose 1.1% Friday. Topix index was flat. Australia’s S&P/ASX 200 Index was little changed. Kospi index rose 0.5%.
The Hang Seng Index hardly changed. The Shanghai Composite Index rose 0.3%. The yen was little changed at 107.78 per dollar.
The offshore yuan was at 6.4826 per dollar, up 0.1%. The Bloomberg Dollar Spot Index dipped 0.1%.
The euro traded at $1.2108. The yield on 10-year Treasuries held at 1.56%. Australia’s 10-year bond yield fell to 1.72%. West Texas Intermediate crude dipped 0.1% to $62.09 a barrel. Gold was at $1,779.97 an ounce, up 0.2%, Sophie Caronello reported for Bloomberg News.