RECORD HIGH CLOSE FOR U.S. BOURSE; ASIAN STOCKS MIXED

By The Financial District
Apr 6, 2021
2 min read

Asian stocks were mixed Tuesday, April 6, 2021, as Traders assessed a strengthening US economic recovery, the prospect of higher taxes there and restrictions in Europe to curb the coronavirus. Oil clawed back some losses, Andreea Papuc reported for Bloomberg News.

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Equities dipped in Japan and China but outperformed in Australia. US stock futures fluctuated as investors assessed the rebound from the pandemic and any lingering impact from the Archegos Capital Management blowup.

Earlier, the S&P 500 reached an all-time high with most of its major groups advancing. Megacap US internet and technology stocks rallied, including a surge by Facebook Inc. to a new peak as the Nasdaq 100 jumped 2%.

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Treasury yields edged lower. Oil rose above $59 a barrel after sliding amid growing delays in Europe’s reopening and looming Iranian supply. Credit Suisse Group AG started unloading stocks tied to the Archegos Capital turmoil over a week after some rivals dumped their shares and skirted losses.

US data continued to highlight an economic pickup as more Americans are vaccinated against the coronavirus, restrictions are rolled back and fiscal relief takes hold. US service providers had the fastest growth on record in March as orders jumped to new highs. A report last week showed employers in the world’s largest economy added the most jobs in seven months.

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S&P 500 futures dipped 0.1% as of 10:55 a.m. in Tokyo. The S&P 500 rose 1.4%. Nasdaq 100 futures were flat. Japan’s Topix index fell 0.6%. Australia’s S&P/ASX 200 Index rose 1%. South Korea’s Kospi index shed 0.2%. China’s Shanghai Composite index lost 0.2%. The yen traded at 110.23 per dollar.

The offshore yuan was at 6.5624 per dollar. The Bloomberg Dollar Spot Index was little changed after declining 0.3%. The euro was at $1.1810. The yield on 10-year Treasuries dipped two basis points to 1.68%.

Australia’s 10-year bond yield fell five basis points to 1.79%. West Texas Intermediate crude rose 1.2% to $59.37 a barrel. It tumbled 4.6% in the previous session. Gold added 0.3% to $1,733.11 an ounce, Michael Tobin, Claire Ballentine, and Rita Nazareth reported for Bloomberg News.

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