(Bloomberg) -- U.S. stocks erased gains and Treasuries fluctuated as investors parsed mixed economic data and remarks from Federal Reserve officials.
Traders assessed reports showing labor-market strength and U.S. factory activity contraction. Fed Bank of Kansas City President Esther George said the U.S. doesn’t need lower rates and her Philadelphia counterpart Patrick Harker said he’s "on hold" right now for further easing. Most European bonds fell as a gauge of German manufacturers reinforced recession concern and European Central Bank minutes showed officials were worried that investors would lose faith in their ability to revive inflation. The British pound jumped as comments by French and German leaders stoked optimism about a Brexit deal.
Read: Trump Sees Germany’s Negative-Bond Sale as Positive, Bashes Fed
Financial markets have been volatile amid concern over global economic weakness and renewed U.S.-China trade tension. Minutes from the Fed’s July meeting showed Wednesday that officials viewed their cut last month as insurance against too-weak inflation and the risk of a deeper slump in business investment. Analysts expect Powell to suggest the central bank is ready to reduce rates further when he delivers his speech in Jackson Hole Friday.
Here are some notable events coming up:
Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming, starting Thursday.
Here are the main moves in markets:
Stocks
The S&P 500 lost 0.4% to 2,911.71 as of 10:34 a.m. New York time.The Stoxx Europe 600 Index declined 0.5%.The MSCI Asia Pacific Index fell 0.5%.
Currencies
The Bloomberg Dollar Spot Index was little changed.The euro dipped 0.1% to $1.1073.The British pound increased 0.9% to $1.2241.The Japanese yen gained 0.2% to 106.43 per dollar.
Bonds
The yield on 10-year Treasuries decreased one basis point to 1.58%.Germany’s 10-year yield increased two basis points to -0.65%.Britain’s 10-year yield gained two basis points to 0.5%, the highest in two weeks.
Commodities
The Bloomberg Commodity Index fell 0.4%.West Texas Intermediate crude declined 0.8% to $55.24 a barrel.Gold decreased 0.4% to $1,510.10 an ounce, the lowest in almost two weeks.
--With assistance from David Wilson, Paul Allen, Adam Haigh and Yakob Peterseil.
To contact the reporters on this story: Rita Nazareth in New York at rnazareth@bloomberg.net;Todd White in Madrid at twhite2@bloomberg.net
To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Rita Nazareth
For more articles like this, please visit us at bloomberg.com
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https://finance.yahoo.com/news/asia-stocks-look-gains-traders-225815315.html
2019-08-22 14:22:00Z
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