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Asia Stocks Set to Slip; Dollar Extends Decline: Markets Wrap

(Bloomberg) — Asian stocks looked set to slip Friday after news broke late in the U.S. session that a Covid-19 vaccine roll out is facing near-term supply-chain hurdles. The dollar retreated.

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Futures slipped in Japan and Australia, while the S&P 500 turned lower after a Wall Street Journal report suggested Pfizer Inc. might deliver fewer doses this year than previously thought. Sentiment was also hit by news that California will lock down its economy if its critical-care capacity reaches its limit. The Nasdaq Composite eked out a gain to close at an all-time high. Treasuries ticked higher.

“Despite the Pfizer news, 2020 was expected to still be a time when consumers were cautious, we were all hunkering down a bit through year end,” Mona Mahajan, investment strategist at Allianz Global Investors, said on Bloomberg TV. “Hopefully the Pfizer news doesn’t impact consumer behavior too much” into year end.



chart: Reversal in U.S. stock leadership points to sustained gains, Leuthold says


© Bloomberg
Reversal in U.S. stock leadership points to sustained gains, Leuthold says

Global stocks remain within a whisker of record highs as investors bet positive vaccine developments can help sustain a global recovery next year. Uncertainty remains about a U.S. stimulus package, where a bipartisan proposal endorsed by Democratic leaders as a basis for negotiations is luring increased interest from Republicans, lifting the chances for a deal by year-end.

“If we do see earnings growth start to pickup, perhaps 25 to 30% on the S&P 500 next year, and if we see rates remain low and stimulus in place, that remains a good backdrop for risk assets,” Mahajan said.

Elsewhere, oil edged higher as OPEC+ reached an agreement to ease its oil-output cuts next year more gradually than previously planned, giving a fragile market more time to absorb the extra supply.

These are some key events coming up:

The U.S. employment report on Friday is expected to show more Americans headed back to work in November, though at a slower pace than October.German factory orders for October are due Friday.

Here are the main moves in markets

Stocks

The S&P 500 slipped 0.1% on Thursday.Futures on Japan’s Nikkei 225 declined 0.3%.Hang Seng futures earlier closed little changed.Futures on Australia’s S&P/ASX 200 Index dropped 0.1%.

Currencies

The Bloomberg Dollar Spot Index fell 0.4%.The yen gained 0.5% to 103.86 per dollar.The offshore yuan rose 0.1% to 6.5350 per dollar.The euro bought $1.2148.

Bonds

The yield on 10-year Treasuries fell about two basis points to 0.91%.

Commodities

West Texas Intermediate crude rose 1% to $45.71 a barrel.Gold gained 0.5% to $1,840.48 an ounce.

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©2020 Bloomberg L.P.

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