(Bloomberg) – Asian stocks fell on Tuesday after a slashed US session as investors mulled over the possibility that a fiscal aid package could be delayed. Treasuries kept an increase overnight.
Stocks experienced modest declines across the region with shares in South Korea performing worse. Tencent Holdings Ltd. shares in Hong Kong led lower after internet behemoths’ market value rose to $ 1 trillion for the first time on Monday. The Australian markets are closed for a holiday. S&P 500 futures slipped after the meter closed higher, although gains were limited, after Senate Majority Leader Chuck Schumer said an aid package was unlikely by mid-March and a U.S. health official expressed concern about vaccination delays.
Nasdaq 100 contracts also pointed lower as investors waited for earnings from some of the largest companies. Elsewhere, crude oil fluctuated below $ 53 per barrel. Barrel, and gold were slightly altered. European stocks previously withdrew. The dollar had an advance overnight.
With global equities trading around record highs, investors are looking for new catalysts to push them higher or at least justify current valuations. It may come from a list of earnings reports due this week. Meanwhile, the possibility that a US fiscal easing package could be delayed signs an important reason why government interest rates rose earlier this year.
President Joe Biden said he is open to negotiating his $ 1.9 trillion Covid-19 relief proposal and is hopeful of bringing Republicans behind it, but did not rule out pursuing a single democratic route. Schumer said earlier Monday that he aims to secure the review of the next round of emergency aid in mid-March, just when the unemployment benefits of the last package run out.
On the pandemic front, vaccine coverage does not reach a point that will stop the transmission of the virus in the foreseeable future, the World Health Organization said Monday. U.S. Chief of Infectious Diseases Anthony Fauci said he is concerned about delays in the second dose.
These are some important events coming up in the coming week:
Microsoft Corp., Apple Inc., Tesla Inc., Facebook Inc., UBS Group AG and Samsung Electronics Co. is among companies that report results. Data on U.S. home prices and consumer confidence come Tuesday. The Federal Open Market Committee’s monetary policy decision and briefing by Chairman Jerome Powell are scheduled for Wednesday. Fourth-quarter GDP, initial jobless claims and new home sales are among U.S. data findings Thursday. U.S. personal income, expenses and pending home sales come Friday.
These are the main features of the markets:
S&P 500 futures fell 0.4% from 6 p.m. 11 in Tokyo. The S&P 500 index rose 0.4%. The Topix index fell 0.4%. The Kospi index fell 1.3%. The Hang Seng index fell 0.8%. Shanghai Composite Index fell 0.6%.
The Bloomberg Dollar Spot Index was slightly up after rising 0.2% on Monday. Euro was slightly changed to $ 1.2145. The British pound was at $ 1.3677. The Japanese yen was slightly changed to 103.70 per. Dollar. Offshore yuan was at 6.4786 per. Dollar.
Yields on 10-year government bonds rose one basis point to 1.04% after falling six basis points on Monday.
West Texas Intermediate crude fell 0.1% to $ 52.71 per tonne. Barrel. Gold was slightly changed to $ 1,859 an ounce.
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