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Stocks, Futures Fall on China Property, Fed Risks: Markets Wrap

(Bloomberg) — Stocks and US stock futures fell Monday, hurt by a slump in Hong Kong real estate developers and jitters ahead of a Federal Reserve meeting expected to signal a winding down of stimulus. The dollar rose.

Hong Kong stocks fell, with a report suggesting Beijing could extend its crackdown on private industries to the city’s real estate companies. Investors are also monitoring the risk of debt crisis contagion at giant developer China Evergrande Group. Ping An Insurance slumped amid concerns about its real estate exposure. The offshore yuan fell.

Australian stocks and the country’s currency weakened as iron ore losses soared below $100 a tonne. US futures were in the red after the S&P 500 fell the most in a month, a test of the psychology of buying the dip as the meter chases its 50-day moving average.

Ten-year Treasury yields have risen ahead of this week’s Fed meeting, where policymakers are expected to begin laying the groundwork for phasing out the stimulus. Japan and China are among the top Asian markets closed for holidays. There is no trade in treasury bills in Asia.

Aside from Evergrande and the prospect of reduced Fed stimulus, financial markets are also at risk from uncertainty about the outlook for President Joe Biden’s $4 trillion economic agenda and the need to raise or suspend the US debt ceiling. . Investors were already concerned about a slowing global recovery from the pandemic and inflation fueled by commodity prices.

“We have inflation in the system, wages are rising, supply chains are driving prices up, and with so many central banks having to make rate decisions, we’re a little nervous,” said Tony Knights of Columbus Asset Advisors, President and Chief Investment Officer, Minopoli, said on Bloomberg Television.

Treasury Secretary Janet Yellen said the US government will run out of money to pay its bills sometime in October without taking action on the debt ceiling, warning of an “economic catastrophe” unless lawmakers take the necessary steps. Meanwhile, central banks in Japan and the UK are also taking interest rate decisions this week.

Story continues

In cryptocurrencies, Bitcoin slipped and traded at around $46,000. Other tokens such as Ether also retreated.

Here are the top events to watch this week:

Canada federal election, Monday Bank of Japan interest rate decision, Wednesday Federal interest rate decision, Wednesday Bank of England interest rate decision, Thursday Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chair Richard Clarida discuss recovery from the pandemic, Friday

Read our MLIV blog for more market analysis.

Some of the key moves in markets:

Shares

S&P 500 futures fell 0.7% as of 11:43 a.m. in Tokyo. The S&P 500 fell 0.9%. Nasdaq 100 futures lost 0.5%. The Nasdaq 100 fell 1.2% The Australian S&P/ASX 200 index fell 1.8% The Hang Seng index in Hong Kong fell 3.5%

currencies

The Japanese yen stood at 109.92 per dollar

bonds

10-year government bond yields rose two basis points to 1.36% on Friday, Australia 10-year bond yields were 1.31%

Raw materials

West Texas Intermediate Crude Oil was $71.33 a barrel, down 0.9% Gold was $1,747.24 an ounce, down 0.4%

More stories like this are available at bloomberg.com

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©2020 Bloomberg LP

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