Yen, Gold Maintain Gains as Most Asian Futures Climb With Crude
Haven assets maintained gains, while most Asian index futures rose with oil as investors kept their focus on the region’s largest economy ahead of data on Chinese prices. The Thai baht extended its advance.
The yen held onto its recovery along with gold, as yields on 10-year Australian government debt fell for a second straight session. While shares in Sydney fluctuated, futures on equity gauges from Hong Kong to South Korea foreshadowed gains after the S&P 500 Index pared losses in the last hour of Thursday trade. Nikkei 225 Stock Average futures fell amid the yen’s rebound, while oil rose for a second day. The baht strengthened after selling off earlier in the week on news Thailand’s king was ill. The monarch died on Thursday.
Figures due Friday on Chinese consumer and producer prices will get greater attention after the steepest drop in exports since February spurred a flight to safe investments. The data came after of the Federal Reserve’s last meeting showed policy makers are leaning toward raising rates in December. When combined with one of the worst starts to a U.S. earnings season for stocks since the bull market began seven years ago, and concern over the stability of the pound, fresh concern over China is helping to unnerve markets.“China once again takes centre stage today after yesterday’s disappointing September trade data,” Chris Weston, chief market strategist in Melbourne at IG Ltd. said in an e-mail. “With U.S. equities finding buyers off strong technical support we should see modest buying support in Asia. But there doesn’t seem to be too many bullish catalysts today.” Japan updates on money supply Friday, with Singapore to review as well as report on retail sales and gross domestic product. India issues data on wholesale prices and the Reserve Bank of Australia reports on financial stability.
Australia’s S&P/ASX 200 Index fell less than 0.1 percent as of 8:55 a.m. Tokyo time, with about 20 more stocks climbing as declining. The S&P/NZX 50 Index in New Zealand was also little changed with futures on the S&P 500. The U.S. benchmark retreated 0.3 percent Thursday, trimming an earlier slump of as much as 1.1 percent. Nikkei 225 futures were bid down 0.1 percent to 16,770 in the Osaka pre-market, as contracts on the Japanese index traded in Singapore slipped 0.1 percent to 16,770. Yen-denominated Nikkei futures were steady at 16,770 in Chicago, following last session’s 1.1 percent slide In Hong Kong, futures the Hang Seng and Hang Seng China Enterprises indexes rallied at least 0.2 percent, as those on the FTSE China A50 Index rose by the same amount. Kospi index futures gained 0.1 percent in Seoul before biggest stock, Samsung Electronics Co., said that it expects a negative impact of around mid-3 trillion won ($3 billion) to operating profit in the fourth and first quarters after halting output of its Galaxy Note 7 smartphones.
The yen was little changed at 103.70 per dollar after strengthening 0.5 percent last session, trimming its third straight weekly retreat to 0.7 percent. The baht gained 0.6 percent to 35.388 THB per dollar following a 0.3 percent bounce on Thursday, paring its slump in the week to 1.4 percent, still the most in more than a year. Financial markets in the Southeast Asian nation will open as usual Friday as the government hasn’t requested that they close following the death of King Bhumibol Adulyadej.