Asia Stocks Mixed Ahead of Midterms; Dollar Steady: Markets Wrap

Asia Stocks Mixed Ahead of Midterms; Dollar Steady: Markets Wrap

Asia Stocks Mixed Ahead of Midterms; Dollar Steady: Markets Wrap

Asian stocks fell on Monday (Nov 5) after a reversal in U.S. equities on Friday, amid concern over whether trade tensions with China can be mended. The Stoxx Europe 600 Index slid a second day. Additionally, there were also signs that a trade agreement between the United States and China still seems a long way off, with no resolution in sight.

The US dollar steadied, while 10-year US Treasury yields held gains from Friday's strong jobs report.

Government bonds in Europe and the US were mixed, but mostly little changed. The dollar fell for a second day.

Politics loom large for traders as US congressional elections, seen as a referendum on the policies of President Donald Trump, take place Tuesday. Meanwhile, investors have one eye on the United Kingdom, where Theresa May is redoubling efforts to reach a Brexit deal. Expectations for policy gridlock are "the corner-stone of what feels like a consensual view that growth will slow", he wrote in a note.

Equities climbed in Japan, Australia and South Korea, while Hong Kong and China futures also tipped gains.

Terminal users can read our Markets Live blog. NY time; the Nasdaq Composite added 0.8 percent.The Stoxx Europe 600 Index dipped 0.2 percent.The MSCI Emerging Market Index rose 0.2 percent. However, a rally in the banking sector as well as the energy sector pushed up the S&P 500.

The Bloomberg Dollar Spot Index declined 0.1 percent.The euro advanced 0.1 percent to $1.1417.The Japanese yen fell 0.1 percent to 113.28 per dollar.The British pound added 0.3 percent to $1.3079, the strongest in nearly three weeks.The MSCI Emerging Markets Currency Index was little changed.

In the bonds market, the yield on the 10-year Treasury in the U.S. dropped to 3.19%, Germany's 10-year Treasury yields remained nearly the same at 0.42% and the UK's 10-year yield went up to 1.5%.

-With assistance from Harry Suhartono, Vildana Hajric, Andreea Papuc, Srinivasan Sivabalan, Christopher Anstey, Samuel Potter and Eddie van der Walt.

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