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Asia Stocks Slip Amid Trade Concern; Yen Gains: Markets Wrap

Bloomberg logoBloomberg 10/08/2018 Adam Haigh
a screenshot of a video game: Turkish lira weakens to record after U.S. imposes sanctions © Bloomberg Turkish lira weakens to record after U.S. imposes sanctions

(Bloomberg) -- Stocks slipped in Asia and the yen climbed as investors assessed the impact of the latest tit-for-tat in the trade war as well as sanctions on Russia. China’s yuan was steady, showing further signs of stabilization after recent moves to shore up confidence.

The biggest declines were in Japan and South Korea, while trading was more muted for shares in China and Hong Kong. The dollar kept its advance against its G-10 counterparts and Treasury yields held losses ahead of the last key event for this week - a report on U.S. consumer prices. West Texas oil drifted and is poised for the longest weekly losing streak in three years. Turkey’s lira hit a fresh record low.

Geopolitical tensions between the U.S. and other countries set the tone for markets this week as China responded to the Trump administration’s latest trade war volley with additional tariffs of its own. The ruble hit a two-year low after the U.S. announced new sanctions on Russia over the March 4 nerve-agent attack on a former double agent in the U.K. Turkey’s lira plunged and bond yields climbed as a dispute over the detention of an American pastor dragged on.

Elsewhere, Tesla shares rose in post-market trading after CNBC reported that its board planned to meet with financial advisers next week to formalize a process to take the co. private and would ask CEO Elon Musk to recuse himself from the process.

Related: Three Chip Stocks to Buy for the Next Three Years (Provided by InvestorPlace)

These are the main moves in markets:

Stocks

Japan’s Topix index fell 0.6 percent as of 12:17 p.m. in Tokyo. The Shanghai Composite Index dropped 0.2 percent. Hong Kong’s Hang Seng Index sank 0.5 percent. Australia’s S&P/ASX 200 Index slid 0.1 percent. Futures on the S&P 500 lost 0.1 percent. The underlying gauge fell 0.1 percent Thursday.

Currencies

The yen rose 0.1 percent to 110.93 per dollar. The offshore yuan gained 0.1 percent to 6.8421 per dollar. The Bloomberg Dollar Spot Index held its 0.5 percent advance from Thursday. The euro bought $1.1530.

Bonds

The yield on 10-year Treasuries slid less than one basis point to 2.92 percent.

Commodities

West Texas Intermediate crude fell less than 0.1 percent to $66.80 a barrel. Gold futures were steady at $1,212.18 an ounce.The Bloomberg Commodity Index edged down after losing 0.3 percent Thursday.

--With assistance from Jeremy Herron and Sheldon Reback.

To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen

©2018 Bloomberg L.P.

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