Asian Stocks Set to Climb, Gold and Silver Edge Up: Markets Wrap
(Bloomberg) — Asian stocks were headed for gains Tuesday after solid US factory data helped lift sentiment, supporting shares and Bitcoin. Gold and silver climbed in early trading.
Equity-index futures rose for Japan and Hong Kong, while shares opened 1% higher in Australia. Asian stocks had their worst day since November on Monday as sharp drops in gold and silver rippled across asset classes. The precious metals trimmed their losses and on Tuesday opened stronger. Gold rose over 2% and silver advanced 3.5%, while West Texas Intermediate crude edged up.
In the US session, the S&P 500 gained 0.5% to near its peak, while the Nasdaq 100 climbed 0.7%. Treasuries also retreated, while a gauge of the greenback edged 0.3% higher and Bitcoin rose around 3%. Indian assets will be in focus after President Donald Trump said he will slash tariffs on India to 18% after Prime Minister Narendra Modi agreed to stop buying Russian oil, easing tensions between the two countries.
A demand-related spike in US factory activity was the catalyst for the shift in mood, offering an upbeat signal for the economy and corporate profits. Sustained growth would help provide reassurance that manufacturing is on the mend after languishing the past three years.
“Manufacturing activity seems to be emerging from a cold winter,” said Brian Jacobsen at Annex Wealth Management. “We’ve seen signs of life before, only for manufacturing to dip again, but with new orders growing, maybe this revival is real.”
The Institute for Supply Management’s manufacturing index rose to 52.6 from 47.9. Readings greater than 50 indicate expansion, and the latest figure topped all projections in a Bloomberg survey of economists.
Following the US manufacturing data, traders slightly reduced bets on rate cuts from the Federal Reserve, which last week paused reductions. Money markets show the next cut coming in July.
The Bureau of Labor Statistics will not release the January jobs report on Friday as scheduled due to the partial government shutdown.
In Asia, the Reserve Bank of Australia is expected to raise borrowing costs by 25 basis points when it hands down an interest rate decision later Tuesday.
Despite the bullish mood, a gauge of US tech megacaps underperformed on Monday. Walt Disney Co. sank after a tepid forecast. Oracle Corp. is selling $25 billion of investment-grade bonds to help finance infrastructure that powers artificial intelligence projects.
Wall Street also kept a close eye on precious metals, which clawed back some losses on Monday after another heavy selloff in Asian hours, as traders took stock of the abrupt unwinding of a record-breaking rally.
Gold and silver plummeted Friday after Trump said he’d nominate Kevin Warsh to succeed Jerome Powell as Fed chair. Markets see Warsh as more inclined than other candidates to fight against rising price pressures. That stance may translate into monetary policy aiding the dollar, eroding the so-called debasement trade that had caused gold to soar.
“Commodity price action is more about positioning shakeout of weak or leveraged hands than a change in the fundamental story,” said Darrell Cronk at Wells Fargo. “It’s a market to watch for vulnerabilities and extremes.”
Corporate Highlights:
Nvidia Corp. Chief Executive Officer Jensen Huang said the company’s proposed $100 billion investment in OpenAI was “never a commitment” and that the company would consider any funding rounds “one at a time.” Elon Musk plans to merge SpaceX with xAI in a deal that encompasses the billionaire’s increasingly costly ambitions to dominate artificial intelligence and space exploration. Walt Disney Co., the world’s biggest entertainment company, gave a tepid forecast for growth in the current period and the market awaits news on who will be its new leader. Boeing Co. still needs to do more to win back the ability to certify the airworthiness of its aircraft and other powers the aviation giant lost after a series of manufacturing lapses, according to the head of the US Federal Aviation Administration. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.1% as of 8:27 a.m. Tokyo time Hang Seng futures rose 0.6% Australia’s S&P/ASX 200 rose 1.1% Currencies
The Bloomberg Dollar Spot Index rose 0.3% The euro was little changed at $1.1797 The Japanese yen was little changed at 155.54 per dollar The offshore yuan was little changed at 6.9414 per dollar The Australian dollar was little changed at $0.6953 Cryptocurrencies
Bitcoin was little changed at $78,513.54 Ether was little changed at $2,339.16 Bonds
Australia’s 10-year yield advanced three basis points to 4.82% Commodities
West Texas Intermediate crude fell 0.2% to $62.03 a barrel Spot gold rose 1.8% to $4,744.32 an ounce This story was produced with the assistance of Bloomberg Automation.
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