Published: Thu, January 16, 2020
Markets | By Otis Pena

Asian stocks are falling due to renewed concerns about trading

Asian stocks are falling due to renewed concerns about trading

U.S. Treasury prices are higher, driving down both the two-year and 10-year yields by 3 bps to 1.55% and 1.79%, respectively; U.S. Dollar Index -0.2% to 97.18.

The Dow Jones Industrial Average, S&P 500 and Nasdaq each touched intraday record highs before losing ground in afternoon trade. Healthcare stocks led the winners and received a big boost from Perrigo, which rose 12.6%.

The trade agreement clears the way for investors to focus on upcoming quarterly earnings reports, including the outlooks companies provide in light of the deal. JPM shares rose 1.12%.

The Final Word: Despite the grim outlook, US banks got off to a mostly positive start to earnings season.

Investors are waiting for corporate results that start in earnest this week with large US banks, including Citigroup Inc, JPMorgan Chase & Co and Wells Fargo & Co, due to report on Tuesday.

U.S. benchmarks were milking the gravy train again on Monday, with all three closing higher while the S&P 500 and Nasdaq finished at fresh record highs on the news that the Chinese trade delegation landed safely in the USA to sign a phase-one rade deal later this week and that the Trump Administration is seeking to retract its designation of China as a "currency manipulator".

Global stocks drifted lower Wednesday as investors grew concerned that an initial U.S. The S&P 500 was lifted by the tech and communication services sectors, which advanced at least 0.4% each.

Trump impeachment: House lawmakers appointed to prosecute case
McConnell prefers to model Trump's trial partly on the process used for then-president Bill Clinton's trial in 1999. The only other presidential impeachment trial in the Senate involved President Andrew Johnson in the 19th century.


Monday's rally on Wall Street added to gains from last week driven by an easing of tension between the USA and Iran.

The eventual removal of tariffs by Washington would depend on Beijing's compliance with the Phase 1 trade accord, which is expected to be signed on Wednesday, Bloomberg reported, citing sources.

The yield on 10-year Treasuries rose one basis point to 1.86%.Australian 10-year yields rose about three basis points to 1.24%.

Traders bid up shares in Hexcel 9.6% after the company said it is being bought by rival Woodward in a deal that will create one of the largest suppliers in the aerospace and defense industry. The earnings handily beat analysts' forecasts. Citigroup climbed 1.6% after reporting a similar jump in profits because of its trading operations. But Wells Fargo (WFC) saw its fourth-quarter profits plunge by more than 50% on low interest rates and litigation charges.

MSCI's gauge of stocks across the globe gained 0.51%, topping a record set on Friday, while emerging market stocks rose 0.96%. This would be the first time that the S&P 500's earnings have declined four consecutive quarters since mid-2016, according to the FactSet.

Benchmark crude oil lost 11 cents to $58.12 a barrel in electronic trading on the New York Mercantile Exchange.

Gold fell 0.6% to $1538.West Texas Intermediate crude rose 0.3% to $58.25 a barrel. It earned 29 cents on Tuesday to $ 64.49 per barrel. The euro rose to $1.1145 from $1.1128.

Like this: