OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 27 points.
A move by JPMorgan to shed risk on some of its mortgage loans is stirring hope that the tactic could help reduce the government’s role in the $11 trillion mortgage market.
Alibaba is aiming to raise $10 billion to $15 billion in a second listing in Hong Kong this month, reviving the planned offering even as the city’s political climate remains unstable.
Each Market in Focus
A late rebound in a choppy session helped Australian shares to a flat finish for the day and a gain over the week. Despite faltering through the afternoon, a late buying lifted the S&P/ASX 200 to finish down just 2.5 points at 6724.1.
For the week, it managed an advance of 0.8% and now sits 19% higher in 2019. A strong push by energy stocks and big gains by the technology sector on Friday was balanced by broad weakness across defensive sectors, with gold stocks, utilities and property trusts losing ground.
U.S. stocks clinched fresh records and government-bond yields notched the biggest weekly gain in a month as investors grew more confident that the economic cycle isn’t nearing its end.
Investors unraveled bets on traditionally safer investments like U.S. Treasurys and dove back into some of the riskier corners of the stock market in a week that was dominated by trade headlines.
That propelled the yield on the 10-year Treasury note to its highest since July and all three major U.S. stock indexes to records Friday.
The moves marked a sharp shift from much of the year when investors bought both government bonds and stocks simultaneously, a signal that unease was underpinning the broader equity rally.
Some investors said they were closely watching the bond market for cues on the stock market’s trajectory. The S&P 500 climbed 0.9% for the week, extending its gains for 2019 to 23%.
Gold futures settled with a loss, at their lowest in more than three months and posted their biggest weekly percentage decline since May 2017.
Losses for the week came on the back of a rotation by investors out of assets perceived as safe and into those they could offer richer returns on the back of some optimism about progress on a U.S.-China trade deal
Oil futures gave up earlier losses to score a weekly rise, with U.S. prices settling at a fresh six-week high, as traders gauged expectations for energy demand against conflicting news tied to China-U.S. trade talks.
West Texas Intermediate crude for December delivery CLZ19,
+0.49% rose 9 cents, or 0.2%, to settle at $57.24 a barrel on the New York Mercantile Exchange after trading as low as $55.76 during the session.
The Canadian dollar fell to its lowest level since mid-October on the latest employment data, indicating economy shed 1.8K jobs. The October letdown comes after Canada added 81K and 54K jobs in August and September, respectively.
The Stoxx Europe 600 fell 0.3%. Within European equities, Cartier’s parent Cie. Financi?re Richemont slipped 4.8% after the Swiss luxury-goods company’s earnings fell short of what analysts expected. French bank Natixis was one of the biggest losers after its shares slid 7.3% in Paris as
analysts warned of weaknesses in its asset and wealth management operations.
Stocks in Asia pulled back, with the Hang Seng settling lower and the Shanghai composite Index losing 0.5%.
The Hang Seng Index slid 0.7% to 27651.14. Property developers were among the worst performers, possibly due to profit-taking after rises in their share prices on upbeat October property sales growth.
Indian shares fell more after Moody’s downgraded the country’s outlook to negative from stable. The benchmark BSE Sensex closed 0.8% lower at 40323.61, with most of its constituents in the red. Still, it ended the week with a 0.4% gain, setting an all-time record.
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