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U.S. Futures Slip; Asia Stocks Set for Muted Open: Markets Wrap

(Bloomberg) -- U.S. equity futures started the week on the back foot as a stimulus deal remained elusive and coronavirus infections hit a record for a second day. Asia stocks looked set for a muted open.S&P 500 contracts retreated while those in Japan and Australia were little changed. U.S. House Speaker Nancy Pelosi and the White House traded blame for the latest stall in negotiations on a new stimulus package as chances faded of a resolution before next week’s election. The pound ticked higher after trade talks between the U.K. and the European Union were extended to Oct. 28. Hong Kong is closed for a public holiday Monday.U.S. stocks rose Friday as investors held out hope for a spending package, with the S&P 500 Index paring a weekly decline. Treasuries advanced, though the 10-year yield remained above 0.8%.Concerns remain that rising virus cases will force additional business closures. The U.S. added another 85,317 cases.President Donald Trump’s chief of staff said the U.S. isn’t going to “control” the pandemic. U.S. Vice President Mike Pence’s chief of staff tested positive, raising the prospect of another outbreak within the White House. Cases also continue to surge in Europe and other parts of the world.Meanwhile, China is rethinking its yuan internationalization strategy and a senior central bank official called for more proactive with policies to support markets, including improving bilateral currency swap agreements.Here are the major moves in markets:StocksS&P 500 futures fell 0.5% at 7:10 a.m. in Tokyo. The S&P 500 Index rose 0.3% Friday.Nikkei 225 futures edged up 0.3%.Australia’s S&P/ASX 200 Index futures climbed 0.3%.CurrenciesThe yen was little changed at 104.73 per dollar.The offshore yuan was at 6.6652 per dollar.The euro fell 0.1% to $1.1854.The British pound rose 0.2% to $1.3059.BondsThe yield on 10-year Treasuries fell one basis point to 0.84% Friday.CommoditiesWest Texas Intermediate crude lost 1.9% to $39.85 a barrel Friday.Gold was little changed at $1,902.05 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P. shares always this Contents with License.

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