US stocks higher as volatility rules in wild week

US stocks higher as volatility rules in wild week

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In Europe, the Stoxx 600 saw its largest one-day rally since April. Japanese shares declined, while stocks in China saw modest advances. Japanese 10-year yields dipped below zero. West Texas intermediate crude bounced with emerging market equities.

Japan and China had their final trading day of the year Friday. Aside from any further developments on the American political front — where departures of senior officials and tensions at the White House over the Federal Reserve have unsettled investors, upcoming manufacturing PMIs from China and the U.S. may be a focus in the coming week.

Here’s a look at how some key assets have done this year:

  • The S&P 500 is down 7.5 per cent
  • Japan’s Topix is down 18 per cent
  • The Stoxx Europe 600 is down almost 14 per cent
  • The MSCI Emerging Markets Index dropped about 16 per cent
  • The Bloomberg Dollar Spot Index rose more than 3 per cent
  • The Bloomberg Commodity Index fell almost 12 per cent

Here are some events investors may focus on in coming days:

  • China releases its official PMIs on Monday, the last day of 2018.
  • Brazil’s new president is sworn in on Tuesday.
  • The US ISM manufacturing PMI is due Friday, January 4.

And these are the main moves in markets:

Stocks

  • The S&P 500 Index fell 0.1 per cent as of 4pm in New York.
  • The Dow slid 0.3 per cent; the Nasdaq edged 0.1 per cent higher.
  • The Stoxx Europe 600 Index jumped 2 per cent, the biggest surge in about nine months.
  • The MSCI All-Country World Index increased 1.2 per cent.
  • The MSCI Emerging Market Index increased 1.2 per cent to the highest in more than a week.

Currencies

  • The Bloomberg Dollar Spot Index dipped 0.2 per cent.
  • The euro climbed 0.2 per cent to $US1.1449.
  • The Japanese yen jumped 0.6 per cent to 110.40 per dollar.
  • The British pound advanced 0.4 per cent to $US1.2692.
  • The MSCI Emerging Markets Currency Index gained 0.3 per cent to the highest in more than three weeks.

Bonds

  • The yield on 10-year Treasuries dipped three basis points to 2.74 per cent.
  • Germany’s 10-year yield advanced less than one basis point to 0.24 per cent, the largest gain in a week.
  • Britain’s 10-year yield fell four basis points to 1.269 per cent.

Commodities

  • The Bloomberg Commodity Index decreased 0.3 per cent.
  • West Texas Intermediate crude gained 1.7 per cent to $US45.38 a barrel.
  • Gold was little changed at $US1281.50 an ounce.

Bloomberg

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