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Asian stocks dropped Friday, continuing a risk-off session in global markets after technology stocks retreated and a slide in Brazilian assets reminded investors of continuing dangers in emerging markets.
Japanese and South Korean stocks showed modest losses, while Chinese and Hong Kong shares tumbled. U.S. and European futures pointed to declines. The dollar fluctuated and the yen held gains. German and Spanish 10-year bund yields fell, while those in Italy pushed higher. Next up on the docket will be a potentially rocky summit of the G-7, where trade disputes are set to showcase a divide between the U.S. and longtime allies.
President Donald Trump is set to find himself isolated from other leaders at the Quebec confab, with President Emmanuel Macron of France warning he will not sign the traditional joint statement unless progress is made on tariffs, and German Chancellor Angela Merkel promising to challenge Trump on the environment. European leaders may press for exempting some EU companies from Washington’s revival of Iranian economic sanctions.
In emerging markets, Brazil’s central bank’s swap sale Thursday wasn’t enough to boost the real, and the country’s stock index slid 3 percent. Meantime, Argentina secured a $50 billion stand-by arrangement from the International Monetary Fund to help restore investor confidence.
These are some key events to watch this week:
A potentially tumultuous G-7 Leaders’ Summit starts in Quebec Friday, through to June 9.
These are the main moves in markets:
Stocks
The MSCI Asia Pacific Index dipped 0.8 percent as of 3:13 p.m. Tokyo time.
Topix index fell 0.4 percent.
Hong Kong’s Hang Seng Index sank 1.7 percent.
Kospi index fell 0.8 percent.
Futures on the S&P 500 Index declined 0.3 percent.
Currencies
The Bloomberg Dollar Spot Index rose less than 0.05 percent.
The Japanese yen rose 0.1 percent to 109.57 per dollar.
The euro fell 0.1 percent to $1.1794.
Bonds
The yield on 10-year Treasuries was flat at 2.92 percent.
German bund yields were at 0.49 percent, heading for a weekly gain.
Commodities
West Texas Intermediate crude fell 0.5 percent to $65.64 a barrel.
Gold fell 0.1 percent to $1,295.85 an ounce.
LME copper sank 1.4 percent to $7,231.00 per metric ton.
Source: Bloomberg
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