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GLOBAL MARKETS-Asian markets to inch up as U.S. stimulus talks restart

October 9, 2020

By Imani Moise

NEW YORK, Oct 8 (Reuters) – Asian shares were set to track Wall Street gains on Friday as revived hopes for a U.S. stimulus deal helped investors overlook weaker-than-expected jobs data and growing global coronavirus cases.

In energy markets, oil prices rallied on production shutdowns ahead of a storm in the U.S. Gulf of Mexico and the possibility of supply cuts from Saudi Arabia and Norway. O/R

U.S. President Donald Trump on Thursday said talks with Congress had restarted on targeted fiscal relief, after calling off negotiations earlier this week.

House Speaker Nancy Pelosi downplayed the likelihood of stand-alone bills without more comprehensive aid, but the fact that talks had resumed was enough to lift markets.

Futures for the S&P 500 EScv1 rose 0.44%, Australia’s S&P ASX 200 futures YAPcm1 were 0.20% higher and Japan’s Nikkei 225 futures NKc1 added 0.32% in early Asia.

Mixed messages

U.S. weekly jobless claims inch lower, but remain stubbornly high

October 8, 2020

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By Dan Burns

Oct 8 (Reuters) – The number of Americans filing new claims for jobless benefits inched down last week, signaling the U.S. labor market is making little fresh headway in getting millions of people back on the job after being out of work due to COVID-19 disruptions.

Initial claims for state unemployment benefits totaled a seasonally adjusted 840,000 for the week ended Oct. 3, compared with an upwardly revised 849,000 in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast 820,000 applications in the latest week.

While last week’s level of new claims was the lowest since March, they have stalled at historically high levels after dropping below 1 million in August as the government changed the way it strips seasonal fluctuations from the data. They are above their 665,000 peak during the 2007-09 Great Recession, though filings have dropped from

GLOBAL MARKETS-Asian stocks inch up, defy U.S. stimulus gloom

October 7, 2020

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By Tom Westbrook and Imani Moise

SINGAPORE/NEW YORK, Oct 7 (Reuters) – Asian stock markets edged higher on Wednesday, brushing off Wall Street’s weaker finish, which came after U.S. President Donald Trump abruptly broke off economic stimulus negotiations with lawmakers.

Trump cancelled talks with Democrats in a Tweet saying that negotiations will stop until after the election, when he promises a major stimulus bill.

That sent Wall Street tumbling and safe assets like the dollar and bonds higher. Investors in Asia, however, seemed less rattled, holding a view that stimulus would be delayed rather than derailed.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS crept 0.2% higher to a fresh two-week peak, led by a 0.8% gain in Australia .AXJO where an expansionary budget lifted stocks. .AX

Broad gains in Hong Kong .HSI lifted the Hang Seng 0.7% while Japan’s Nikkei .N225 fell 0.2%. .HK.T

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