A man walks past an electronic display showing Asian markets indices outside a brokerage in Tokyo last week. Picture: REUTERS
Mainland China’s CSI 300 index fell 1.3% while Japan’s Nikkei slipped 0.6%. S&P 500 futures slid 0.5%. The news also poured cold water on what had been a mildly positive mood in financial markets on hopes US policymakers will finalise stimulus worth at least $1-trillion to support the country’s fragile economy.
Risk appetite also got a mild boost after data showed on Thursday the number of Americans seeking jobless benefits for the first time fell last week to the lowest level since March. US bond yields have flirted with historic lows, supported by investors’ conviction that the Federal Reserve will keep monetary policy loose for the foreseeable future and could strengthen its commitment to low rates as early as September.Trend-following speculators appear to be buying both stock futures and bond futures, unusual behaviour as they normally tend to rotate from one asset to another, said Masanari Takada, cross-asset strategist at Nomura Securities.
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