Markets

Asian Shares Mixed In Cautious Trade

(RTTNews) - Asian stocks are trading mixed this morning as investors keep a close eye on negotiations on a U.S. stimulus package and rising Covid-19 cases in Europe and other parts of the world.

U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have stopped negotiating on the coronavirus stimulus package, with President Donald Trump accusing Pelosi of intentionally avoiding a deal before the election.

Gold edged lower as the dollar inched up against a basket of currencies on safe-haven demand. U.S. coronavirus infections hit a record for the second day while new regulations and social-distancing rules are being introduced across multiple European countries.

Oil prices fell more than 1 percent on demand concerns. The British pound held steady after trade talks between the U.K. and the European Union were extended to Oct. 28.

China's Shanghai Composite index was down 0.6 percent and the yuan weakened after reports that China is reconsidering its strategy for the internationalization of yuan and planning for more policy support.

Meanwhile, Communist Party officials will gather in Beijing this week to map out the next phase of economic development. The Hong Kong market is closed for a holiday.

Japan's Nikkei index was marginally lower as investors await a slew of earnings results for direction. The Bank of Japan meets this week but no major policy changes are expected.

Electronic parts maker Murata Manufacturing jumped nearly 3 percent after it made upward revisions to its profit forecast for the half-year ended September 30.

ANA Holdings dropped more than 1 percent after announcing it will cut about 3,500 jobs by fiscal year 2022.

Australian shares were marginally higher, giving up earlier gains. Westpac shares fluctuated after the bank flagged a $1.2 billion hit to earnings caused by write-downs across its insurance businesses.

Coca-Cola Amatil surged nearly 16 percent after it received a $9.28 billion takeover bid from its European counterpart, Coca-Cola European Partners.

U.S. stocks ended mixed on Friday as investors digested a slew of earnings results and kept an eye on the ongoing negotiations between lawmakers over more economic aid for the pandemic-stricken economy.

The tech-heavy Nasdaq Composite rose 0.4 percent and the S&P 500 edged up 0.3 percent, while the Dow Jones Industrial Average slid 0.1 percent after Intel posted disappointing data center revenue and American Express reported a nearly 40 percent slump in quarterly profit.

European stocks advanced on Friday in reaction to well-received results from banks and automobile makers as well as optimism about U.S. fiscal stimulus sometime in the foreseeable future.

The pan European Stoxx 600 gained 0.6 percent. The German DAX rose 0.8 percent, France's CAC 40 index rallied 1.2 percent and the U.K.'s FTSE 100 climbed 1.3 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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