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Asia: Stocks retreat, treasuries edge higher

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[SYDNEY] Asian stocks slipped Thursday as investors digested mixed corporate earnings and worsening economic data. Treasuries pared an overnight decline. Read more at The Business Times.

"We remain concerned about the potential for the pandemic to have lasting effects on growth," wrote Ron Temple, co-head of multi-asset and head of US equity at Lazard Asset Management.

"Countries and companies are likely to exit the crisis with significantly higher debt, curtailing their ability to invest and innovate." Elsewhere, oil swung around US$24 a barrel as investors weighed small signs of recovering demand against a huge glut that's testing global storage capacity limits.Friday brings the US jobs report for April, expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrolls.Futures on the S&P 500 Index added 0.3 per cent as of 10:42am in Tokyo. The index fell 0.7 per cent on Wednesday.

 

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