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Business Maverick: Global Stocks Mixed as Rally Pauses; Yen Dips: Markets Wrap

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Steinhoff International Holdings NV is close to reaching a potential deal on 10 billion euros ($11 billion) of legal claims lodged against the global retailer following an accounting scandal that almost wiped out the company, according to two people with knowledge of the matter.

Asian stocks were mixed Wednesday as concern lingered over the economic impact of the coronavirus. The yen edged lower.

Stocks saw modest gains in China and Hong Kong, slipped in South Korea and Australia, and were little changed in Japan. Futures on the S&P 500 edged higher after the gauge closed lower, with almost six shares falling for every one that gained. The tech-heavy Nasdaq earlier dropped from a record intraday high.

Benchmark Treasury yields kept overnight declines and gold traded near the highest since 2011. The dollar was steady. Brazil’s currency and stocks earlier slumped as President Jair Bolsonaro said he had tested positive for Covid-19. Investors are pausing after a ferocious rally that fueled the S&P 500’s longest winning streak this year. Federal Reserve Bank of Atlanta President Raphael Bostic said the renewed spread of coronavirus“It’s not unusual for stocks to take a breather at this point,” Susan Schmidt, a portfolio manager at Aviva Investors, said on Bloomberg TV. “We could see ourselves in a bit of a trading range in the next couple of weeks,” before U.S. earnings season ramps up.

Elsewhere, stocks slipped in Europe as officials lowered economic growth forecasts. Oil fluctuated around $41 a barrel with an industry report signaling a surprise gain in U.S. crude stockpiles, while concerns linger about the threat to demand from rising coronavirus infections.All eyes will be on the U.S. weekly jobless claims report on Thursday.Futures on the S&P 500 Index rose 0.3% as of 11:57 a.m. in Tokyo. The index fell 1.1% on Tuesday.Shanghai Composite rose 0.5%.The yen was at 107.

 

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