Live
- Physics teachers told to inspire students
- Central Bank of India conducts property expo
- Siddhartha College student bags 2nd rank
- Governor expresses grief over demise of Ramamurthy Naidu
- Free coaching to be provided at BC Study Circles in 26 dists
- Previous TTD board looted pilgrims’ money, slams Bhanu
- Will order a detailed probe into TIDCO irregularities: Narayana
- Naidu all praise for Modi
- Indian students' concerns about employment, safety, and visas discourage them from applying to UK universities
- Candlelight Concerts Makes a Dazzling Debut in Hyderabad with Sold-Out 'Tribute to Coldplay' Show
Equities Take A Spill On Trump Healthcare Setback; Bonds Shine
Asian stocks are set to start the week on a cautious note as President Donald Trump\'s stunning failure to get healthcare reform passed raised concerns about the prospects for his plans to use fiscal stimulus to boost economic growth.
Asian stocks are set to start the week on a cautious note as President Donald Trump's stunning failure to get healthcare reform passed raised concerns about the prospects for his plans to use fiscal stimulus to boost economic growth.
Financial markets were unnerved on Friday by Trump's inability to get enough support for legislation to "repeal and replace" the Obamacare health insurance reforms, a major 2016 election campaign promise.
Despite some recent profit-taking, U.S. stocks are still up more than 12 percent since Trump was elected on Nov. 8, the stock prices reflecting views that lower taxes, deregulation and fiscal stimulus would boost economic growth and corporate earnings.
But the failure of Trump's healthcare bill knocked the wind out of risky assets in early Asian trading with U.S. stock index futures falling to a six-week low in heavy volumes while Treasury futures edged higher.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade though Australia's stock market tumbled 0.9 percent at the open. Rising policy uncertainty also raised concerns that a recent revival in business and consumer sentiment, particularly in Asia as evident from recent industry surveys, would be derailed at a time when market valuations appeared stretched.
"For markets, that doesn't sound like an ideal situation," ANZ strategists wrote in a daily note.
The greenback took a spill in early Asian trade on Monday with early moves exaggerated in a very thin market.
The U.S. dollar was down 0.8 percent against the yen at one stage to a 110.44.
The euro rose to a near four-month peak at $1.0847. Against a basket of currencies, the dollar was down nearly half a percent at 99.306.
Treasury futures gained 5/32s in price, suggesting benchmark yields would start lower. On Friday, benchmark 10-year U.S. yields closed near their lowest levels in a month.
Safe-haven gold perked up, rising to $1,253 an ounce.
Oil prices were broadly flat as investor concerns lingered that OPEC-led supply cuts were not yet reducing record U.S. crude inventories.
U.S. crude was trading slightly higher at $48.15 per barrel.
