Amcor stock falls after Raymond James reiterates Market Perform rating
* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Asian indices barely changed in early trading
* Markets look to Fed minutes, ECB Lagarde speech
* Pound inches up as opinion polls favour Tories
By Wayne Cole
SYDNEY, Nov 18 (Reuters) - Asian share markets got the week
off to a muted start on Monday as jaded investors awaited real
evidence on progress in the U.S.-China trade dispute, though
sentiment found support from another record close on Wall
Street.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS dipped 0.06% in very light volumes.
Japan's Nikkei .N225 added 0.05%, but remained short of
its recent 13-month top. E-Mini futures for the S&P 500 ESc1
eased 0.1%, though that was from historic highs.
Doubts about Sino-U.S. trade talks emerged early last week,
although optimism gradually returned as U.S. officials sounded
more positive.
On Saturday, Chinese state media said the two sides had
"constructive talks" on trade in a high-level phone call that
included Vice Premier Liu He, U.S. trade representative Robert
Lighthizer and Treasury Secretary Steven Mnuchin. "Markets remain at risk of further short-term volatility
given issues around trade, Iran & the Middle East, impeachment
noise and weak global economic data," said Shane Oliver head of
investment strategy and chief economist at AMP Capital.
"But valuations are okay – particularly against low bond
yields - global growth indicators are expected to improve
through next year and monetary and fiscal policy are becoming
more supportive."
Wall Street's main indexes closed at record levels on Friday
as the S&P 500 scored its sixth straight week of gains. The Dow
.DJI ended Friday up 0.8%, while the S&P 500 .SPX made 0.77%
and the Nasdaq .IXIC 0.73%. .N
WAITING ON THE FED
In currency markets, the dollar was little changed against
its main peers on Monday and well within recent tight trading
ranges. Indeed, volatility in the market has been the lowest in
decades recently and shows no sign of shifting.
The dollar was steady on the yen at 108.72 JPY= , after
bouncing on Friday. Chart support lies at 108.23 with stiff
resistance at 109.48.
The euro, likewise, idled at $1.1054 EUR= having found
support at $1.0987 last week. Investors are awaiting the first
major speech by European Central Bank President Christine
Lagarde due on Friday for clues on future policy.
Sterling nudged up to $1.2916 GBP=D3 as more polls showed
the Tories well ahead in the election race. Against a basket of currencies, the dollar was a shade
softer at 97.954 .DXY .
The dollar and bonds are likely to be sensitive to minutes
of the Federal Reserve's last policy meeting, set to be
released on Wednesday.
"The minutes are likely to reiterate that the U.S. economy
is 'solid' and that current monetary policy settings are
'appropriate', which would support the dollar," said Joseph
Capurso, a currency analyst at Commonwealth Bank of Australia.
However, he noted the soft report on October U.S. retail
sales released on Friday suggested previously strong consumption
was showing some cracks. "Any further weakness in consumption could warrant a
material reassessment of the outlook by the FOMC. Under our
baseline, the FOMC would most likely start cutting interest
rates again in 2020," said Capurso.
Spot gold was flat at $1,468.45 per ounce XAU= as it
tracks every passing twitch in risk appetite.
Oil prices were supported after Brent touched a seven-week
high on Friday. O/R
In early trade, Brent crude LCOc1 futures firmed 2 cents
to $63.32, while U.S. crude CLc1 added 3 cents to $57.75 a
barrel.
Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
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(Editing by Sam Holmes)