Stocks waver, dollar softens as investors weigh earnings, data

Stocks waver, dollar softens as investors weigh earnings, data

Stocks fell broadly, while the U.S. dollar also weakened early on Tuesday, as investors weigh corporate earnings and economic growth outlooks in a busy week. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.7% by 0220 GMT. Hong Kong’s benchmark edged down 1.2%, while mainland stocks lost 0.7%.

Markets in Australia and New Zealand are shut for a holiday. Japan’s benchmark Nikkei average gained 0.5%. U.S. stock futures, the S&P 500 e-minis lost 0.2%.

Market participants are waiting for corporate earnings and a mix of economic data from the U.S., Europe and China for cues on the growth momentum and when a recession in the U.S. economy might start, he added.In the U.S. treasury market, yields fell as participants looked for less risky places to park cash amid concerns over the approaching debt ceiling deadline.

Benchmark 10-year notes edged down to 3.4787% by 0220 GMT, after strengthening on Monday to 3.5034%.One-month Treasury yields rose from their lowest levels since October on Monday on concerns about a potential standoff over the U.S. debt ceiling.The dollar index was down 0.1%, making gold more attractive for buyers holding other currencies. Investors are looking forward to further U.S. economic data this week to gauge the Federal Reserve’s next policy move.

Spot gold was traded at $1998.68 per ounce. Oil prices were steady as investors weighed strong holiday travel in China that could boost fuel demand with the prospect of rising interest rates elsewhere slowing economic growth. Brent crude edged up 5 cents $82.78 a barrel, while U.S. West Texas Intermediate crude edged up 9 cents to $78.85 a barrel.