Yen Continues Downward Trend, Stocks Advance

Caution during U.S. trading hours abated in Asia as the yen weakened and stocks climbed.

Japan’s Topix index recovered some of this week’s slide, as the yen dropped for the first time in nine days. U.S. stock futures gained after Republicans said the House was ready to vote on an amended health-care bill. The S&P 500 Index had a turbulent Thursday after a delay on the vote raised speculation President Donald Trump may struggle with other policies. Oil pared its weekly loss while gold trimmed its gain for the week.

Reflation trades sparked by Trump’s election have faltered in March as the administration remains far from delivering on pro-growth policies that boosted stocks and the dollar. A stronger yen this week has weighed on equities in Tokyo, while emerging-market assets have advanced since the U.S. raised interest rates last week.

Here are the main moves in markets:

Currencies

· The yen lost 0.4 percent to 111.37 per dollar as of 2:43 p.m. in Tokyo after eight days of gains. The Bloomberg Dollar Spot Index rose 0.2 percent.

· The British pound fell 0.3 percent, as did the New Zealand dollar, while the euro and Australian dollar both fell 0.2 percent.

Stocks

· The Topix index rose 0.9 percent, paring this week’s loss to 1.5 percent. The Nikkei 225 also gained 0.9 percent. Australia’s S&P/ASX 200 Index climbed 0.8 percent and South Korea’s Kospi index slipped 0.2 percent.

· The Hang Seng Index dropped 0.2 percent while Chinese shares traded in Hong Kong lost 0.4 percent.

· Futures on the S&P 500 climbed 0.2 percent. The index fell 0.1 percent on Thursday, while the Stoxx Europe 600 Index added 0.9 percent.

· The MSCI Emerging Markets Index dropped 0.1 percent. The gauge has gained nine times in the past 11 days.

Bonds

· The yield on Australian 10-year government bonds was little changed at 2.75 percent.

· Benchmark Treasury yields added one basis point to 2.43 percent.

Commodities

· Oil advanced 0.5 percent to $47.90 a barrel, paring its weekly loss to 2.8 percent.

· Gold fell 0.2 percent to $1,243.30, trimming the week’s gain to 1.2 percent.

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