MTS Help Center

· Stocks pause for breath as bond selloff extends

Stocks took a breather on Tuesday, easing from record highs as political turmoil in Washington and rising coronavirus cases gave pause, though a selloff in U.S. Treasuries extended as investors reckon on a big spending government.

The yield on benchmark U.S. government 10-year debt, which rises when prices fall, gained as much as 2.4 basis points to a fresh ten-month high of 1.1580%. [US/]

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5% after touching an all-time high on Monday, led by a 2.6% drop in South Korea as investors took some profit from a soaring Kospi . [.KS]

· Nikkei ends at 30-yr high as drug makers rally on COVID-19 treatment news

Japan’s benchmark Nikkei share average inched up to close at a fresh three-decade high on Tuesday, as drug makers led the charge on a report that Chugai Pharmaceutical’s drug was effective in treating COVID-19 patients.

The Nikkei index ended 0.09% higher at 28,164.34 after recovering from early declines, while the broader Topix index edged up 0.16% to 1,857.94.

“Investors bought back stocks as soon as the market started falling, showing the fundamental strength of demand,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

“They (also) got confidence in the market as U.S. futures rose overnight.”

· China stocks rebound, blue-chip index ends at 13-yr high

China stocks rebounded on Tuesday from their biggest pullback in three weeks in the previous session, while the blue-chip CSI300 index closed at its highest in nearly 13 years.

The Shanghai Composite index ended 2.18% higher at 3,608.34, while the blue-chip CSI300 index closed up 2.85% at 5,596.35 — the highest since Jan. 15, 2008.

· Malaysian stocks, currency fall as country declares state of emergency to curb surging Covid cases

Malaysia’s stocks and currency fell on Tuesday after the king declared a state of emergency that will last until August 1, as the country steps up measures to curb the spread of Covid-19.

Following the announcement, the U.S. dollar-Malaysian ringgit pair hit a high of 4.072 — or around 0.54% higher than the previous close. The currency pair has since traded around 4.061, or 0.27% higher than Monday’s close.

Meanwhile, the benchmark FTSE Bursa Malaysia KLCI Index fell around 1.45% from the previous day.

It is not immediately clear what Malaysia’s state of emergency will entail.

The declaration comes after cases of Covid-19 surged in recent months. Last week, the number of reported daily cases jumped above 3,000 for the first time since the outbreak, according to data compiled by Johns Hopkins University.

There are more than 138,200 cumulative cases for Covid-19 in Malaysia, and the Southeast Asian country has reported 555 deaths so far, according to Hopkins.

Malaysia’s Prime Minister Muhyiddin Yassin on Monday announced a nationwide ban on inter-state travel, as well as a two-week lockdown in several states and territories that will begin Wednesday.