(Bloomberg) — Stocks in Asia saw a modest rise at the open Monday, building on seven straight weeks of gains. Oil advanced amid turmoil in Libya and supply disruptions in Iraq.West Texas Intermediate crude jumped more than 1% after one of Libya’s commanders blocked oil exports at ports under his control and Iraq temporarily stopped work on an oil field. Stocks in Japan, South Korea and Australia edged higher. Currency trading was muted. On Friday, the S&P 500 Index and the Nasdaq Composite Index both set record highs. U.S. equity and bond markets are shut for the Martin Luther King Jr. holiday.Indicators of economic health from China and the U.S. last week provided some encouragement for investors looking for signs the global outlook is improving. Attention this week turns back to corporate earnings season.“We are entering 2020 on a more stable footing with economies globally stabilizing and looking like they’re turning up, and the phase one trade deal” Anne Anderson, head of fixed income for Australia at UBS Asset Management, told Bloomberg TV in Sydney. “So it’s a bit more positive with regard to the economic fundamentals.”Meanwhile, oil traders are watching developments in Libya. International leaders are working in Germany toward a more durable cease-fire in the north African nation’s civil war. In Iraq, supply from a second production site is at risk as widespread unrest escalates in one of OPEC’s biggest producers.Here are some events to watch out for this week:Companies including Netflix, IBM, UBS, Procter & Gamble and Hyundai will post results.Policy decisions are due from central banks including Japan, Canada, Indonesia and the European Central Bank.The World Economic Forum, the annual gathering of global leaders in politics, business and culture, opens in Davos, Switzerland.These are the main moves in markets:StocksFutures on the S&P 500 added 0.1% as of 9:05 a.m. in Tokyo. The underlying gauge rose 0.4% on Friday.Japan’s Topix index rose 0.4%.South Korea’s Kospi advanced 0.6%.Australia’s S&P/ASX 200 Index gained 0.3%.CurrenciesThe yen was steady at 110.18 per dollar.The offshore yuan held at 6.8666 per dollar.The euro bought $1.1095, little changed.BondsThe yield on 10-year Treasuries ended Friday at 1.82%.Australia’s 10-year yield ticked down to 1.17%.CommoditiesWest Texas Intermediate crude rose 1.3% to $59.27 a barrel.Gold was at $1,558.18 an ounce.To contact the reporter on this story: Adam Haigh in Sydney at [email protected] contact the editor responsible for this story: Christopher Anstey at [email protected] more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
