Stocks Edge Down as Results Flood In; Bonds Steady: Markets Wrap - Yahoo Finance

Stocks, Dollar in Holding Pattern Before U.S. Data: Markets Wrap

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U.S. equity futures and European stocks drifted alongside their Asian counterparts on Friday as investors counted down to the release of first-quarter American growth data and earnings season continued apace. The dollar was steady.

Contracts on the Nasdaq, S&P 500 and Dow Jones Industrial Average were mixed and range bound. The Stoxx Europe 600 was little changed as losses for raw material producers were offset by gains in healthcare and media companies. In corporate news in the region, Deutsche Bank cut its revenue target and AstraZeneca posted an increase in cancer-drug sales. Treasuries edged into the green alongside most European sovereign debt.

In Asia, shares were marginally lower as an unexpected tumble in Japanese industrial production underscored worries over the global expansion. The yuan edged up after President Xi Jinping said his country won’t engage in currency depreciation.

At the end of a busy week for earnings, investors are taking stock of both good and bad corporate surprises against a fragile economic backdrop. U.S. first-quarter gross domestic product data due Friday will be closely watched as they seek reasons to reignite the 2019 rally in risk assets.

Elsewhere, developing-nation currencies and shares were steady. The pound was little changed, with Prime Minister Theresa May preparing to admit that the U.K. won’t be able to avoid taking part in European elections. Crude oil fell for a third day in New York.

Here are some notable events coming up:

The initial print on first-quarter U.S. GDP Friday will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.

These are the main market moves:

Stocks

The Stoxx Europe 600 Index decreased less than 0.05 percent as of 6:04 a.m. New York time.Futures on the S&P 500 Index fell 0.1 percent.The MSCI Asia Pacific Index declined 0.1 percent to the lowest in more than three weeks.The MSCI Emerging Market Index dipped less than 0.05 percent.

Currencies

The Bloomberg Dollar Spot Index gained 0.1 percent to the highest in more than four months.The euro gained 0.1 percent to $1.1139.The Japanese yen sank 0.1 percent to 111.73 per dollar.The British pound gained less than 0.05 percent to $1.2904, the first advance in a week and the biggest rise in more than a week.The MSCI Emerging Markets Currency Index rose 0.1 percent, the first advance in a week and the largest advance in more than a week.

Bonds

The yield on 10-year Treasuries declined one basis point to 2.52 percent.Germany’s 10-year yield decreased one basis point to -0.01 percent, the lowest in more than two weeks.Britain’s 10-year yield dipped one basis point to 1.149 percent, the lowest in more than two weeks.The spread of Italy’s 10-year bonds over Germany’s fell two basis points to 2.678 percentage points.

Commodities

The Bloomberg Commodity Index dipped 0.4 percent to the lowest in more than six weeks.Brent crude decreased 1.6 percent to $73.13 a barrel, the lowest in more than a week on the largest dip in eight weeks.LME copper gained 0.4 percent to $6,393.50 per metric ton.Gold increased 0.3 percent to $1,280.63 an ounce, the highest in more than a week on the largest climb in more than two weeks.

--With assistance from Cormac Mullen.

To contact the reporter on this story: Eddie van der Walt in London at evanderwalt@bloomberg.net

To contact the editor responsible for this story: Samuel Potter at spotter33@bloomberg.net

For more articles like this, please visit us at bloomberg.com

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2019-04-26 10:18:00Z
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