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European stocks and U.S. equity futures edged lower on Tuesday while Asian shares slipped after earnings at the world’s biggest phone maker and at Google parent Alphabet disappointed investors. Treasuries were steady a day before the next Federal Reserve policy decision.
The Stoxx Europe 600 nudged into the red, led by declines in telecommunication and mining shares, as futures on the S&P 500 also pointed to a soft open in New York. Tech stocks were poised to retreat following Alphabet’s worse-than-expected results after the Monday close, and after Korean giant Samsung Electronics posted profit that missed analysts’ recently reduced estimates. Equities in Hong Kong, South Korea and Australia all dropped, though trading was quieter than usual thanks to a holiday in Japan. Shares rose in Shanghai despite poor Chinese manufacturing data. The euro added to gains after euro-zone GDP beat estimates.
After a strong start to the year, many equity and bond markets appear to lack direction this week. Traders will be looking for signals from economic data, a Fed policy meeting on Wednesday and earnings reports from the likes of Apple, GE and McDonald’s.
“It’s not a stellar reporting season -- I don’t think anyone expected that,” said Nick Nelson, head of European equity strategy at UBS, on Bloomberg television. “But it’s certainly better than the fourth quarter. And that fits with some of the stabilization in the broader data in the euro zone, in emerging markets and in China.”
Meanwhile, the next round of trade talks between the U.S. and China will get under way this week with significant issues still unresolved. But enforcement mechanisms are “close to done,” according to Treasury Secretary Steven Mnuchin.
Elsewhere, South Korea’s won tumbled to a fresh two-year low versus the dollar after Samsung’s profit miss and the disappointing China data.
Here are some notable events this week:
Companies reporting earnings include: Apple, GE, Pfizer, HSBC, Macquarie, Royal Dutch Shell and McDonald’s.U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin landed in Beijing on Tuesday and will head into a new round of talks before Chinese Vice Premier Liu He goes to Washington next week. China and the U.S. hope to seal a deal by early May.The U.S. Fed’s rate decision is on Wednesday, while the Bank of England sets interest rates Thursday.Friday brings the U.S. jobs report: non-farm payrolls are projected to rise by 187,000 in April. Economists expect an unemployment rate of 3.8 percent, with average hourly earnings growth picking up to 3.3 percent.
These are the main moves in markets:
Stocks
Futures on the S&P 500 Index fell 0.1 percent as of 10:03 a.m. London time.The Stoxx Europe 600 Index fell 0.2 percent.The Shanghai Composite Index rose 0.5 percent, the largest rise in more than a week.The MSCI Asia Pacific Index fell 0.1 percent.The MSCI Emerging Market Index fell 0.3 percent.
Currencies
The Bloomberg Dollar Spot Index fell less than 0.05 percent.The euro rose 0.2 percent.The MSCI Emerging Markets Currency Index fell 0.1 percent.The South Korean Won fell 0.8 percent to the weakest in more than two years.
Bonds
The yield on two-year Treasuries fell one basis point to 2.29 percent.The yield on 10-year Treasuries rose less than one basis point to 2.53 percent.Japan’s 10-year yield was unchanged at -0.04 percent.
Commodities
Gold rose 0.3 percent to $1,284.15 an ounce.West Texas Intermediate crude rose 0.6 percent to $63.89 a barrel, the biggest advance in a week.LME copper rose 0.4 percent.Iron ore increased 1.9 percent to $93.30 per metric ton, the highest in more than two weeks.
--With assistance from Todd White, Joanna Ossinger and Andreea Papuc.
To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net
To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net;Christopher Anstey at canstey@bloomberg.net
For more articles like this, please visit us at bloomberg.com
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https://finance.yahoo.com/news/asian-stocks-trade-mixed-ahead-222527264.html
2019-04-30 09:08:00Z
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