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U.S. equity futures edged higher and Treasuries rallied after economic growth accelerated by more than forecast in the first quarter even amid weak personal consumption.
Contracts on the S&P 500 Index were up slightly after being down for most of the morning, while 10-year government bond yields dipped below 2.5 percent amid signals of tepid inflation. Intel and American Airlines dropped in early trading after cutting forecasts for this year. The Stoxx Europe 600 climbed as losses for energy producers were offset by gains in media companies. Deutsche Bank fell to a two-week low after lowering its revenue target. Oil retreated.
At the end of a busy week for earnings, investors are taking stock of both good and bad corporate surprises and cheering signs of economic strength. U.S. gross domestic product expanded at a 3.2 percent annualized rate in the January-March period, according to Commerce Department data Friday that topped all forecasts in a Bloomberg survey calling for 2.3 percent growth. That followed a 2.2 percent advance in the prior three months.
“Combine this GDP data with the earnings results we’re seeing and the market trajectory we’ve enjoyed, and things are looking pretty great,” said Mike Loewengart, vice president of investment strategy for E*Trade Financial Corp. “But we shouldn’t forget where we are in the business cycle. Many sectors are still tempering expectations for the future.”
Shares were marginally lower in Asia as an unexpected tumble in Japanese industrial production underscored worries over the global expansion, while the yuan edged up after President Xi Jinping said China won’t engage in currency depreciation.
Elsewhere, developing-nation currencies and shares were steady. The pound was little changed, with Prime Minister Theresa May’s government set to continue talks with the main opposition Labour Party aimed at securing a Brexit compromise.
These are the main market moves:
Stocks
Futures on the S&P 500 Index rose 0.1 percent as of 8:58 a.m. in New York.The Stoxx Europe 600 Index increased 0.1 percent.The MSCI Asia Pacific Index was little changed.The MSCI Emerging Market Index rose 0.1 percent.
Currencies
The Bloomberg Dollar Spot Index slipped 0.1 percent.The euro rose 0.2 percent to $1.1153.The Japanese yen was little changed at 111.64 per dollar.The British pound rose 0.1 percent to $1.2909.The MSCI Emerging Markets Currency Index rose 0.2 percent.
Bonds
The yield on 10-year Treasuries declined three basis points to 2.50 percent.Germany’s 10-year yield fell one basis point to -0.02 percent.Britain’s 10-year yield slipped one basis point to at 1.14 percent.
Commodities
The Bloomberg Commodity Index dipped 0.4 percent.West Texas oil fell 2 percent, the most in almost two months, to $63.75 a barrel.Copper climbed 0.6 percent to $2.8855 a pound.Gold climbed 0.3 percent to $1,281.04 an ounce.
--With assistance from Cormac Mullen and Eddie van der Walt.
To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.net
To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Brendan Walsh
For more articles like this, please visit us at bloomberg.com
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https://finance.yahoo.com/news/asian-stocks-retreat-yen-climbs-002708720.html
2019-04-26 12:47:00Z
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