(Bloomberg) -- U.S. futures climbed with Asian stocks on Monday while European shares slipped as investors weighed mounting geopolitical risks and geared up for the high-stakes meeting between Presidents Donald Trump and Xi Jinping later this week. Oil advanced as the White House said it was planning fresh sanctions on Iran.
The Stoxx Europe 600 Index reversed an earlier gain, dragged lower by carmakers after Daimler AG cut its profit forecast for the third time in a year. S&P 500 futures climbed after the gauge slipped on Friday from an all-time high. Shares saw modest increases across most major Asian markets. The euro held on to an advance despite data showing that a slump in German business confidence deepened in June, while the Turkish lira jumped after an opposition candidate won the redo of Istanbul’s mayoral race. The dollar dipped, and Treasuries ticked higher along with European bonds.
Markets currently seem to lack conviction in either direction, as investors weigh the Middle East situation alongside a dovish shift from major central banks and the ongoing trade tensions between the U.S. and China. Next up comes a speech from Federal Reserve Chair Jerome Powell on Tuesday, then the Trump-Xi tete-a-tete on the sidelines of the Group of 20 summit in Japan at the end of the week.
The U.S. plans to announce more sanctions against Iran, but Trump is also willing to negotiate with Iranian leaders with “no preconditions” to ensure the Islamic Republic never acquires a nuclear weapon. The sanctions would come days after the U.S. president abruptly called off a plan for air strikes.
Elsewhere, the Australian dollar rose after Reserve Bank of Australia Governor Philip Lowe said there are limits to what monetary easing can achieve. Gold extended its advance above $1,400 an ounce, while Bitcoin surged, trading above $11,000 for the first time in 15 months.
Here are some key events coming up:
Fed Chairman Jerome Powell speaks at the Council on Foreign Relations in New York Tuesday. He’ll discuss the challenges facing the U.S. economy.MSCI Inc. announces results of its 2019 Market Classification Review on Tuesday, including whether Kuwait gets upgraded from frontier to emerging-market status.The Group of 20 summit is in Osaka, Japan on Friday and Saturday.
These are the main moves in markets:
Stocks
Futures on the S&P 500 Index gained 0.3% as of 9:29 a.m. London time.The Stoxx Europe 600 Index decreased 0.1% to the lowest in a week.The Shanghai Composite Index increased 0.2%, hitting the highest in almost eight weeks with its sixth straight advance.The MSCI Emerging Market Index advanced 0.1%, the highest in almost seven weeks.
Currencies
The Bloomberg Dollar Spot Index dipped 0.1%, hitting the lowest in almost 14 weeks with its fifth straight decline.The euro jumped 0.2% to $1.1394, the strongest in almost 14 weeks.The British pound advanced less than 0.05% to $1.2739, hitting the strongest in more than five weeks with its fifth consecutive advance.The onshore yuan declined 0.2% to 6.88 per dollar.The Japanese yen decreased 0.1% to 107.40 per dollar, the largest dip in more than a week.
Bonds
The yield on 10-year Treasuries dipped one basis point to 2.05%.The yield on two-year Treasuries advanced less than one basis point to 1.77%.Germany’s 10-year yield declined one basis point to -0.29%.Japan’s 10-year yield climbed less than one basis point to -0.154%.
Commodities
West Texas Intermediate crude increased 1% to $58.01 a barrel, the highest in almost four weeks.Iron ore advanced 0.2% to $111.72 per metric ton.Gold climbed 0.4% to $1,404.62 an ounce, reaching the highest in almost six years on its fifth consecutive advance.
--With assistance from Adam Haigh.
To contact the reporter on this story: Yakob Peterseil in London at ypeterseil@bloomberg.net
To contact the editor responsible for this story: Samuel Potter at spotter33@bloomberg.net
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https://finance.yahoo.com/news/asia-stocks-start-mixed-oil-220630733.html
2019-06-24 08:36:00Z
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