(Bloomberg) -- U.S. index futures gained while stocks in Europe fluctuated as comments by Treasury Secretary Steven Mnuchin tempered concern over the trade impasse with China. Government bonds retreated.
Futures on the S&P 500 index advanced after Mnuchin reiterated he was "hopeful" for an eventual trade deal as leaders of China and U.S. two countries prepare to meet at the G-20 summit. The Stoxx Europe 600 index erased an early decline as gains for banks and carmakers offset declines for real-estate and healthcare stocks. Ten-year Treasury yields climbed above 2%, oil rose to a four-week high on supply concerns, and gold retreated. Shares slid in Japan and Australia, while benchmarks in Hong Kong and India edged higher.
Investors have been in a cautious mood ahead of the meeting between Presidents Donald Trump and Xi Jinping, set for Saturday. While Mnuchin’s comments revived risk appetite, a major breakthrough may not come this weekend and Trump’s advisers are pushing him to avoid a hard deadline on implementing a new tranche of tariffs. Many traders hope the Federal Reserve will mitigate any headwinds to global growth with deep cuts, though Fed member James Bullard made clear Tuesday that’s not a given.
“My biggest concern here is that people think higher tariffs, or the threat of higher tariffs, can be offset by the promise of lower rates,” David Kelly, chief global strategist at JPMorgan Asset Management, told Bloomberg TV. “That’s not going to work.”
Elsewhere, Bitcoin surged above $12,000 for the first time in more than a year, and briefly came within striking distance of the $13,000 mark. New Zealand’s dollar fluctuated after its central bank left rates unchanged.
Here are some key events coming up:
- 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 climbed 0.4% as of 7:17 a.m. New York time.
- The Stoxx Europe 600 Index dipped less than 0.05%, the lowest in more than a week.
- The U.K.’s FTSE 100 Index advanced 0.1%, the highest in more than a week.
- The MSCI Emerging Market Index gained less than 0.05%.
- The MSCI Asia Pacific Index sank 0.4%, the lowest in a week.
Currencies
- The Bloomberg Dollar Spot Index gained less than 0.05%.
- The euro increased less than 0.05% to $1.1368.
- The British pound fell less than 0.05% to $1.2686, the weakest in a week.
- The Japanese yen declined 0.5% to 107.71 per dollar, the weakest in a week on the largest drop in almost 11 weeks.
Bonds
- The yield on 10-year Treasuries gained three basis points to 2.02%, the biggest gain in more than two weeks.
- Germany’s 10-year yield gained two basis points to -0.32%.
- Britain’s 10-year yield increased one basis point to 0.805%.
Commodities
- West Texas Intermediate crude gained 1.8% to $58.89 a barrel, the highest in four weeks.
- Gold dipped 1.4% to $1,403.83 an ounce, the first retreat in more than a week and the biggest decrease in almost three months.
--With assistance from Ksenia Galouchko.
To contact the reporter on this story: Laura Curtis in London at lcurtis7@bloomberg.net
To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Robert Brand, Ravil Shirodkar
©2019 Bloomberg L.P.
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2019-06-26 08:34:00Z
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