Stocks Trade Mixed as Focus Turns to Central Banks: Markets Wrap - Yahoo Finance

Stocks Trade Mixed as Focus Turns to Central Banks: Markets Wrap

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European stocks and U.S. equity futures drifted on Monday following a mixed session in Asia at the start of a big week for central-bank policy. Treasuries fell.

The Stoxx Europe 600 Index was steady, while contracts on the S&P 500, Dow Jones Industrial Average and Nasdaq 100 gauges all pared earlier gains. Japanese and Australian shares declined, while equities in Hong Kong rose after the government suspended a controversial extradition bill. Treasury yields ticked higher and European bonds were mixed as investors looked ahead to a week in which the Federal Reserve, the Bank of Japan and the Bank of England all set monetary policy.

Investors will be scrutinizing the Fed’s decisions Wednesday for signals on the chances of rates cuts ahead. Meanwhile, U.S. Commerce Secretary Wilbur Ross reiterated that the prospect of a major trade deal is unlikely to emerge from a possible meeting between President Donald Trump and Chinese President Xi Jinping at the Group of 20 summit in Osaka this month.

“The overall tone will be dovish but there’s a fair bit priced into the market already,” Sally Auld, senior interest-rate strategist at JPMorgan Chase & Co., told Bloomberg TV in Sydney. “It’s probably going to be hard for the Fed to exceed what is already priced in.”

Elsewhere, oil was little changed as Saudi Arabia expressed hope that OPEC and its allies will agree to extend production cuts into the second half. Bitcoin jumped, heading toward its highest close in more than a year.

Here are some key events coming up:

Federal Reserve, the Bank of Japan and the Bank of England all set monetary policy, along with central banks in Norway, Brazil, Taiwan and Indonesia.Fed meeting begins Tuesday with a decision and press conference the next day. Officials are expected to debate a rate cut to shelter the U.S. economy, in part, from the fallout caused by escalating trade disputes.In the U.K. Tuesday there will be a second ballot on the leadership contest to choose Theresa May’s successor as leader of the country’s ruling party.Final May CPI data for the euro zone are due Tuesday.Thursday brings the BOJ policy decision.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index rose 0.1% as of 8:13 a.m. London time.The Stoxx Europe 600 Index gained less than 0.05%.The Shanghai Composite Index climbed 0.2%.The MSCI Emerging Market Index dipped 0.3%, the lowest in more than a week.

Currencies

The Bloomberg Dollar Spot Index gained less than 0.05%, the highest in more than two weeks.The euro rose less than 0.05% to $1.1209.The British pound dipped 0.1% to $1.2581, the weakest in about six months.The onshore yuan climbed less than 0.05% to 6.924 per dollar.

Bonds

The yield on 10-year Treasuries increased two basis points to 2.10%, the first advance in a week.The yield on two-year Treasuries increased two basis points to 1.86%.Germany’s 10-year yield was unchanged at -0.26%, the lowest in more than a week.Japan’s 10-year yield rose one basis point to -0.124%.

Commodities

West Texas Intermediate crude declined 0.3% to $52.36 a barrel.Iron ore decreased 1.6% to $103.33 per metric ton, the biggest dip in two weeks.Gold fell 0.3% to $1,337.73 an ounce, the largest drop in a week.

To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Yakob Peterseil in London at ypeterseil@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Todd White

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

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https://finance.yahoo.com/news/asia-stocks-dip-focus-turns-214939661.html

2019-06-17 07:22:00Z
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