(Bloomberg) -- U.S. equities fluctuated near records as investors weighed expectations for easier monetary policy against rising tensions in the Middle East. Treasuries advanced, while the dollar edged lower.
The S&P 500 was mixed as falling health-care stocks countered gains by banks. European shares fell, dragged lower by carmakers as Daimler AG cut its profit forecast for the third time in a year. The 10-year Treasury yield dropped to 2.03%, while West Texas crude traded below $58 a barrel.
Investors in risk assets have continued to shrug off signs of a global economic slowdown and focus on the increasingly dovish tone at central banks around the world. That attention will intensify Tuesday when Fed Chair Jerome Powell discusses monetary policy. But sentiment could be at a crossroads as the conflict between the U.S. and Iran has ramped up, and the meeting between China’s President Xi Jinping and Trump this week at the Group of 20 conference in Japan presents a pivot point for trade relations between the two countries.
The euro touched a three-month high against the dollar even as data showed that a slump in German business confidence deepened in June.
“The focus is now on G-20,” said Salman Ahmed, chief global strategist at Lombard Odier Investment Managers. “We have rallies in risky assets, but validation of a breakthrough is needed at the G-20 meeting for the current rally to continue. The clearest trend for us is downward pressure on yields globally as, breakthrough or not, easing is coming because damage is already in the pipeline.”
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.
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
The S&P 500 Index was little changed as of 9:53 a.m. New York time.The Stoxx Europe 600 Index decreased 0.2% to the lowest in a week.The MSCI Emerging Market Index advanced less than 0.05%.
Currencies
The Bloomberg Dollar Spot Index was little changed. The euro rose 0.1% to $1.1384, the strongest in almost 14 weeks.The British pound fell 0.2% to $1.2741.The Japanese yen fell 0.1% to 107.41 per dollar.
Bonds
The yield on 10-year Treasuries dipped two basis points to 2.03%.Germany’s 10-year yield declined two basis points to -0.31%.Japan’s 10-year yield advanced less than one basis point to -0.154%.
Commodities
West Texas Intermediate crude increased 0.2% to $57.53 a barrel, the highest in almost four weeks.Gold climbed 0.7% to $1,409.60 an ounce, reaching the highest in almost six years.
--With assistance from Adam Haigh and Anchalee Worrachate.
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
For more articles like this, please visit us at bloomberg.com
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https://finance.yahoo.com/news/asia-stocks-start-mixed-oil-220630733.html
2019-06-24 13:43:00Z
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