(Bloomberg) -- U.S. equities edged higher with European stocks, shrugging off losses in Asia as well as a host of simmering geopolitical tensions. Oil surged and Treasuries gained.
The S&P 500 Index climbed after two days of declines as a surprise increase in U.S. jobless claims supported the idea of a Federal Reserve rate cut. The Stoxx Europe 600 Index had opened in the red following a second day of declines across Asia, but reversed course to post a small advance. Plenty of caution remained, however, buoying government bonds.
The day’s standout move was in oil, with the biggest jump since January after two tankers were damaged in suspected attacks near the entrance to the Persian Gulf.
Investors are doing their best to stay upbeat amid the daily drumbeat of headlines pointing at political tensions around the globe. The tanker incident follows other attacks in the region last month, and comes as tensions simmer in Hong Kong following Wednesday’s clashes between police and protesters. Meanwhile, the trade dispute between the U.S. and China remains unresolved. The hope for many traders is a newly dovish Fed can help blunt some of these threats.
“The market right now is hyper-focused on what the Fed is going to do,” said Shawn Cruz, manager of trader strategy at TD Ameritrade. “Equity markets are pricing in a cut next week. If we don’t get that, you could see us pull back.”
Elsewhere, the Australian dollar declined and the three-year yield dropped below 1% for the first time after the unemployment rate rose more than expected. Emerging-market shares retreated for a second day.
Here are some key events coming up:
Euro-area finance ministers meet in Luxembourg Thursday. On the agenda: financial penalties for Italy over its debt load, and the euro-area budget.China and the U.S. release industrial production and retail sales data Friday.
And these are the main moves in markets:
Stocks
The S&P 500 Index rose 0.2% as of 11:05 a.m. New York time.The Stoxx Europe 600 Index gained 0.1%.The MSCI Emerging Market Index decreased 0.4%.The MSCI Asia Pacific Index sank 0.5%.
Currencies
The Bloomberg Dollar Spot Index was little changed.The euro fell 0.1% to $1.1273.The British pound was little changed at $1.2685.The Japanese yen was little changed at 108.49 per dollar.
Bonds
The yield on 10-year Treasuries fell one basis point to 2.11%.Germany’s 10-year yield was little changed at -0.24%.Britain’s 10-year yield fell three basis points to 0.84%.
Commodities
West Texas Intermediate crude gained 3.2% to $52.78 a barrel, the largest rise in five months.Gold increased 0.3% to $1,337.54 an ounce.
--With assistance from Adam Haigh, Sheldon Reback, Samuel Potter and Yakob Peterseil.
To contact the reporter on this story: Brendan Walsh in Austin at bwalsh8@bloomberg.net
To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, ;Jeremy Herron at jherron8@bloomberg.net, Brendan Walsh
For more articles like this, please visit us at bloomberg.com
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https://finance.yahoo.com/news/asia-stocks-slip-global-rally-014612548.html
2019-06-13 15:06:00Z
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