Asia Stocks to Slip After U.S. Drop, Iran Tension: Markets Wrap - Yahoo Finance

U.S. Futures, Treasuries Edge Higher; Oil Advances: Markets Wrap

(Bloomberg) -- U.S. equity futures rose on Monday following a mixed session in Europe and Asia as investors looked ahead to a busy week of corporate earnings. Oil gained amid tensions in the Persian Gulf.

Contracts on the three main U.S. benchmarks all pointed to green at the open, while the Stoxx Europe 600 Index traded within a narrow range, with energy and mining shares leading gains and real estate firms pacing declines. Trading in Asia was more downbeat, with stocks sliding in Shanghai and Hong Kong as traders watched escalating tensions there. China’s new stock venue for technology startups was a bright spot as all 25 stocks rose on their debut. Treasuries edged higher after traders pared bets the Federal Reserve will slash rates by a half-point this month, following comments from St. Louis Fed President James Bullard on Friday.

Core European government bonds were mixed, while the pound declined as the U.K. Conservative party voted for its next leader.

Investors are gearing up for a packed week ahead as earnings season ramps up and Thursday sees a monetary policy announcement from the European Central Bank. The Fed meanwhile is in a blackout period with regard to policy communications ahead of next week’s interest rate decision. Also, trade may come back into the picture soon, with face-to-face negotiations potentially resuming between the top Chinese and U.S. trade negotiators, according to Chinese state media.

Elsewhere, gold was steady while emerging-market stocks slid.

Here are some key events coming up:

Earnings season rolls on with companies including: Amazon.com, Alphabet, Unilever, Caterpillar, Coca-Cola, McDonald’s and Boeing.U.K. Prime Minister Theresa May’s successor is announced on Tuesday, with Boris Johnson expected to become the new Conservative leader and PM.Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index increased 0.2% as of 11:18 a.m. London time.The Stoxx Europe 600 Index advanced less than 0.05%.Germany’s DAX Index climbed 0.1%.The U.K.’s FTSE 100 Index gained 0.3%.The MSCI Emerging Market Index sank 0.4%.The MSCI Asia Pacific Index fell 0.5%.

Currencies

The Bloomberg Dollar Spot Index climbed less than 0.05%.The euro fell less than 0.05% to $1.1219.The British pound declined 0.3% to $1.2467.The Japanese yen dipped 0.2% to 107.88 per dollar.

Bonds

The yield on 10-year Treasuries declined one basis point to 2.04%.Britain’s 10-year yield decreased one basis point to 0.723% to the lowest in almost two weeks.Germany’s 10-year yield fell one basis point to -0.33% to the lowest in almost two weeks.

Commodities

West Texas Intermediate crude advanced 1.8% to $56.62 a barrel, the biggest gain in more than a week.Gold advanced less than 0.05% to $1,425.50 an ounce.Iron ore declined 2.3% to $114.00 per metric ton to the lowest in more than a week.

--With assistance from Adam Haigh.

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, Yakob Peterseil

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

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2019-07-22 10:29:00Z
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