(Bloomberg) -- European shares drifted and U.S. equity futures climbed alongside stocks in Asia at the start of a busy week for Federal Reserve speakers, corporate earnings and economic data. Gold was steady along with the dollar and Treasuries.
The Stoxx Europe 600 reversed earlier gains after a strong start for automakers was offset by dips in telecommunications and banking shares. S&P 500 contracts traded close to a fresh record high. Asian stocks rebounded from early losses after indicators showed that China’s economy was stabilizing. Japanese markets were shut for a holiday, subduing trading in the region. Ten-year Treasuries were little changed while European sovereign bonds nudged higher. WTI crude oil edged higher above $60 a barrel.
Investors are preparing for a busy week that’s packed with speeches by policy makers including Federal Reserve Chairman Jerome Powell on Tuesday and key data points such as U.S. retail sales. And earnings season gets under way too, with Citigroup reporting on Monday followed by Goldman Sachs and JPMorgan on Tuesday.
Equity gauges in Shanghai and Hong Kong recouped early losses after advances in Chinese industrial production and retail sales for June beat all estimates. The monthly indicators offered some optimism after quarterly data showed that GDP growth moderated to 6.2% last quarter, the weakest since the data series began in 1992.
Elsewhere, Bitcoin dropped about 14% since Friday as U.S. President Donald Trump’s criticism of cryptocurrencies shifted focus on this year’s surge. Indonesia’s rupiah rose the most since May after the nation’s president pledged to cut taxes and implement reforms.
Here are some key events coming up:
JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc. and Taiwan Semiconductor are among companies due to report results this week.U.S. June retail sales, due Tuesday, are expected to rise from the prior month.Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.
These are the main moves in markets:
Stocks
Futures on the S&P 500 Index increased 0.1% as of 10:20 a.m. London time, hitting the highest on record.The Stoxx Europe 600 Index fell 0.1% to the lowest in more than two weeks.The U.K.’s FTSE 100 Index declined 0.1%, hitting the lowest in two weeks.The MSCI Asia Pacific Index climbed 0.2% to the highest in more than a week.The MSCI Emerging Market Index jumped 0.5% to the highest in more than a week.
Currencies
The Bloomberg Dollar Spot Index declined less than 0.05% to the lowest in more than a week.The British pound decreased 0.2% to $1.2553.The Japanese yen rose less than 0.05% to 107.89 per dollar, the strongest in more than a week.The euro increased less than 0.05% to $1.1272, the strongest in more than a week.
Bonds
The yield on 10-year Treasuries gained less than one basis point to 2.13%.Germany’s 10-year yield dipped two basis points to -0.23%, the first retreat in a week.Britain’s 10-year yield declined two basis points to 0.813%, the biggest fall in a week.
Commodities
Gold increased 0.1% to $1,416.49 an ounce.West Texas Intermediate crude gained 0.3% to $60.41 a barrel.
(Corrects name of Europe’s benchmark equity index in second paragraph.)
--With assistance from Adam Haigh and Joanna Ossinger.
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, 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-china-growth-213410091.html
2019-07-15 08:34:00Z
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