Stocks Fluctuate as Big Banks Report; Dollar Gains: Markets Wrap - swissinfo.ch

(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.

U.S. futures and European stocks climbed following a mixed session in Asia as investors looked to earnings and policy makers for the rally’s next catalyst. Treasuries were steady and the dollar strengthened.

Contracts on the S&P 500 Index were modestly higher after the U.S. benchmark ended Monday at a record. Goldman Sachs Group Inc. gained in pre-market trading after total trading revenue beat expectations, while JPMorgan Chase & Co. slipped after cutting its net interest income view. The Stoxx Europe 600 Index climbed, with construction companies pacing the gains. Japanese equities dipped as traders returned from a holiday while South Korean stocks advanced.

Despite strong U.K. wage numbers, the pound fell to the lowest since 2017 on fresh Brexit worries. The euro slipped as investor confidence in Germany’s economic outlook fell. Oil held below $60 a barrel as U.S. output returned after storm Barry was downgraded.

Investors will be watching U.S. retail sales data later on Tuesday for clues on the health of the American economy, a day after Chinese figures showed signs of stabilization. Meanwhile, earnings season continues with Wells Fargo & Co. results due, and a slew of Federal Reserve speakers are scheduled to speak this week.

Trade remains in the picture, with Treasury Secretary Steven Mnuchin saying he and U.S. Trade Representative Robert Lighthizer may travel to Beijing for negotiations if talks by phone this week are productive.

“We are concerned about complacency as investors seem to believe the Fed will save the day, the U.S.-China trade dispute will be resolved relatively soon and massive China stimulus will boost global growth,” said Bob Doll, chief equity strategist and senior portfolio manager at Nuveen Asset Management. “Market risks lean more to the downside.”

Here are some key events coming up:

• Bank of America Corp. 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 7:41 a.m. New York time, hitting the highest on record with its sixth straight advance.
• The Stoxx Europe 600 Index advanced 0.2% to the highest in more than a week.
• The Shanghai Composite Index declined 0.2%.
• The MSCI Emerging Market Index climbed 0.2% to the highest in more than a week.

Currencies

• The Bloomberg Dollar Spot Index advanced 0.2%, the largest gain in a week.
• The euro declined 0.3% to $1.1224, the weakest in a week.
• The British pound declined 0.7% to $1.2428, the weakest in more than two years.
• The onshore yuan dipped less than 0.05% to 6.879 per dollar.
• The Japanese yen declined less than 0.05% to 107.94 per dollar.

Bonds

• The yield on 10-year Treasuries advanced one basis point to 2.09%.
• The yield on two-year Treasuries advanced one basis point to 1.84%.
• Germany’s 10-year yield decreased one basis point to -0.26%.
• Britain’s 10-year yield sank two basis points to 0.784%.
• Japan’s 10-year yield dipped less than one basis point to -0.119%.

Commodities

• West Texas Intermediate crude declined 0.1% to $59.53 a barrel to the lowest in a week.
• Iron ore fell 0.9% to $115.35 per metric ton.
• Gold increased less than 0.05% to $1,414.79 an ounce.

--With assistance from Adam Haigh.

To contact the reporter on this story: Yakob Peterseil in London at ypeterseil@bloomberg.net

To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Laura Curtis

©2019 Bloomberg L.P.

Neuer Inhalt

Horizontal Line

---

subscription form

Form for signing up for free newsletter.

Sign up for our free newsletters and get the top stories delivered to your inbox.

Let's block ads! (Why?)

https://www.swissinfo.ch/eng/stocks-fluctuate-as-big-banks-report--dollar-gains--markets-wrap/45099200

2019-07-16 09:27:00Z
52780333609676

Bagikan Berita Ini