(Bloomberg) -- U.S. equity futures climbed alongside stocks in Europe and Asia at the start of a busy week for Federal Reserve speakers, corporate earnings and economic data. Treasuries held steady with gold, while the dollar edged lower.
S&P 500 contracts rose close to a fresh record, while the Stoxx Europe 600 advanced on gains in automaker and mining shares. 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 most European sovereign bonds gained. WTI crude oil nudged higher.
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. On Monday, earnings season gets under way with Citigroup reporting, followed by Goldman Sachs and JPMorgan on Tuesday.
Earlier equity gauges in Shanghai and Hong Kong recouped 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 13% from 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 gained 0.2% as of 7:05 a.m. New York time, hitting the highest on record with its fifth straight advance.The Stoxx Europe 600 Index gained 0.1%, the biggest rise in more than a week.The U.K.’s FTSE 100 Index rose 0.2%, the first advance in more than a week.The MSCI Asia Pacific Index climbed 0.2% to the highest in more than a week.The MSCI Emerging Market Index jumped 0.5% 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 $1.2548.The Japanese yen was unchanged at 107.91 per dollar, the strongest in more than a week.The euro rose 0.1% to $1.1276, the strongest in more than a week.
Bonds
The yield on 10-year Treasuries increased less than one basis point to 2.12%.Germany’s 10-year yield fell two basis points to -0.23%, the first retreat in a week and the largest drop in more than a week.Britain’s 10-year yield fell two basis points to 0.812%, the biggest fall in a week.
Commodities
Gold dipped less than 0.05% to $1,415.43 an ounce.West Texas Intermediate crude gained 0.4% to $60.47 a barrel to the highest in almost eight weeks.
(An earlier version corrected the name of Europe’s benchmark equity index.)
--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 11:23:00Z
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