(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 gained while the dollar was little changed.
S&P 500 contracts rose close to a fresh record as Citigroup kicked off earnings season for the big Wall Street banks. Its shares advanced in pre-market trading after revenue beat expectations. Steel stocks jumped after Donald Trump’s trade aide Peter Navarro said the president will sign an executive order today boosting the use of domestic iron and steel in federal government contracts.
The Stoxx Europe 600 advanced, led by 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 rose with most European sovereign bonds. 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. Goldman Sachs and JPMorgan will be the next major U.S. lenders to deliver second quarter results when they report 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 14% from Friday as U.S. President Donald Trump’s criticism of cryptocurrencies shifted focus on to this year’s rally. 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 and industrial production reports are due Tuesday; housing starts will come Wednesday.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 0.2% as of 8:27 a.m. New York time, heading for their highest closing level on record, in a fifth straight advance.The Stoxx Europe 600 Index rose 0.3% to the highest in a week on the biggest advance in more than a week.The U.K.’s FTSE 100 Index climbed 0.4%, hitting the highest in a week.The MSCI Asia Pacific Index gained 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 dipped less than 0.05% to the lowest in more than a week.The British pound decreased 0.3% to $1.2539.The Japanese yen fell less than 0.05% to 107.93 per dollar.The euro gained less than 0.05% to $1.1272, the strongest in more than a week.
Bonds
The yield on 10-year Treasuries dipped one basis point to 2.11%.Germany’s 10-year yield decreased three basis points to -0.24%, the first retreat in a week and the largest dip in two weeks.Britain’s 10-year yield dipped four basis points to 0.796%, the biggest decrease in almost two weeks.
Commodities
Gold dipped less than 0.05% to $1,415.10 an ounce.West Texas Intermediate crude gained 0.2% to $60.36 a barrel.
--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 12:37:00Z
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