Stocks Trade Mixed Before Earnings, Fed Speakers: Markets Wrap - Yahoo Finance

(Bloomberg) -- European shares drifted lower 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 and Treasuries were steady as the dollar slipped.

The Stoxx Europe 600 reversed earlier gains after a strong start for automakers was offset by declines for 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 most European sovereign bonds gained. WTI crude oil edged 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. And earnings season gets under way too, with Citigroup reporting on Monday 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 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 gained 0.1% as of 11:02 a.m. London time, hitting the highest on record with its fifth straight advance.The Stoxx Europe 600 Index fell 0.1% to the lowest in more than two weeks.The U.K.’s FTSE 100 Index dipped 0.1%, hitting the lowest in two weeks.The MSCI Asia Pacific Index climbed 0.3% to 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 0.1% to the lowest in more than two weeks.The British pound decreased 0.1% to $1.2562.The Japanese yen increased 0.1% to 107.85 per dollar, the strongest in more than a week.The euro rose 0.1% to $1.1278, the strongest in more than a week.

Bonds

The yield on 10-year Treasuries dipped less than one basis point to 2.12%.Germany’s 10-year yield declined two basis points to -0.23%, the largest decrease in two weeks.Britain’s 10-year yield fell two basis points to 0.814%, the biggest fall in a week.

Commodities

Gold increased less than 0.05% to $1,416.28 an ounce.West Texas Intermediate crude gained 0.3% to $60.38 a barrel.

(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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2019-07-15 10:10:00Z
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