U.S. Futures, Europe Stocks Struggle; Gold Climbs: Markets Wrap - Yahoo Finance

U.S. Futures, Europe Stocks Struggle; Gold Climbs: Markets Wrap

(Bloomberg) -- U.S. equity futures edged lower and Europe stocks drifted following steep declines in Asia as investors kicked off the busy week in a cautious mood. Gold advanced.

Contracts for all three main U.S. gauges pointed to a small retreat at the open. The Stoxx Europe 600 Index slipped, with Deutsche Bank surrendering earlier gains as traders weighed a plan to cut its workforce by one-fifth. The euro held steady after German industrial-production data saw a slight pick-up in May. Greek bonds rose amid hope a new government elected over the weekend will prove to be market-friendly. Gold headed for its first gain in three days and Treasuries were steady.

This week is stacked with both central banker speeches and key data. The main focus looks set to be Federal Reserve Chairman Jerome Powell, who will testify to Congress just days after the latest labor report delivered signs the American economy remains on track. U.S. stocks hit a record last week and a bond rally took yields to multiyear lows amid expectations the Fed will lower interest rates by at least a quarter percentage point at its July meeting, though fed fund futures showed traders trimming the amount of easing they expect.

“The testimony this week will be crucial around how they are seeing the evolution of the U.S. economy,” Anne Anderson, head of fixed income at UBS Asset Management in Sydney, told Bloomberg TV. “It’s a matter of finding the balance between not scaring people that there’s something deleterious going on, but moving ahead of the curve.”

Elsewhere, oil fluctuated amid heightened geopolitical risks in the Middle East. Emerging-market shares were dragged down by the Asia sell-off. Turkey’s lira fell after President Recep Tayyip Erdogan’s shock decision to replace the country’s central bank governor, which has fueled concern the regulator could lower borrowing costs more than expected.

Here are some key events coming up:

U.K. Conservative Party members start voting on Monday to choose Theresa May’s successor. Front-runner Boris Johnson and Jeremy Hunt will appear at events through the week to try and secure votes, including a TV debate on July 9.Federal Reserve Chairman Jerome Powell testifies before Congress on monetary policy and the state of the U.S. economy on Wednesday and Thursday.Fed minutes are due on Wednesday, ECB minutes on Thursday. A key measure of U.S. inflation, the core consumer price index, is expected to have increased 0.2% in June from the prior month, while the broader CPI is forecast to remain unchanged. U.S. producer prices are due on Friday.

Here are the main moves in markets:

Stocks

Futures on the S&P 500 Index dipped 0.2% as of 7:24 a.m. New York time.The Stoxx Europe 600 Index gained less than 0.05%.The U.K.’s FTSE 100 Index advanced 0.1%.Germany’s DAX Index decreased 0.1%.The MSCI Asia Pacific Index declined 1.2%, the lowest in more than a week.The MSCI Emerging Market Index fell 1.2%, the biggest fall in more than six weeks.

Currencies

The euro fell 0.1% to $1.1217, the weakest in almost three weeks.The British pound declined less than 0.05% to $1.2516, the weakest in seven months.The Japanese yen decreased 0.1% to 108.55 per dollar, the weakest in more than three weeks.The Turkish lira declined 1.7% to 5.7225 per dollar, the weakest in more than a week on the biggest decrease in two months.

Bonds

The yield on 10-year Treasuries declined less than one basis point to 2.03%.Britain’s 10-year yield decreased three basis points to 0.71%.Germany’s 10-year yield fell one basis point to -0.37%.

Commodities

Gold climbed 0.5% to $1,406.11 an ounce.West Texas Intermediate crude declined 0.1% to $57.48 a barrel.

--With assistance from Emily Barrett.

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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2019-07-08 10:29:00Z
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