U.S. Futures Drift as Stocks in Europe, Asia Climb: Markets Wrap - Yahoo Finance

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U.S. stock-index futures drifted, failing to pick up momentum from a broad advance in equities in Europe and Asia after signs emerged that China will move again to lessen the trade war’s repercussions. Oil futures rose with the dollar.

Contracts fluctuated on three main U.S. equity indexes. Amazon.com shares dipped in the pre-market after Bloomberg News reported an antitrust probe had begun. Yields on 10-year Treasuries and similar bunds both slipped from one-month highs earlier Wednesday, as traders seemed to shrug off a tweet by U.S. President Donald Trump urging the Federal Reserve to cut its policy rate to “zero, or less.”

The euro weakened, heading for its biggest drop in eight sessions. Gains in the Stoxx Europe 600 Index came in part from the strong rotation into cyclical sectors that had lagged behind this year, such as automaker and banking shares.

Equities are rebounding in September on hopes for fresh monetary stimulus from the European Central Bank on Thursday and the Federal Reserve next week, while market-supportive measures by China helped lift sentiment. Strong monetary easing is not a given, though, with some investors dialing back their expectations of accommodation and bond traders pulling back from the more bullish sentiment of August.

“We are primed for a little bit of disappointment,” Jeff Boswell, a fund manager at Investec Asset Management, told Bloomberg TV in Singapore. “On the QE front, whilst we’ve been expectant of something -- certainly on the corporate bond-buying side that the market’s been expecting -- it is unlikely to come tomorrow.”

Equities earlier jumped in Japan and Hong Kong after an influential newspaper editor said China will implement measures to ease the trade war’s impact on the world’s second-biggest economy. The moves planned by Beijing will benefit some companies from China and the U.S., Global Times editor Hu Xijin said in a Twitter post.

Elsewhere, oil futures climbed alongside gold. South Korean infrastructure shares outperformed after the departure of President Donald Trump’s national security adviser, spurring speculation the U.S. may show conciliatory gestures toward China and North Korea.

Here are some key events coming up this week:

The ECB policy meeting Thursday is widely expected to see a cut to interest rates and a review of all options, including QE. Policy makers will also publish forecasts for growth and inflation. ECB President Mario Draghi will hold a press conference.U.S. data for August is due on producer prices Wednesday, and CPI Thursday.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index were steady at 7:23 a.m. New York time.The Stoxx Europe 600 Index climbed 0.7%.The U.K.’s FTSE 100 Index rose 0.9%.The MSCI Asia Pacific Index gained 0.9%.

Currencies

The Bloomberg Dollar Spot Index climbed 0.1%.The British pound was little changed at $1.2354.The euro decreased 0.3% to $1.1007.The Japanese yen weakened 0.1% to 107.69 per dollar.

Bonds

The yield on 10-year Treasuries declined two basis points to 1.71%.The yield on two-year Treasuries decreased one basis point to 1.66%.Germany’s 10-year yield fell one basis point to -0.56%.Australia’s 10-year yield gained six basis points to 1.144%.

Commodities

West Texas Intermediate crude climbed 1.2% to $58.08 a barrel.Gold gained 0.5% to $1,492.69 an ounce.Iron ore gained 2.6% to $91.16 per metric ton.LME zinc increased 1.3% to $2,367.50 per metric ton.

--With assistance from Adam Haigh.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

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

For more articles like this, please visit us at bloomberg.com

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https://finance.yahoo.com/news/asia-stock-futures-gain-jump-231742159.html

2019-09-11 11:27:00Z
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