(Bloomberg) -- U.S. equity futures climbed along with stocks globally after China said it will tighten intellectual property rules, a move aimed at boosting the chances of a trade deal between the two largest economies. Treasuries, the yen and gold declined.
Contracts on the three main U.S. stock gauges all pointed to a firm start on Wall Street after China said over the weekend it will raise penalties on intellectual property violations as it tries to smooth over a sticking point in talks. Charles Schwab Corp. and rival TD Ameritrade Holding Corp. will be among stocks in focus after their multibillion-dollar merger was agreed, while Uber Technologies Inc. may also be in the spotlight following a failed bid to get a new license to operate in London.
The Stoxx Europe 600 Index advanced, with all 19 industry sectors in the green. Equities climbed across Asia, led by those in Hong Kong, where local elections brought a landslide victory to pro-democracy candidates. The dollar turned higher against most of its major peers including the yen, though it weakened versus the British pound.
While doubts about the rally remain and haven investments such as bonds seem well-supported, stocks globally are approaching a third month of gains. The S&P 500 Index looks poised to build on an advance from Friday, when President Donald Trump said he was “very close” to a trade pact, even as Treasuries hold on to most of their two-week surge.
“The markets are pretty much priced for a deal to go ahead, and that may be the case, but we may see that pushed out to 2020,” Eleanor Creagh, market strategist at Saxo Capital Markets, told Bloomberg TV in Sydney. “The key sticking point is really going to be the rolling back of tariffs.”
Elsewhere, China was planning a record sale of sovereign bonds in dollars, with a potential $6 billion offering, according to people familiar with the discussions. West Texas-grade oil futures drifted, after ending Friday barely changed on the week. Bitcoin dropped as much as 11% before paring the decline, though it was still on course for its ninth weekday session falling, the longest losing streak in a year.
Here are some key events coming up this week:
Federal Reserve Chairman Jerome Powell speaks on Monday at the Greater Providence Chamber of Commerce annual dinner in Providence, Rhode Island.Alibaba starts trading in Hong Kong on Tuesday.Reserve Bank of Australia Governor Philip Lowe will give a speech on unconventional monetary policy on Tuesday evening in Sydney.U.S. consumer spending data is due Wednesday, along with GDP, jobless claims and durable goods.The U.S. celebrates Thanksgiving on Thursday, when equity and bond markets will be shut.The Bank of Korea sets policy on Friday.
These are the main moves in markets:
Stocks
Futures on the S&P 500 Index gained 0.2% as of 8:26 a.m. New York time.The Stoxx Europe 600 Index jumped 0.8%.Italy’s FTSE MIB Index climbed 0.8%.Hong Kong’s Hang Seng Index advanced 1.5%.
Currencies
The Bloomberg Dollar Spot Index climbed 0.1%.Sterling increased 0.5% to 0.855 per euro.The euro dipped 0.1% to $1.1008.The Japanese yen weakened 0.2% to 108.91 per dollar.Bitcoin slipped 2.1% to $7,186.
Bonds
The yield on 10-year Treasuries increased one basis point to 1.78%.Germany’s 10-year yield climbed one basis point to -0.35%.Italy’s 10-year yield fell two basis points to 1.166%.Portugal’s 10-year yield declined two basis points to 0.384%.
Commodities
West Texas Intermediate crude climbed 0.1% to $57.82 a barrel.Iron ore sank 0.7% to $88.43 per metric ton.Gold dipped 0.4% to $1,456.41 an ounce.Natural gas futures traded in New York declined 3.9% to $2.56 per mmbtu.
--With assistance from Adam Haigh and Sybilla Gross.
To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net
To contact the editor responsible for this story: Sam Potter at spotter33@bloomberg.net
For more articles like this, please visit us at bloomberg.com
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https://finance.yahoo.com/news/stocks-asia-face-mixed-start-204816541.html
2019-11-25 12:26:00Z
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