U.S. Stock Futures Nudge Higher as Treasuries Slip: Markets Wrap - Yahoo Finance

(Bloomberg) -- U.S. equity-index futures ticked higher with Asian stocks on Thursday in holiday-thinned trading as investors looked ahead to January and a promised trade breakthrough between the world’s biggest economies. The dollar drifted lower.

With European markets still shuttered, contracts on the three main American stock indexes pointed to a firm open on Wall Street when trading resumes after Wednesday’s Christmas break. Shares advanced in Tokyo, Shanghai and Seoul, while markets were closed in Hong Kong and Sydney. Ten-year Treasury yields moved slightly higher and the dollar slipped versus its major peers before U.S. jobless claims data due later Thursday. The Japanese yen weakened.

The $51 trillion MSCI ACWI Index of stocks worldwide is heading for an advance of more than 8% for the final three months of the year, a quarterly performance only bettered a handful of times in the past decade. Attention is now turning to January, when investors will look for the U.S. and China to consummate their phase-one trade agreement and signs of a trough in manufacturing after some poor purchasing-managers’ data for November.

This year’s central bank balance-sheet expansion “is providing a deluge of liquidity for institutional investors to gorge on,” Stephen Innes, chief Asia market strategist at Axitrader, wrote in a note Thursday. “When you combine this cash bonanza with the probable economic bounce from a tariff reversal, it gives more than reasonable cause to own risk assets.”

In China, the overnight repo rate fell to the lowest level since 2009 Thursday in wake of recent liquidity injections by the central bank.

Elsewhere, the pound made modest gains, suggesting the losses sustained last week and through Monday amid concern about a hard Brexit may have been overdone. Crude oil climbed further above $61 a barrel in New York. Gold advanced back above $1,500 an ounce, having gained every session this week.

Here are some events that may be of interest this week:

U.S. jobless claims on Thursday.Japan retail sales and industrial production are scheduled for Friday.

And here are some of the major market moves:

Stocks

Futures on the S&P 500 Index increased 0.2% as of 10:05 a.m. London time.The Shanghai Composite Index gained 0.9%.The MSCI Asia Pacific Index rose 0.2%.The MSCI All-Country World Index was little changed.

Currencies

The Bloomberg Dollar Spot Index fell 0.1%.The British pound jumped 0.2%.The euro was unchanged at $1.1091.The Japanese yen weakened 0.2% to 109.54 per dollar.The onshore yuan depreciated 0.2% to 7.0 per dollar.

Bonds

The yield on 10-year Treasuries increased less than one basis point to 1.90%.The yield on two-year Treasuries fell one basis point to 1.61%.Japan’s 10-year yield gained one basis point to -0.011%.

Commodities

West Texas Intermediate crude increased 0.2% to $61.26 a barrel.Gold increased 0.3% to $1,504.35 an ounce.Silver rose 1% to $17.94 per ounce.

--With assistance from Christopher Anstey.

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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2019-12-26 10:19:00Z
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