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American equity futures climbed on Thursday and European shares fluctuated in the wake of the signing of the U.S.-China trade deal, an event that helped drive global stocks to record highs. Bonds were mixed and the dollar was steady.
Contracts for all three main American gauges pointed to more gains after Wall Street hit records a day earlier. Futures on the Nasdaq 100 did slightly better after tech bellwether Taiwan Semiconductor Manufacturing Co. projected quarterly revenue well above analysts’ estimates. Morgan Stanley climbed in early trading after results beat expectations. Bank of New York Mellon slipped after matching estimates.
The Stoxx Europe 600 Index swung between gains and losses after a mixed session in Asia. Treasuries were steady after two days rising but most European bonds edged up. West Texas crude also fluctuated in a narrow range.
The formal signing of a phase one deal between the world’s two biggest economies has put the trade war on hold as far as many investors are concerned. Assuming the detente lasts, traders will be seeking fresh catalysts, most likely in economic data and the ramp-up of earnings season.
“Given the amount of speculation by the markets and commentary by officials ahead of Wednesday’s signing, it is unsurprising markets have not rallied too strongly upon final signing,” said Hannah Anderson, a strategist at JPMorgan Asset Management. “Markets will likely continue to price in an elevated risk premium, which could be a source of volatility throughout 2020.”
Elsewhere, the ruble slipped in the wake of Russian President Vladimir Putin’s call for sweeping constitutional changes and subsequent replacement of his long-serving prime minister. Soybeans slumped overnight after China signaled purchases would be based on demand, rather than a pre-set amount. The Turkish lira strengthened after the central bank cut interest rates as expected.
Here are some events to watch for this week:
South Africa sets interest rates on Thursday.China GDP, along with key monthly data for December, come on Friday.A final reading on the euro-zone’s December inflation is also due on Friday.
There are some of the main moves in markets:
Stocks
Futures on the S&P 500 Index increased 0.3% as of 7:21 a.m. New York time.The Stoxx Europe 600 Index was little changed.The MSCI Asia Pacific Index climbed 0.2%.
Currencies
The Bloomberg Dollar Spot Index was little changed.The euro climbed 0.1% to $1.1157.The British pound gained 0.2% to $1.3065.The Japanese yen dipped 0.1% to 109.97 per dollar.
Bonds
The yield on 10-year Treasuries fell less than one basis point to 1.78%.Germany’s 10-year yield decreased two basis points to -0.22%.Britain’s 10-year yield dipped two basis points to 0.633%.
Commodities
West Texas Intermediate crude decreased 0.4% to $57.60 a barrel.Gold was little changed at $1,555.93 an ounce.
--With assistance from Nancy Moran, Cormac Mullen, Adam Haigh and Todd White.
To contact the reporter on this story: Sam Potter in London at spotter33@bloomberg.net
To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Yakob Peterseil
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https://finance.yahoo.com/news/asia-stocks-set-modest-gains-232110055.html
2020-01-16 12:25:00Z
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