(Bloomberg) -- U.S. equity-index futures slipped amid mixed corporate earnings and concern over trade tensions that lingered even as America and China prepared to sign their initial accord. Treasuries rose and the dollar steadied.
Contracts on the Dow Jones Industrial Average fell after Goldman Sachs Group Inc.’s earnings missed analysts’ estimates, damping the mood after Bank of America Corp. joined Wall Street’s trading comeback earlier. S&P 500 futures also edged lower as Target Corp. slumped in pre-market trading after slashing its sales outlook. The Stoxx Europe 600 Index largely drifted, with gains for health-care shares countered by drops in carmakers. Equities across most of Asia fell amid reports that a swath of tariffs on China will stay in place for now.
European bonds held gains after data showed the German economy expanded at the slowest pace in six years in 2019. Gilts outperformed after U.K. inflation ebbed to a three-year low, further clearing the path for a Bank of England interest-rate cut.
While strong trading revenues suggest U.S. lenders have weathered Federal Reserve rate cuts, expectations of slowing growth and trade disputes, Target’s woes signal tough times ahead for the retail sector. And just hours before the phase-one China deal is inked in Washington, details emerged that are damping risk appetite. The accord leaves in place tariffs on almost two-thirds of U.S. imports from China until at least November’s presidential election, and no time line was set for further talks.
“Despite the landmark signing of the U.S.-Sino trade deal today, markets are unenthused,” said Nema Ramkhelawan-Bhana, an economist at Rand Merchant Bank in Johannesburg. “Phase One, though positive, is merely the start of a long process to undo the damage already inflicted on the global trade order.”
Meanwhile, oil futures drifted, with West Texas Intermediate trading just above $58 a barrel. Gold nudged higher.
Here are some events to watch for this week:
It’s earnings season for the biggest American financial institutions, with Morgan Stanley and Bank of New York Mellon Corp. still to come.The Federal Reserve’s Beige Book report on regional economic conditions is due on Wednesday.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.
These are the moves in major markets:
Stocks
The Stoxx Europe 600 Index dipped 0.1% as of 8:32 a.m. New York time.Futures on the S&P 500 Index decreased 0.1%.The U.K.‘s FTSE 100 Index gained 0.1%.The MSCI World Index was little changed.The MSCI Emerging Market Index fell 0.4%.
Currencies
The Bloomberg Dollar Spot Index was little changed.The euro rose 0.2% to $1.114.The British pound decreased 0.1% to $1.3006.The Japanese yen strengthened 0.1% to 109.87 per dollar.
Bonds
The yield on 10-year Treasuries declined three basis points to 1.78%.The yield on two-year Treasuries decreased one basis point to 1.56%.Germany’s 10-year yield declined four basis points to -0.22%.Britain’s 10-year yield sank nine basis points to 0.632%.Japan’s 10-year yield fell one basis point to 0.01%.
Commodities
West Texas Intermediate crude was little changed at $58.24 a barrel.Gold strengthened 0.2% to $1,550.13 an ounce.
--With assistance from Adam Haigh.
To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.net
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Todd White
For more articles like this, please visit us at bloomberg.com
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https://finance.yahoo.com/news/asian-stock-futures-mixed-u-214139670.html
2020-01-15 12:39:00Z
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