NewsFeeder
Headline News
- Reaction score
- 3
Stock Futures Rise After Primaries; Dollar Steady: Markets Wrap
(Bloomberg) -- U.S. stock-index futures advanced along with European equities as investors took in surprises from the U.S. presidential primary along with market reactions to the Federal Reserve’s emergency interest-rate cut. Treasuries edged higher and the dollar was steady.Contracts on the S&P 500 rebounded from a tumble on Tuesday, when the 50 basis-point Fed move failed to ease concerns about an economic downturn. Joe Biden’s surprise comeback hours later in the Super Tuesday race for the Democratic Party nominee is seen as blunting the lead of Bernie Sanders that had unsettled some investors. The Stoxx Europe 600 erased early declines as miners and automakers advanced.A volatile session for Asian stocks left the markets closing mixed. Purchasing managers’ indexes for Hong Kong and China fell to record lows, underlining the impact of the virus on commerce in the region. Treasury 10-year yields slipped further after falling below 1% for the first time in 150 years. The euro paused after posting its best four-day rally against the dollar since January 2018. Crude oil edged higher for a third day.Investors are weighing the absence of Group of Seven policy moves to confront the virus with the Democratic leadership contest that threw up a fresh challenge to President Donald Trump. Biden, positioned as a moderate against a more progressive Sanders in the race for the Democratic nomination to take on Trump in November, won nine of 14 states as results rolled in. Sanders took delegate-rich California, the biggest prize.“Biden would be a less-severe change for markets that already have enough to worry about, with all these external shocks,” said Jerry Braakman, chief investment officer of First American Trust, in Santa Ana, California. “Sanders would bring a lot changes that markets wouldn’t necessarily like.”Equities earlier had tumbled after Fed Chairman Jerome Powell warned that the virus outbreak will weigh on activity “for some time.” Expectations the Fed may act again as soon as this month show markets remain extremely cautious about the economy’s prospects to weather the hit. Meanwhile, virus infections and deaths continued to rise in China and the U.S.Elsewhere, oil extended gains after an OPEC+ committee recommendation for a larger supply cut to offset lost demand from the spread of the virus.These are the main moves in markets:StocksThe Stoxx Europe 600 Index climbed 0.6% as of 8:38 a.m. London time.Futures on the S&P 500 Index increased 1.6%.Nasdaq 100 Index futures jumped 1.7%.France’s CAC 40 Index advanced 0.4%.The MSCI Asia Pacific Index gained 0.2%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro advanced 0.1% to $1.1181.The British pound decreased 0.1% to $1.2792.The Japanese yen weakened 0.3% to 107.42 per dollar.The South Korean Won strengthened 0.6% to 1,187.72 per dollar.BondsThe yield on 10-year Treasuries decreased six basis points to 0.94%.The yield on two-year Treasuries fell five basis points to 0.65%.Germany’s 10-year yield declined one basis point to -0.63%.Australia’s 10-year yield dipped seven basis points to 0.723%.CommoditiesWest Texas Intermediate crude jumped 0.4% to $47.38 a barrel.Iron ore gained 2.9% to $88.31 per metric ton.LME copper advanced 0.8% to $5,714 per metric ton.LME aluminum climbed 0.3% to $1,728 per metric ton.\--With assistance from Joanna Ossinger and Elena Popina.To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Todd White in Madrid at twhite2@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Robert BrandFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/treasuries-crack-1-asia-stocks-220620051.html?.tsrc=rss
(Bloomberg) -- U.S. stock-index futures advanced along with European equities as investors took in surprises from the U.S. presidential primary along with market reactions to the Federal Reserve’s emergency interest-rate cut. Treasuries edged higher and the dollar was steady.Contracts on the S&P 500 rebounded from a tumble on Tuesday, when the 50 basis-point Fed move failed to ease concerns about an economic downturn. Joe Biden’s surprise comeback hours later in the Super Tuesday race for the Democratic Party nominee is seen as blunting the lead of Bernie Sanders that had unsettled some investors. The Stoxx Europe 600 erased early declines as miners and automakers advanced.A volatile session for Asian stocks left the markets closing mixed. Purchasing managers’ indexes for Hong Kong and China fell to record lows, underlining the impact of the virus on commerce in the region. Treasury 10-year yields slipped further after falling below 1% for the first time in 150 years. The euro paused after posting its best four-day rally against the dollar since January 2018. Crude oil edged higher for a third day.Investors are weighing the absence of Group of Seven policy moves to confront the virus with the Democratic leadership contest that threw up a fresh challenge to President Donald Trump. Biden, positioned as a moderate against a more progressive Sanders in the race for the Democratic nomination to take on Trump in November, won nine of 14 states as results rolled in. Sanders took delegate-rich California, the biggest prize.“Biden would be a less-severe change for markets that already have enough to worry about, with all these external shocks,” said Jerry Braakman, chief investment officer of First American Trust, in Santa Ana, California. “Sanders would bring a lot changes that markets wouldn’t necessarily like.”Equities earlier had tumbled after Fed Chairman Jerome Powell warned that the virus outbreak will weigh on activity “for some time.” Expectations the Fed may act again as soon as this month show markets remain extremely cautious about the economy’s prospects to weather the hit. Meanwhile, virus infections and deaths continued to rise in China and the U.S.Elsewhere, oil extended gains after an OPEC+ committee recommendation for a larger supply cut to offset lost demand from the spread of the virus.These are the main moves in markets:StocksThe Stoxx Europe 600 Index climbed 0.6% as of 8:38 a.m. London time.Futures on the S&P 500 Index increased 1.6%.Nasdaq 100 Index futures jumped 1.7%.France’s CAC 40 Index advanced 0.4%.The MSCI Asia Pacific Index gained 0.2%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro advanced 0.1% to $1.1181.The British pound decreased 0.1% to $1.2792.The Japanese yen weakened 0.3% to 107.42 per dollar.The South Korean Won strengthened 0.6% to 1,187.72 per dollar.BondsThe yield on 10-year Treasuries decreased six basis points to 0.94%.The yield on two-year Treasuries fell five basis points to 0.65%.Germany’s 10-year yield declined one basis point to -0.63%.Australia’s 10-year yield dipped seven basis points to 0.723%.CommoditiesWest Texas Intermediate crude jumped 0.4% to $47.38 a barrel.Iron ore gained 2.9% to $88.31 per metric ton.LME copper advanced 0.8% to $5,714 per metric ton.LME aluminum climbed 0.3% to $1,728 per metric ton.\--With assistance from Joanna Ossinger and Elena Popina.To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Todd White in Madrid at twhite2@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Robert BrandFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/treasuries-crack-1-asia-stocks-220620051.html?.tsrc=rss
