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Stocks Advance With U.S. Equity Futures; Oil Rises: Markets Wrap
(Bloomberg) -- Stocks rose across most of the world on Friday along with American equity futures as investors weighed the latest steps toward lifting coronavirus restrictions and U.S.-China trade developments ahead of jobs data from the largest economy. Crude oil climbed.Construction and industrial goods stocks pulled the Euro Stoxx Index higher while U.K. markets were closed for a holiday. S&P 500 futures hit session highs after reports that China and the U.S. had a constructive phone call on trade. Japanese stocks led a surge across Asia. Italy’s bond yields dipped before a sovereign ratings decision. The dollar nudged lower and two-year Treasury yields slipped to a fresh record after U.S. interest-rate futures reflected bets that policy makers adopt negative benchmark rates.In earnings news, Europe’s largest engineering company Siemens AG said it sees the bottom of the downturn taking place in the current quarter, while abandoning its full-year sales and earnings forecasts. Nomura Holdings Inc. posted a surprise quarterly loss, failing to capitalize on last quarter’s wild market swings.“Earnings estimates have yet to fall as much as we think they will, making global equities vulnerable to a near-term correction,” wrote strategist Peter Berezin and colleagues in a BCA Research note. “Nevertheless, the spread between earnings yields and bond yields is wide enough to justify a modest overweight to stocks on a 12-month horizon.”All eyes today will be on the U.S. jobs report, which is forecast to show employers slashed about 22 million from payrolls in April, nearly erasing a decade of job gains in a single month. Equities have so far managed to weather miserable economic data as well as a string of poor earnings reports as investors bet on a swift recovery, but the strong rebound in risk assets has left others questioning whether further gains are warranted.Elsewhere, oil futures advanced as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude. Bitcoin rose briefly above $10,000 for the first time since late February.These are some of the main moves in markets:StocksThe Stoxx Europe 600 Index rose 0.6% as of 10:30 a.m. London time.Futures on the S&P 500 Index increased 1%.Nasdaq 100 Index futures climbed 0.9%.Japan’s Topix index increased 2.2%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.2%.The euro rose 0.1% to $1.0841.The British pound rose 0.2% to $1.239.The Japanese yen weakened 0.1% to 106.38 per dollar.South Africa’s rand strengthened 0.8% to 18.4474 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 0.63%.Germany’s 10-year yield decreased one basis point to -0.56%.The spread of Italy’s 10-year bonds over Germany’s declined eight basis points to 2.384 percentage points.New Zealand’s 10-year yield declined eight basis points to 0.719%.CommoditiesWest Texas Intermediate crude climbed 3.3% to $24.33 a barrel.Iron ore climbed 4% to $86.15 per metric ton.Gold strengthened 0.3% to $1,720.85 an ounce.For 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/asia-stocks-head-mixed-start-214801410.html?.tsrc=rss
(Bloomberg) -- Stocks rose across most of the world on Friday along with American equity futures as investors weighed the latest steps toward lifting coronavirus restrictions and U.S.-China trade developments ahead of jobs data from the largest economy. Crude oil climbed.Construction and industrial goods stocks pulled the Euro Stoxx Index higher while U.K. markets were closed for a holiday. S&P 500 futures hit session highs after reports that China and the U.S. had a constructive phone call on trade. Japanese stocks led a surge across Asia. Italy’s bond yields dipped before a sovereign ratings decision. The dollar nudged lower and two-year Treasury yields slipped to a fresh record after U.S. interest-rate futures reflected bets that policy makers adopt negative benchmark rates.In earnings news, Europe’s largest engineering company Siemens AG said it sees the bottom of the downturn taking place in the current quarter, while abandoning its full-year sales and earnings forecasts. Nomura Holdings Inc. posted a surprise quarterly loss, failing to capitalize on last quarter’s wild market swings.“Earnings estimates have yet to fall as much as we think they will, making global equities vulnerable to a near-term correction,” wrote strategist Peter Berezin and colleagues in a BCA Research note. “Nevertheless, the spread between earnings yields and bond yields is wide enough to justify a modest overweight to stocks on a 12-month horizon.”All eyes today will be on the U.S. jobs report, which is forecast to show employers slashed about 22 million from payrolls in April, nearly erasing a decade of job gains in a single month. Equities have so far managed to weather miserable economic data as well as a string of poor earnings reports as investors bet on a swift recovery, but the strong rebound in risk assets has left others questioning whether further gains are warranted.Elsewhere, oil futures advanced as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude. Bitcoin rose briefly above $10,000 for the first time since late February.These are some of the main moves in markets:StocksThe Stoxx Europe 600 Index rose 0.6% as of 10:30 a.m. London time.Futures on the S&P 500 Index increased 1%.Nasdaq 100 Index futures climbed 0.9%.Japan’s Topix index increased 2.2%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.2%.The euro rose 0.1% to $1.0841.The British pound rose 0.2% to $1.239.The Japanese yen weakened 0.1% to 106.38 per dollar.South Africa’s rand strengthened 0.8% to 18.4474 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 0.63%.Germany’s 10-year yield decreased one basis point to -0.56%.The spread of Italy’s 10-year bonds over Germany’s declined eight basis points to 2.384 percentage points.New Zealand’s 10-year yield declined eight basis points to 0.719%.CommoditiesWest Texas Intermediate crude climbed 3.3% to $24.33 a barrel.Iron ore climbed 4% to $86.15 per metric ton.Gold strengthened 0.3% to $1,720.85 an ounce.For 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/asia-stocks-head-mixed-start-214801410.html?.tsrc=rss
