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Stocks Struggle as Nasdaq Futures Drop; Bonds Gain: Markets Wrap
(Bloomberg) -- Stocks in Europe struggled for traction and U.S. equity futures fell as investors weighed corporate and economic news, the resumption of trade talks and the prospect of policy easing by major central banks. Treasuries advanced along with bonds in Europe.The Stoxx Europe 600 index was little changed after a euro-region manufacturing gauge fell short of economists’ estimates. Positive earnings buoyed technology stocks, while a slump in iron-ore prices weighed on miners. Banks and carmakers declined after Deutsche Bank’s malaise deepened and Daimler forecast flat demand this year. Futures on the S&P 500 index fell along with contracts on the Nasdaq after the U.S. opened an antitrust probe into big technology companies. Stocks in Asia were mixed, with benchmarks rising in Tokyo, Sydney, Shanghai and Hong Kong and falling in Seoul and Mumbai.The dollar held up against most major peers after three days of gains ahead of Thursday’s European Central Bank meeting. European bonds extended gains after PMIs for the euro region’s biggest economies added to concerns about the slowing global economy. Crude oil advanced for a fourth session, trading around $57 a barrel in New York.Broadly positive earnings reports have buoyed stocks this week, though Deutsche’s woes and flagging demand for carmakers served to remind investors of the uncertain outlook for the global economy. To add to that, shares of Amazon, Alphabet and Facebook declined more than 1% in post-market trading after the Justice Department opened a broad antitrust review into whether dominant technology firms are unlawfully stifling competition.Central banks also remain in focus after the IMF on Tuesday revised its forecasts for global growth lower. The Federal Reserve is seen trimming its policy rate by a quarter percentage point next week. The ECB may hold fire tomorrow, though its message will be closely parsed for signs of a September move. On the trade front, Bloomberg reported that U.S. negotiator Robert Lighthizer is set to travel to China next week for the first high-level, face-to-face meeting since talks broke down in May.“It is the case that there is a pretty powerful force now in place with central banks that will be continuing to support the markets,” Jean Boivin, global head at the BlackRock Investment Institute, told Bloomberg TV. “That’s a constructive environment for risk-taking, but because of the trade tensions we tend to be a bit more careful.”Elsewhere, Britain’s pound is near a two year low following Boris Johnson’s victory in the contest to succeed Theresa May as U.K. prime minister.Here are some key events coming up:Earnings season rolls on with companies including Amazon.com, Alphabet, Unilever, Caterpillar, McDonald’s and Boeing still to report this week.Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.These are the main moves in markets:StocksThe Stoxx Europe 600 Index advanced less than 0.05% as of 9:01 a.m. London time.Futures on the S&P 500 Index decreased 0.2%.The MSCI All-Country World Index gained less than 0.05%.The U.K.’s FTSE 100 Index dipped 0.3%.CurrenciesThe Bloomberg Dollar Spot Index declined less than 0.05%.The euro decreased 0.1% to $1.114, the weakest in almost eight weeks.The British pound advanced 0.1% to $1.245.The Japanese yen increased 0.2% to 108.05 per dollar.BondsThe yield on 10-year Treasuries declined three basis points to 2.05%, the biggest fall in a week.Germany’s 10-year yield declined three basis points to -0.38%, reaching the lowest in almost three weeks on its sixth straight decline and the largest fall in a week.Britain’s 10-year yield fell two basis points to 0.675%, hitting the lowest in almost three years with its fifth straight decline.Japan’s 10-year yield declined one basis point to -0.147%, reaching the lowest in almost three weeks on its eighth straight decline.CommoditiesWest Texas Intermediate crude climbed 0.4% to $56.99 a barrel, the highest in more than a week.Gold advanced 0.4% to $1,423.16 an ounce.The Bloomberg Commodity Index gained 0.2%, the highest in a week.\--With assistance from Chikafumi Hodo, Masaki Kondo and Andreea Papuc.To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.netTo contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Laura CurtisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-gain-earnings-trade-232931804.html?.tsrc=rss
(Bloomberg) -- Stocks in Europe struggled for traction and U.S. equity futures fell as investors weighed corporate and economic news, the resumption of trade talks and the prospect of policy easing by major central banks. Treasuries advanced along with bonds in Europe.The Stoxx Europe 600 index was little changed after a euro-region manufacturing gauge fell short of economists’ estimates. Positive earnings buoyed technology stocks, while a slump in iron-ore prices weighed on miners. Banks and carmakers declined after Deutsche Bank’s malaise deepened and Daimler forecast flat demand this year. Futures on the S&P 500 index fell along with contracts on the Nasdaq after the U.S. opened an antitrust probe into big technology companies. Stocks in Asia were mixed, with benchmarks rising in Tokyo, Sydney, Shanghai and Hong Kong and falling in Seoul and Mumbai.The dollar held up against most major peers after three days of gains ahead of Thursday’s European Central Bank meeting. European bonds extended gains after PMIs for the euro region’s biggest economies added to concerns about the slowing global economy. Crude oil advanced for a fourth session, trading around $57 a barrel in New York.Broadly positive earnings reports have buoyed stocks this week, though Deutsche’s woes and flagging demand for carmakers served to remind investors of the uncertain outlook for the global economy. To add to that, shares of Amazon, Alphabet and Facebook declined more than 1% in post-market trading after the Justice Department opened a broad antitrust review into whether dominant technology firms are unlawfully stifling competition.Central banks also remain in focus after the IMF on Tuesday revised its forecasts for global growth lower. The Federal Reserve is seen trimming its policy rate by a quarter percentage point next week. The ECB may hold fire tomorrow, though its message will be closely parsed for signs of a September move. On the trade front, Bloomberg reported that U.S. negotiator Robert Lighthizer is set to travel to China next week for the first high-level, face-to-face meeting since talks broke down in May.“It is the case that there is a pretty powerful force now in place with central banks that will be continuing to support the markets,” Jean Boivin, global head at the BlackRock Investment Institute, told Bloomberg TV. “That’s a constructive environment for risk-taking, but because of the trade tensions we tend to be a bit more careful.”Elsewhere, Britain’s pound is near a two year low following Boris Johnson’s victory in the contest to succeed Theresa May as U.K. prime minister.Here are some key events coming up:Earnings season rolls on with companies including Amazon.com, Alphabet, Unilever, Caterpillar, McDonald’s and Boeing still to report this week.Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.These are the main moves in markets:StocksThe Stoxx Europe 600 Index advanced less than 0.05% as of 9:01 a.m. London time.Futures on the S&P 500 Index decreased 0.2%.The MSCI All-Country World Index gained less than 0.05%.The U.K.’s FTSE 100 Index dipped 0.3%.CurrenciesThe Bloomberg Dollar Spot Index declined less than 0.05%.The euro decreased 0.1% to $1.114, the weakest in almost eight weeks.The British pound advanced 0.1% to $1.245.The Japanese yen increased 0.2% to 108.05 per dollar.BondsThe yield on 10-year Treasuries declined three basis points to 2.05%, the biggest fall in a week.Germany’s 10-year yield declined three basis points to -0.38%, reaching the lowest in almost three weeks on its sixth straight decline and the largest fall in a week.Britain’s 10-year yield fell two basis points to 0.675%, hitting the lowest in almost three years with its fifth straight decline.Japan’s 10-year yield declined one basis point to -0.147%, reaching the lowest in almost three weeks on its eighth straight decline.CommoditiesWest Texas Intermediate crude climbed 0.4% to $56.99 a barrel, the highest in more than a week.Gold advanced 0.4% to $1,423.16 an ounce.The Bloomberg Commodity Index gained 0.2%, the highest in a week.\--With assistance from Chikafumi Hodo, Masaki Kondo and Andreea Papuc.To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.netTo contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Laura CurtisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-gain-earnings-trade-232931804.html?.tsrc=rss
