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Stocks gained across Europe and Asia and futures for the benchmark U.S. gauge edged up as equity markets sought to shake off the worst week of the year. The dollar nudged higher.
Banks led the Stoxx Europe 600 Index’s first advance in four sessions, with contracts on the S&P 500 and Nasdaq also pointing higher. Dow futures showed the index likely to slip at the open after the Sunday crash of Boeing Co.’s 737 Max, with the U.S. manufacturer the biggest component of the gauge. Boeing’s shares were down more than 9 percent in pre-market trading as China grounded flights involving the model. In Asia, Chinese shares outperformed, paring some of Friday’s losses, with stocks in Japan and Hong Kong also higher.
The pound slipped as another key Brexit vote looms in parliament on Prime Minister Theresa May’s revised deal. Treasuries declined while European bonds traded mixed.
“With the Fed taking an easier path rather than continuing to raise interest rates, the outlook for equities is relatively constructive,” Hans Goetti, founder of HG Research, told Bloomberg TV from Singapore.
A slew of data releases this week will be closely watched for clues on growth and the impact of central bank policy in the U.S., European Union and China, with the Bank of Japan the next to meet. On the trade front, Beijing and Washington are in general agreement on many crucial issues and have held meaningful discussions on foreign exchange, People’s Bank of China Governor Yi Gang said.
Elsewhere, oil prices climbed as Saudi Arabia extended deeper-than-agreed production cuts into a second month. The Turkish lira held steady even as the country entered its first recession in a decade.
Here are some key events coming up:
Chinese retail sales and industrial production data are all scheduled for release this week. The National People’s Congress is set to wrap up with a speech on Friday from Premier Li Keqiang.U.K. House of Commons votes Tuesday on May’s revised Brexit deal, 20 days before Britain is scheduled to leave the EU.U.S. President Donald Trump is expected to release his proposed fiscal 2020 budget on Monday. Bank of Japan Governor Haruhiko Kuroda will speak on Friday, after he and his board meet to decide on monetary policy.
These are the latest moves in markets:
Stocks
The Stoxx Europe 600 Index increased 0.1 percent as of 9:19 a.m. London time.Futures on the S&P 500 Index climbed less than 0.05 percent.The MSCI Asia Pacific Index increased 0.5 percent, the largest climb in two weeks.The MSCI Emerging Market Index increased 0.5 percent, the biggest climb in two weeks.
Currencies
The Bloomberg Dollar Spot Index gained 0.1 percent.The euro rose 0.1 percent to $1.1244.The Japanese yen decreased less than 0.05 percent to 111.19 per dollar.The MSCI Emerging Markets Currency Index increased 0.1 percent, the biggest climb in two weeks.The Australian dollar increased less than 0.05 percent to 0.705 per dollar.
Bonds
The yield on 10-year Treasuries gained two basis points to 2.64 percent, the first advance in more than a week.Germany’s 10-year yield decreased one basis point to 0.06 percent, the lowest in more than two years.Britain’s 10-year yield declined two basis points to 1.172 percent, the lowest in more than two weeks.The spread of Italy’s 10-year bonds over Germany’s rose three basis points to 2.469 percentage points.
Commodities
The Bloomberg Commodity Index increased 0.2 percent.Brent crude gained 1.1 percent to $66.47 a barrel, the highest in more than a week on the largest rise in more than a week.LME copper gained 0.3 percent to $6,414.00 per metric ton.Gold decreased 0.1 percent to $1,296.73 an ounce.
