European stocks followed advances across Asia and U.S. futures gained as investors set aside concern about escalating trade tensions to focus instead on the upcoming earnings season. The dollar fell against most major peers.
Miners and energy companies were among the biggest winners in the Stoxx Europe 600 Index as the benchmark gauge headed for a fifth consecutive advance, the longest winning streak since March. Contracts on the S&P 500, Dow and Nasdaq all pointed higher and the MSCI Asia Pacific Index was on course for the biggest jump in a month. Commodities and emerging-market equities found support from the weakening greenback, while Treasuries fell. The Chinese yuan rose and the British pound climbed as on optimism Theresa May can contain the latest government crisis over Brexit.
The start of earnings season this week may divert some attention away from the trade war that’s kept global stocks under pressure, while data out Friday has supported sentiment. The U.S. jobs report showed another month of gains in excess of 200,000, while German industrial production beat all estimates for May. Those signs of strength contrasted with protectionist tensions after China retaliated against U.S. tariff increases.
Terminal users can read more in Bloomberg’s Markets Live blog.
These are some events to look out for this week:
- European Central Bank President Mario Draghi addresses the European Parliament on Monday and may shed light on the timing of a rate increase next year.
- Chinese trade data due at the end of the week will probably show slightly slower export growth, after early indicators pointed to softer overseas demand and weaker export orders, Bloomberg Economics said. China releases June PPI and CPI on Tuesday, both of which should show a pickup.
- The most noteworthy U.S. data is the June inflation report on Thursday, which consensus expects will show both headline and core price growth picking up. There’s another deluge of Treasury debt sales too, with a total $156 billion of notes and bills offered.
- Earnings season gets going with JPMorgan Chase & Co. and Citigroup among the largest companies due to give results, as well as India’s Infosys Ltd.
Here are the main market moves:
- The Stoxx Europe 600 Index increased 0.5 percent as of 9:44 a.m. London time, hitting the highest in more than two weeks .
- Futures on the S&P 500 Index advanced 0.3 percent to the highest in three weeks.
- The MSCI All-Country World Index climbed 0.4 percent to the highest in almost three weeks.
- The MSCI Emerging Market Index advanced 1.3 percent to the highest in more than two weeks.
- The MSCI Asia Pacific Index surged 1.2 percent to the highest in more than a weeks.
- The Bloomberg Dollar Spot Index dipped 0.3 percent, reaching the lowest in more than six weeks on its fifth straight decline.
- The euro climbed 0.3 percent to $1.1779, the strongest in almost four weeks.
- The British pound advanced 0.6 percent to $1.3357, the strongest in almost four weeks on the biggest gain in more than a week.
- The Japanese yen advanced less than 0.05 percent to 110.45 per dollar, the strongest in more than a week.
- The yield on 10-year Treasuries increased three basis points to 2.85 percent, the highest in a week on the largest increase in almost three weeks.
- Germany’s 10-year yield climbed two basis points to 0.32 percent, the highest in more than a week on the biggest surge in four weeks.
- Britain’s 10-year yield gained four basis points to 1.267 percent, the highest in more than two weeks on the largest climb in more than two weeks.
- The Bloomberg Commodity Index advanced 0.1 percent to the highest in more than a week.
- West Texas Intermediate crude decreased 0.3 percent to $73.59 a barrel.
- LME copper surged 1.7 percent to $6,391.00 per metric ton, the first advance in more than a week and the largest jump in almost five weeks.
- Gold increased 0.5 percent to $1,261.60 an ounce, the highest in two weeks.
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- Health companies lead US stocks their 3rd loss in a row
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