(Bloomberg) -- European stocks edged higher along with S&P 500 futures as investors weighed scattered signs of economic improvement against the accelerating spread of the coronavirus in the U.S., Brazil and India.
Auto shares and travel companies pushed up the Stoxx Europe 600 Index. The dollar dipped against all of its major peers after three days of gains. Poland’s zloty strengthened after voters denied President Andrzej Duda’s bid for quick re-election, forcing him into a runoff. European sovereign bonds dipped, while Treasuries were little changed.
In Asia, stocks fell more than 1% in Japan, Australia and Hong Kong. They had a more modest drop in China, where markets reopened after a two-day holiday.
Investors began the new week bracing for more risk-off sentiment as infections cases surpassed 10 million globally and a resurgence in the U.S. continued to batter states likes Texas and Florida, with several halting plans to reopen. India’s economy is hurtling for its first contraction in more than 40 years, and without enough jobs, a volatile political climate is getting more so.
At the same time, more positive economic data emerged, including those showing China’s industrial companies saw the first monthly increase in profits since November. The yuan strengthened in offshore trading.
“The recovery is going to be much slower and much more uneven than most people believe,” David Hunt, president and CEO of PGIM Inc., said on Bloomberg TV. “Markets are priced for a much sharper V-shaped recovery which we don’t think is likely.”
Meanwhile, China’s central bank said it will implement new monetary tools to make sure liquidity reaches the real economy. The People’s Bank of China said it will increase the proportion of smaller company, credit and manufacturing loans, and continue to lower lending rates.
Here are some key events coming up:
New York Fed President John Williams moderates a discussion with IMF Managing Director Kristalina Georgieva on Monday.On Tuesday, Federal Resserve Chairman Jerome Powell and U.S. Treasury Secretary Steven Mnuchin testify before the House Financial Services Committee.The U.S. jobs report for June on Thursday may continue data-collection issues from May that appear to understate the true scale of joblessness.Friday brings the U.S. Independence Day holiday. Markets are closed, along with government offices.
Stocks
The Stoxx Europe 600 Index climbed 0.3% as of 8:21 a.m. London time.Futures on the S&P 500 Index increased 0.4%.Nasdaq 100 Index futures rose 0.1%.The MSCI Emerging Market Index declined 0.6%.
Currencies
The Bloomberg Dollar Spot Index decreased 0.1%.The euro rose 0.3% to $1.1253.The British pound gained 0.3% to $1.2372.The Japanese yen was little changed at 107.17 per dollar.The offshore yuan strengthened 0.2% to 7.0713 per dollar.
Bonds
The yield on 10-year Treasuries gained one basis point to 0.65%.Germany’s 10-year yield gained two basis points to -0.47%.France’s 10-year yield increased one basis point to -0.114%.Britain’s 10-year yield climbed one basis point to 0.184%.
Commodities
Brent crude dipped 1.5% to $40.41 a barrel.Gold weakened 0.1% to $1,769.31 an ounce.Iron ore dipped 3.9% to $94.16 per metric ton.
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