European stocks fluctuated in light trading as investors focused on travel restrictions and U.S.-China trade tensions. U.S. equity futures rose and Treasuries were steady.
Airlines and travel agencies weighed on the Stoxx Europe 600 Index as Spain and Italy told nightclubs to close and France’s public health agency warned that virus indicators are trending upward. Shares of Covid-19 vaccine contender CureVac continued to rally, surging more than 50% in U.S. pre-market trading. Gold inched above $1,950 an ounce, while crude oil retreated.
In Asia, the Shanghai Composite closed up 2.3% after China’s central bank supplied extra liquidity to commercial banks. With the economy recovering slowly, the People’s Bank of China is trying to provide markets with enough funding to purchase government bonds and make loans without fostering financial risks.
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Overall trading in markets was subdued on Monday as traders weighed the prospect of European quarantine measures against continued government support.
In the backdrop, tensions are continuing to mount between the U.S. and China. Senior officials from Washington and Beijing late last week postponed trade talks that had been set for this past weekend to discuss the status of the “phase one” trade deal signed early in the year.
Minutes due to be released on Wednesday from the Federal Reserve’s most recent policy meeting may yield clues about whether officials plan to introduce new language in September.
“The economy is going to continue to reopen as we move into the end of this year,” Brett Ewing, chief market strategist at First Franklin Financial Services, said on Bloomberg TV. “If you can buy into that story, you need to be ahead of money flowing into these value and cyclical stocks -- if you wait for a vaccine to come out, you’re going to be missing probably the biggest opportunity right now.”
Here are some key events coming up:
- Earnings include Alibaba, JD.com, Walmart, Home Depot, BHP Group, Nvidia and Qantas.
- The EIA’s crude oil inventory report comes out Wednesday.
- The Joint Ministerial Monitoring Committee -- the panel that reviews the OPEC+ agreement -- is due to meet on Wednesday.
- U.S. jobless claims for the week ended Aug. 15 are due Thursday.
- China’s loan prime rate is due Thursday.
- Euro-area PMIs will be released on Friday
These are the main moves in markets:
Stocks
- Futures on the S&P 500 Index gained 0.3% as of 10:42 a.m. London time.
- The Stoxx Europe 600 Index increased 0.2%.
- The MSCI Asia Pacific Index was little changed.
- The MSCI Emerging Market Index rose 0.5%.
Currencies
- The Bloomberg Dollar Spot Index declined 0.2%.
- The euro climbed 0.1% to $1.1851.
- The British pound rose 0.2% to $1.3109.
- The Japanese yen strengthened 0.3% to 106.33 per dollar.
- The offshore yuan strengthened 0.1% to 6.9358 per dollar.
Bonds
- The yield on 10-year Treasuries sank one basis point to 0.70%.
- The yield on two-year Treasuries climbed less than one basis point to 0.15%.
- Germany’s 10-year yield declined one basis point to -0.43%.
- Britain’s 10-year yield dipped less than one basis point to 0.24%.
- Japan’s 10-year yield fell one basis point to 0.012%.
Commodities
- West Texas Intermediate crude declined 0.8% to $41.90 a barrel.
- Brent crude dipped 0.8% to $44.61 a barrel.
- Gold strengthened 0.3% to $1,950.05 an ounce.
— With assistance by Joanna Ossinger, and Cormac Mullen
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August 17, 2020 at 04:07AM
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Europe Stocks Mixed; U.S. Futures Rise With Gold: Markets Wrap - Bloomberg
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