European stocks and U.S. futures climbed on signs that American lawmakers are making progress on an economic aid package.
Gold continued its ascent above a record $2,000 an ounce as investors considered the effects of more government stimulus, while the dollar weakened. Ten-year Treasury yields edged up, but are still near the lowest since March.
Commodity and retail shares led gains in the Stoxx Europe 600 Index. BMW AG slid 2.5% after the German carmaker reported its first loss since 2009.
Pressure is growing on Republicans and Democrats to resolve differences over a new U.S. virus relief package. Treasury Secretary Steven Mnuchin said the goal is to strike a deal on legislation by the end of the week.
“Hopes of a fiscal package will indeed be instrumental in any improvement in risk sentiment,” said Padhraic Garvey, head of Americas research at ING Financial Markets. “Comments overnight were cautious with Mnuchin hoping for a deal by the end of the week. This comes at a time Fed officials are calling for longer-lasting support for the economy.”
Meanwhile, America and China plan to assess their trade agreement in mid-August against a backdrop of rising bilateral tension, according to people briefed on the matter. China’s yuan strengthened to its highest level since March 11.
Oil was steady in New York. Futures gained about 2% on Tuesday after a massive blast at Lebanon’s main port rocked Beirut, raising concerns about fresh instability in the Middle East.
“We are steadily moving into the recovery phase with continued strong service PMIs,” said Sebastien Galy, a senior macro strategist at Nordea Investment Funds. “Positive news continues on the vaccine front continues suggesting a much stronger growth by the end of 2021.”
Michael Purves of Tallbacken Capital Advisors says this equity rally is hated. He speaks on “Bloomberg Surveillance.”
Source: Bloomberg
Here are some key events coming up:
- Euro-zone PMI reports are scheduled for Wednesday.
- Reserve Bank of India and Bank of England rate decisions due Thursday.
- Dallas Fed President Robert Kaplan discusses the U.S. economy at Thursday event.
- July U.S. employment and jobs reports expected Friday.
These are some of the main moves in markets:
Stocks
- Futures on the S&P 500 Index climbed 0.4% as of 8:19 a.m. London time.
- The Stoxx Europe 600 Index gained 0.6%.
- The MSCI Asia Pacific Index increased 0.5%.
- The MSCI Emerging Market Index advanced 0.8%.
Currencies
- The Bloomberg Dollar Spot Index fell 0.3%.
- The euro increased 0.2% to $1.1827.
- The British pound gained 0.3% to $1.3105.
- The Japanese yen was little changed at 105.69 per dollar.
- The offshore yuan strengthened 0.3% to 6.9515 per dollar.
Bonds
- The yield on 10-year Treasuries advanced one basis point to 0.52%.
- The yield on two-year Treasuries climbed less than one basis point to 0.11%.
- Germany’s 10-year yield gained one basis point to -0.55%.
- Britain’s 10-year yield advanced one basis point to 0.085%.
- Japan’s 10-year yield dipped one basis point to 0.012%.
Commodities
- West Texas Intermediate crude gained 1% to $41.94 a barrel.
- Brent crude increased 0.8% to $44.71 a barrel.
- Gold strengthened 0.6% to $2,031.36 an ounce.
— With assistance by Brendan Walsh, Gregor Stuart Hunter, and Joanna Ossinger
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Stock Market Today: Dow, S&P Live Updates for Aug. 5, 2020 - Bloomberg
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