European stocks began the week advancing alongside U.S. futures after equities set fresh record highs on Friday. The yen weakened.
Mining shares led gainers in Europe along with utilities including Suez SA, which jumped after an approach by rival Veolia Environnement SA. Contracts on the three main American stock indexes pointed to a strong open on Wall Street. Markets in the U.K. are closed for a public holiday.
Equities in Japan outperformed peers in Asia, bolstered by Berkshire Hathaway Inc.’s purchase of stakes in five major trading companies, one of billionaire Warren Buffett’s biggest investments in the nation. The yen gave back some of Friday’s gain, the biggest in five months, as Japan searched for a new prime minister. Silver rose, outperforming gold.
Investors are taking comfort in the global economy’s reemergence from virus shutdowns and will be scouring data this week for further clues on the scale of the upswing. The eurozone on Tuesday publishes manufacturing and inflation data, followed by U.S. jobs numbers on Thursday and Friday. Inflation readings from Spain, Italy and several German states are nowhere near where the region’s central bank wants them to be.
Still, with coronavirus infections in the U.S. ticking up again, India recording its biggest daily spike and cases worldwide surpassing 25 million, the pandemic is far from beaten.
“While momentum has slowed in light of rising cases, in the U.S. in July and in Europe in August, the economic recovery continues to unfold,” Esty Dwek, head of global market strategy at Natixis Investment Managers Solutions, said in a note. “Central banks have already stated they would remain ultra-accommodative for a long time. Risk assets are likely to remain supported, even if the ride will probably be bumpy.”
The S&P 500 closed at an all-time high for a sixth consecutive trading session Friday, while the Nasdaq Composite also reached a record. Chinese economic activity continued to rebound in August as the world’s second-largest economy emerged from the virus slump. West Texas crude oil advanced above $43 a barrel.
Some investors are “blindly following” the logic behind the surge in U.S. tech stocks, UniCredit says.
Source: Bloomberg
Here are some key events to watch this week:
- Reserve Bank of Australia hands down its policy decision Tuesday.
- ISM manufacturing data is due Tuesday in the U.S, Australia GDP is due Wednesday.
- U.S. jobless claims for the week ended Aug. 29 are due Thursday.
- U.S. jobs report on Friday is forecast to show payrolls continued to rebound in August from virus lows.
Here are the main market moves:
Stocks
- Futures on the S&P 500 Index increased 0.3% as of 10:34 a.m. London time.
- The Stoxx Europe 600 Index gained 0.4%.
- Germany’s DAX Index advanced 0.6%.
- The MSCI Asia Pacific Index declined 0.7%.
Currencies
- The Bloomberg Dollar Spot Index increased 0.1% to 1,162.57.
- The euro gained 0.1% to $1.1913.
- The Japanese yen weakened 0.5% to 105.88 per dollar.
- The British pound declined 0.3% to $1.3308.
Bonds
- The yield on 10-year Treasuries dipped less than one basis point to 0.72%.
- Germany’s 10-year yield gained two basis points to -0.39%.
- Britain’s 10-year yield declined three basis points to 0.311%.
Commodities
- West Texas Intermediate crude gained 1.2% to $43.47 a barrel.
- Gold was little changed at $1,965.18 an ounce.
- Soybeans advanced 1.4% to $9.64 a bushel.
— With assistance by Joanna Ossinger, and Andreea Papuc
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August 31, 2020 at 04:38AM
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Stock Market Today: Dow, S&P Live Updates for Aug. 31, 2020 - Bloomberg
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