Home Stocks Stocks Kick Off Busy Week in the Red; Oil Retreats: Markets Wrap – Yahoo Finance

Stocks Kick Off Busy Week in the Red; Oil Retreats: Markets Wrap – Yahoo Finance

7 min read
0
116

Stocks Kick Off Busy Week in the Red; Oil Retreats: Markets Wrap

(Bloomberg) — European stocks fell alongside U.S. equity futures while Asian shares edged lower on Monday as a potentially crucial week for global trade and monetary policy got under way.

The Stoxx Europe 600 Index opened in the red after two days of gains, with most sectors falling. Miners bucked the trend, rising as iron ore jumped following a deadly dam collapse at a mine in Brazil. West Texas oil fell below $53 a barrel after America’s rig count rose for the first time this year. Treasuries and the yen edged higher.

Earlier in Asia, Japanese shares retreated with Chinese peers, while stocks in Hong Kong pared earlier gains to close little changed. Those markets were bolstered as the People’s Bank of China freed up a potential $37 billion for bank lending and a new chief was named to lead the country’s main securities regulator. The yuan also appreciated to its strongest against the dollar since July before Vice Premier Liu He’s trip to Washington for trade talks.

Those negotiations are among the highlights of a very busy week for investors. Among other macro events, Federal Reserve Chairman Jerome Powell will host a press briefing after the U.S. central bank’s policy decision. Some of the biggest technology companies will report fourth-quarter results, and there will be another series of potentially key votes in the U.K. Parliament about Brexit. To cap it all, a flurry of American economic figures including GDP and jobs data is set for release.

Elsewhere, Bitcoin fell, putting the biggest cryptocurrency on track for its lowest close since December. Emerging-market stocks edged lower while their currencies climbed. Gold retreated. Russia’s MOEX stock index touched an intraday record high after sanctions were lifted on Rusal, before reversing gains to trade -0.6 percent lower as oil prices tumbled.

Among key events in the coming days:

Chinese President Xi’s top economic aide, Vice Premier Liu He, will meet with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Wednesday and Thursday.Tech giants Apple, Microsoft, Facebook, Alibaba, SAP, Qualcomm, Tesla, Samsung and Sony announce earnings.On Tuesday the U.K. Parliament votes on amendments to Theresa May’s Brexit deal with the EU. The EU Parliament debates Brexit on Wednesday.Wednesday Fed Chairman Jerome Powell holds a news conference after the FOMC rate decision.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index fell 0.5 percent as of 9:51 a.m. London time.The Stoxx Europe 600 Index declined 0.3 percent.The MSCI Asia Pacific Index dipped 0.1 percent.The MSCI Emerging Market Index decreased 0.1 percent.

Currencies

The Bloomberg Dollar Spot Index increased 0.1 percent.The euro decreased less than 0.05 percent to $1.1405.The British pound fell 0.3 percent to $1.3156, the largest fall in more than a week.The Japanese yen gained 0.1 percent to 109.39 per dollar.

Bonds

The yield on 10-year Treasuries dipped one basis point to 2.75 percent.Germany’s 10-year yield was steady at about 0.20 percent.Britain’s 10-year yield was unchanged at 1.31 percent.

Commodities

West Texas Intermediate oil futures fell 1.9 percent to $52.65 a barrel.Gold dropped 0.4 percent to $1,300.52 an ounce.

–With assistance from Cormac Mullen.

To contact the reporter on this story: Samuel Potter in London at spotter33@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Todd White

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For more articles like this, please visit us at bloomberg.com” data-reactid=”41″>For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Let’s block ads! (Why?)


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Michigan's new deal on auto insurance premiums: 10 things to know – Detroit Free Press

Kathleen Gray Detroit Free Press Published 6:14 PM EDT May 24, 2019 A deal to fundamentall…