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U.S. equity futures and European stocks drifted alongside their Asian counterparts on Friday as investors counted down to the release of first-quarter American growth data and earnings season continued apace. The dollar was steady.
Contracts on the Nasdaq, S&P 500 and Dow Jones Industrial Average were mixed and range bound, while the Stoxx Europe 600 treaded water as losses for raw material producers were offset by gains in media companies. In corporate news in the region, Deutsche Bank cut its revenue target and AstraZeneca posted an increase in cancer-drug sales. Treasuries edged into the green alongside most European sovereign debt.
In Asia, shares were marginally lower as an unexpected tumble in Japanese industrial production underscored worries over the global expansion. The yuan edged up after President Xi Jinping said his country won’t engage in currency depreciation.
At the end of a busy week for earnings, investors are taking stock of both good and bad corporate surprises against a fragile economic backdrop. U.S. first-quarter gross domestic product data due Friday will be closely watched as they seek reasons to reignite the 2019 rally in risk assets.
Elsewhere, developing-nation currencies and shares were steady. The pound was little changed, with Prime Minister Theresa May preparing to admit that the U.K. won’t be able to avoid taking part in European elections. Crude oil fell for a third day in New York.
Here are some notable events coming up:
The initial print on first-quarter U.S. GDP Friday will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.
These are the main market moves:
The Stoxx Europe 600 Index rose 0.1 percent as of 7:04 a.m. New York time.Futures on the S&P 500 Index decreased less than 0.05 percent.The MSCI Asia Pacific Index declined 0.1 percent to the lowest in more than three weeks.The MSCI Emerging Market Index dipped less than 0.05 percent.
The Bloomberg Dollar Spot Index rose 0.1 percent to the highest in more than four months.The euro climbed less than 0.05 percent to $1.1135.The Japanese yen sank 0.1 percent to 111.77 per dollar.The British pound rose 0.1 percent to $1.2908, the first advance in a week and the biggest rise in more than a week.The MSCI Emerging Markets Currency Index rose 0.1 percent, the first advance in a week and the largest advance in more than a week.
The yield on 10-year Treasuries fell one basis point to 2.53 percent.Germany’s 10-year yield dipped one basis point to -0.01 percent, the lowest in more than two weeks.Britain’s 10-year yield decreased less than one basis point to 1.154 percent, the lowest in more than two weeks.The spread of Italy’s 10-year bonds over Germany’s fell three basis points to 2.663 percentage points.
The Bloomberg Commodity Index declined 0.5 percent to the lowest in more than six weeks on the biggest decrease in more than two weeks.Brent crude decreased 2.1 percent to $72.76 a barrel, the lowest in more than a week on the largest dip in two months.LME copper climbed 0.2 percent to $6,379.50 per metric ton.Gold increased 0.3 percent to $1,280.46 an ounce, the highest in more than a week.
–With assistance from Cormac Mullen.
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