U.S. Futures Drift Amid Earnings; Pound Steadies: Markets Wrap

 

 

 

 

Here are the main moves in markets:

Stocks

• Futures on the S&P 500 Index advanced 0.1% as of 8:27 a.m. New York time.
• The Stoxx Europe 600 Index decreased 0.1%.
• The U.K.’s FTSE 100 Index was little changed.
• The MSCI Asia Pacific Index dipped 0.1%.

Currencies

• The Bloomberg Dollar Spot Index decreased 0.1%.
• The euro increased 0.2% to $1.1143.
• The British pound was little changed at $1.289.
• The Japanese yen gained 0.1% to 108.55 per dollar.

Bonds

• The yield on 10-year Treasuries gained one basis point to 1.76%.
• Germany’s 10-year yield advanced three basis points to -0.38%.
• Britain’s 10-year yield climbed four basis points to 0.719%.

Commodities

• West Texas Intermediate crude climbed 0.9% to $54.41 a barrel.
• Gold declined 0.1% to $1,490.55 an ounce.

U.S. equity-index futures fluctuated alongside European stocks on Friday as earnings season rolled on and investors reviewed a mixed bag of economic data from China. The dollar edged toward its weakest close since July and the pound drifted.

Contracts on all three major U.S. gauges fluctuated in a small range, firming slightly as earnings from both American Express and Coca-Cola beat expectations. Drops in automakers and food shares weighed on the Stoxx Europe 600 Index after some less positive results. Renault plunged as much as 15% after the carmaker cut its full-year forecast, and rival Volvo declined after saying it was preparing for more output cuts for next year.

Treasuries ticked lower while most sovereign bonds fell across Europe. Oil futures rose. The lira gained after Turkey and the U.S. agreed to a temporary cease-fire plan for Syria. While sterling was range bound it was still poised for a third week of gains before U.K. Prime Minister Boris Johnson seeks parliamentary backing on Saturday for his Brexit deal.

Investors are seeking a fresh stimulus for equities as the weekend approaches. American earnings so far have been relatively upbeat, after Morgan Stanley became the latest big bank to buck concerns about weak growth. Traders will also be mulling the data from China, which showed GDP slow to 6% in the third quarter, with limited pick-up from domestic demand, but factory output improve and retail sales hold up.

Earlier in Asia, shares closed down in Shanghai after Chinese GDP rose by the least since the early 1990s last quarter. Benchmarks in Japan and South Korea gave up gains to finish lower.

Remaining events this week:

• The IMF and World Bank host annual meetings of global finance chiefs in Washington