U.S. Stock Futures Pare Gains on Trump Tariff Move: Markets Wrap

Stocks

• Futures on the S&P 500 Index climbed 0.1% as of 8:25 a.m. New York time.
• The Stoxx Europe 600 Index declined 0.4%.
• The MSCI Asia Pacific Index rose 0.5%.
• The MSCI Emerging Market Index increased 0.1%.

Currencies

• The Bloomberg Dollar Spot Index was little changed.
• The euro gained 0.1% to $1.1025.
• The British pound rose 0.1% to $1.2935.
• The onshore yuan declined 0.1% to 7.042 per dollar.
• The Japanese yen was little changed at 109.50 per dollar.

Bonds

• The yield on 10-year Treasuries climbed six basis points to 1.83%.
• The yield on two-year Treasuries climbed one basis point to 1.63%.
• Germany’s 10-year yield jumped seven basis points to -0.29%.
• Britain’s 10-year yield jumped five basis points to 0.744%.
• Japan’s 10-year yield rose three basis points to -0.045%.

Commodities

• West Texas Intermediate crude climbed 1.8% to $56.15 a barrel.
• Iron ore dipped 0.7% to $85.91 per metric ton.
• Gold decreased 0.3% to $1,459.86 an ounce.

Here are some key events coming up this week:

• U.S. ISM manufacturing and construction spending on Monday.
• Saudi Aramco’s initial public offering is scheduled to be priced on Thursday.
• Friday brings the U.S. jobs report, where estimates are for non-farm payrolls to rise by 190,000 in November.

U.S. equity futures pared a gain and European stocks turned lower as a move on tariffs by America overshadowed upbeat global factory data and reminded investors of lingering trade risks. Government bonds slid.

Contracts on the main U.S. gauges had been solidly up with shares across Europe and Asia after a strong China manufacturing purchasing-manager index reading, but they pared after President Donald Trump said he was restoring tariffs on steel and aluminum shipped from Brazil and Argentina. Trump also renewed his assault on the Federal Reserve, saying the authority should “lower rates and loosen” monetary policy.

The Stoxx Europe 600 Index declined after the news, despite data showing the region’s factory activity rose to a three-month high last month. Earlier, Japanese stocks led gains in Asia, while Hong Kong shares managed to climb even after clashes between protesters and police resumed over the weekend.