Bloomberg : Stocks Drop as China Dents Hope for Long-Term Deal. Markets Wrap

 

 

 

• European shares, U.S. equity futures reverse gain; gold jumps
• Bonds rally as yen, Swiss franc, pound all rise versus dollar

 

These are some of the main moves in markets:

Stocks

• Futures on the S&P 500 Index declined 0.4% as of 9:45 a.m. London time.
• The Stoxx Europe 600 Index decreased 0.6%.
• The Shanghai Composite Index dipped 0.3%.
• The MSCI Emerging Market Index climbed 0.2%.

Currencies

• The Bloomberg Dollar Spot Index dipped 0.2%.
• The euro climbed 0.1% to $1.1166.
• The British pound rose 0.2% to $1.2934.
• The onshore yuan increased 0.1% to 7.046 per dollar.
• The Japanese yen jumped 0.5% to 108.30 per dollar.

Bonds

• The yield on 10-year Treasuries declined three basis points to 1.74%.
• The yield on two-year Treasuries decreased one basis point to 1.59%.
• Germany’s 10-year yield sank five basis points to -0.41%.
• Britain’s 10-year yield sank seven basis points to 0.618%.
• Japan’s 10-year yield decreased two basis points to -0.133%.

Commodities

• West Texas Intermediate crude decreased 0.1% to $55.03 a barrel.
• Iron ore declined 0.8% to $80.20 per metric ton.
• Gold rose 0.7% to $1,505.82 an ounce.

Here are some key events coming up this week:

• Earnings include: Exxon Mobil and Macquarie Group on Friday.
• The Fed’s preferred inflation metric, the core PCE deflator, is due Thursday.
• Friday brings the monthly U.S. non-farm payrolls report.

European stocks and U.S. equity-index futures fell on Thursday following reports that China doubts the possibility of a long-term trade deal with President Donald Trump. Haven assets including bonds, gold and the yen all advanced.

The Stoxx Europe 600 Index turned lower along with contracts for all three main American equity gauges after Bloomberg reported Chinese officials have warned they won’t budge on the thorniest trade issues and remain concerned about Trump’s impulsive nature. Earlier, stocks had been edging higher following the Federal Reserve’s third rate cut of the year and some solid earnings. Drugmaker Sanofi’s profit came in above estimates, and BNP Paribas SA reported a 35% gain in fixed income trading. Facebook Inc. and Apple Inc. both posted upbeat results after the Wednesday close.

 

European stocks and U.S. equity-index futures fell on Thursday following reports that China doubts the possibility of a long-term trade deal with President Donald Trump. Haven assets including bonds, gold and the yen all advanced.

The Stoxx Europe 600 Index turned lower along with contracts for all three main American equity gauges after Bloomberg reported Chinese officials have warned they won’t budge on the thorniest trade issues and remain concerned about Trump’s impulsive nature. Earlier, stocks had been edging higher following the Federal Reserve’s third rate cut of the year and some solid earnings. Drugmaker Sanofi’s profit came in above estimates, and BNP Paribas SA reported a 35% gain in fixed income trading. Facebook Inc. and Apple Inc. both posted upbeat results after the Wednesday close.