Stocks Rebound on Fresh Hopes for U.S.-China Deal: Markets Wrap By Robert Brand

 

 

 

And these are the main moves in markets:

Stocks

• The Stoxx Europe 600 Index surged 1.1% as of 7:14 a.m. New York time.
• Futures on the S&P 500 Index jumped 0.5%.
• The U.K.’s FTSE 100 Index increased 0.2%.
• The MSCI World Index of developed countries rose 0.1%.
• The MSCI Emerging Market Index decreased 0.1%.

Currencies

• The Bloomberg Dollar Spot Index dipped 0.1%.
• The euro dipped 0.1% to $1.1074.
• The British pound climbed 0.6% to $1.3068.
• The Japanese yen was little changed at 108.65 per dollar.

Bonds

• The yield on 10-year Treasuries gained two basis points to 1.74%.
• The yield on two-year Treasuries rose one basis point to 1.55%.
• Germany’s 10-year yield rose less than one basis point to -0.34%.
• Britain’s 10-year yield jumped four basis points to 0.708%.
• Japan’s 10-year yield dipped two basis points to -0.038%.

Commodities

• West Texas Intermediate crude surged 1.6% to $56.99 a barrel.
• Gold was little changed at $1,477.07 an ounce.

Here are some key events coming up this week:

• Germany releases factory-order data for October on Thursday.
• India’s central bank reviews monetary policy on Thursday.
• Saudi Aramco’s initial public offering is scheduled to be priced on Thursday, with Riyadh looking to raise more than $25 billion.
• 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 advanced with European stocks after a news report that China and America were moving closer to a trade deal, despite heated rhetoric. Treasuries slipped and gold erased a gain.

Contracts on three main American index futures rebounded after Bloomberg reported U.S. negotiators expect a phase-one deal with China to be completed before tariffs are set to rise on Dec. 15, despite tensions over Hong Kong and Xinjiang. Miners and chemical producers led the rise on the Stoxx Europe 600 gauge. Earlier, equity benchmarks closed lower across Asia, with Australia and Hong Kong bearing the brunt of the declines.

The dollar briefly recovered against major peers, then headed lower. The euro edged down after a manufacturing report showed that the single-currency economy is barely expanding. The British pound climbed to an almost seven-month high against the dollar and its strongest level since May 2017 against the euro as polls showed the Conservatives have increased their lead before the election. Crude oil futures rose.