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U.S. Stocks Open Higher; Brexit Rally Fades: Markets Wrap

  • U.K. and EU accord sparks big risk-on swing before moves ease
  • Treasury yields rise; oil eases as U.S. stockpile increases
 
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U.S. stocks opened higher, boosted by mostly positive quarterly results. Doubts over whether a Brexit deal can win approval weighed on the pound.

Morgan Stanley became the latest big bank to defy expectations for weak growth, while Netflix’s international performance impressed analysts. IBM missed revenue forecasts. Risk appetite was stoked across the board as the U.K. and European Union said they had agreed on a new withdrawal plan, but it quickly ebbed when a key Northern Irish party said it won’t vote for the deal. The Stoxx Europe 600 Index gave up most of its gain.

With doubts swirling over the Brexit deal’s chances of success, investors are also grappling with a mixed bag earnings from major European companies. Unilever said growth fell short of estimates while Nestle announced a buyback.

Earlier in Asia, stocks fell in Tokyo, Sydney and Seoul, rose in Hong Kong and were barely changed in Shanghai. Taiwan Semiconductor, the primary chip supplier to Apple, projected current-quarter revenue ahead of analysts’ estimates. The Australian dollar strengthened after the country’s jobless rate unexpectedly fell and full-time employment climbed.

Here are some key events coming up this week:

  • China releases third-quarter GDP, September industrial production and retail sales data on Friday.

Here are the main movers in markets:

Stocks
  • The S&P 500 Index advanced 0.4% to 3,003.37 as of 9:30 a.m. New York time, the highest in more than three weeks.
  • The Dow Jones Industrial Average gained 0.2% to 27,075.99, the highest in more than three weeks.
  • The Nasdaq Composite Index climbed 0.6% to 8,174.82, the highest in more than three weeks.
  • The Stoxx Europe 600 Index increased 0.2% to 394.21, the highest in about 17 months.

Currencies
  • The Bloomberg Dollar Spot Index fell 0.3% to 1,199.89, the lowest in almost 12 weeks.
  • The euro advanced 0.5% to $1.1124, the strongest in more than seven weeks on the biggest gain in almost four weeks.
  • The Japanese yen strengthened 0.1% to 108.68 per dollar.
  • The British pound dipped 0.1% to $1.2824.

Bonds
  • The yield on two-year Treasuries advanced one basis point to 1.60%.
  • The yield on 10-year Treasuries climbed two basis points to 1.76%.
  • Germany’s 10-year yield dipped less than one basis point to -0.39%.
  • Britain’s 10-year yield declined less than one basis point to 0.709%.

Commodities
  • West Texas Intermediate crude declined 0.7% to $53.01 a barrel.
  • Gold strengthened 0.1% to $1,491.34 an ounce.
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