Stocks Rebound at End of Tough Week; Bonds Steady: Markets Wrap




 

(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.

European stocks rose with U.S. equity futures at the end of a bruising week in which escalating trade tensions weighed on investors. Treasuries steadied after Thursday's rally.

Carmakers and energy firms pushed the Stoxx Europe 600 index higher, while futures on the S&P 500, Dow Jones Industrial Average and Nasdaq 100 also climbed in the wake of steep declines a day earlier. Shares in Asia edged higher, with Chinese equities little changed and Indian stocks rebounding. Despite the gains, a gauge of global equities is headed for a third straight weekly drop, its longest losing streak of the year.

The rally in sovereign bonds showed signs of easing after yields on 10-year Treasuries touched the lowest since 2017. The dollar drifted and the euro nudged higher. The pound also edged up as people familiar with the matter said U.K. Prime Minister Theresa May was set to announce a timeline for her resignation.

Ahead of a long weekend for both the U.S. and U.K., concerns are mounting that the trade dispute could cripple global growth, with disappointing American factory data Thursday hinting at the fragility of the expansion. After the close on Wall Street, President Donald Trump said that Huawei Technologies Co., which was put on a U.S. blacklist earlier this month, could be part of any trade pact with China.

"The trade war is going to cause growth to slow, both in the U.S. and China, and therefore globally -- there is no doubt about that," Komal Sri-Kumar, founder and president of Sri-Kumar Global Strategies Inc., told Bloomberg TV in New York. "The trade war is taking on new dimensions."

Elsewhere, Australia's 10-year bond yield reached another all-time low amid calls for as many as three central bank interest-rate cuts this year. The yuan was flat on signs of stabilization from China's central bank this week.

And these are the main moves in markets:

Stocks

Futures on the S&P 500 Index added 0.6% as of 9:26 a.m. London time.The Stoxx Europe 600 Index rose 0.7%, the biggest advance in more than a week.The U.K.'s FTSE 100 Index rose 0.8%, the largest advance in more than a week.The MSCI Emerging Market Index gained 0.3%.The MSCI Asia Pacific Index increased 0.2%.

Currencies

The Bloomberg Dollar Spot Index declined less than 0.05%, the lowest in more than a week.The euro rose 0.1% to $1.1191, the strongest in more than a week.The British pound climbed 0.1% to $1.2675, the biggest increase in three weeks.The Japanese yen gained 0.1% to 109.52 per dollar, the strongest in more than a week.

Bonds

The yield on 10-year Treasuries fell less than one basis point to 2.32%, the lowest in more than 18 months.Germany's 10-year yield was unchanged at -0.12%, the lowest in more than two years.Britain's 10-year yield rose one basis point to 0.959%.

Commodities

West Texas Intermediate crude rose 1.3% to $58.64 a barrel, the largest advance in more than a week.Gold dipped 0.1% to $1,282.55 an ounce.

--With assistance from Adam Haigh.

To contact the reporter on this story: Namitha Jagadeesh in London at njagadeesh@bloomberg.net

To contact the editor responsible for this story: Samuel Potter at spotter33@bloomberg.net

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

COMMENTS

More Related News

Beyond Meat Shorts Close to `Tipping Point
Beyond Meat Shorts Close to `Tipping Point' as Losses Mount

(Bloomberg) -- Beyond Meat Inc. bears are battered, but they haven't given up -- yet.Short sellers have managed to dodge a short squeeze despite the stock's 33% advance in the past six trading days, according to S3 Analytics. While the stock fell as much as 4.5% on Wednesday, expectations for borrow

Trump
Trump's Biggest Move to End the 'War on Coal' Won't Rescue the Industry

(Bloomberg) -- President Donald Trump is scaling back sweeping Obama-era curbs on greenhouse gas emissions from power plants burning coal, his biggest step yet to fulfill his campaign promise to stop a "war" on the fossil fuel.Yet the Environmental Protection Agency's rewrite of the Clean Power Plan,

U.S. Navy Presents Evidence of Iran
U.S. Navy Presents Evidence of Iran's Role in Attack on Tankers

(Bloomberg) -- A U.S. navy investigator presented what he said was evidence of Iran's involvement in the attacks on tankers near the Persian Gulf, laying out the most detailed assessment that's been made public since the incident raised tensions in the region earlier this month.Commander Sean Kido, an

China Is Buying Iranian LPG Despite Sanctions, Ship-Tracking Shows
China Is Buying Iranian LPG Despite Sanctions, Ship-Tracking Shows

(Bloomberg) -- After being hit by the trade war and U.S. sanctions on Iran, some Chinese buyers of liquefied petroleum gas from the Persian Gulf nation are finding it's too tough a habit to kick.China sourced around a fifth of its LPG -- used as cooking fuel, in cigarette lighters and to make plastic

Biden Tells Elite Donors He Doesn
Biden Tells Elite Donors He Doesn't Want to 'Demonize' the Rich

(Bloomberg) -- Former Vice President Joe Biden told affluent donors Tuesday that he wanted their support and -- perhaps unlike some other Democratic presidential candidates -- wouldn't be making them political targets because of their wealth."Remember, I got in trouble with some of the people on my team, on the Democratic side, because I said, you know, what I've found is rich people are just as patriotic as poor people. Not a joke. I mean, we may not want to demonize anybody who's made money," Biden told about 100 well-dressed donors at the Carlyle Hotel on New York's Upper East Side, where the hors d'oeuvres included lobster, chicken satay and crudites.  "Truth of the matter is, you all...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.