Stocks Rise, Treasuries Edge Up Before Jobs Data: Markets Wrap




 

(Bloomberg) -- Stocks climbed alongside S&P 500 futures on Friday as investors counted down to U.S. jobs data and watched for any further developments ahead of a looming tariff deadline between America and China. Treasuries edged higher.

The Stoxx Europe 600 Index advanced led by retailers and travel companies, and every national gauge was in the green. Contracts on the three main U.S. equity benchmarks also ticked higher on reports China is handling requests for tariff waivers on American soybeans and pork. The dollar held an overnight decline ahead of Friday's employment report.

European bonds were mixed and drifty and the euro was flat as traders digested more bad industrial data from Germany. Shares pushed higher in most major Asian markets including Hong Kong, Shanghai and Sydney. Oil fluctuated as OPEC failed to impress traders with what appeared to be a cosmetic revision to output quotas.

Stock investors have so far clung to optimism despite whipsawing headlines on trade as the U.S. and China work toward a deal before a Dec. 15 deadline for more tariffs. Prospects for an accord could either be helped or hindered by today's jobs report, which will help show whether escalating levies have affected levels of employment.

Political risks are also on the horizon, with the U.S. House of Representatives moving toward a vote to impeach President Donald Trump and less than a week to go before the U.K. general election. In France, labor unions extended a strike until Monday.

Here are some key events coming up this week:

U.S. Labor Department figures are expected to show Friday that about 183,000 workers were added to nonfarm payrolls last month -- one of the highest forecasts this year -- with the jobless rate holding at 3.6%. Average hourly earnings are projected to grow 3% year-on-year, same as in October.

These are some of the main moves in markets:

Stocks

Futures on the S&P 500 Index climbed 0.2% as of 9:21 a.m. London time.The Stoxx Europe 600 Index gained 0.4%.The MSCI Asia Pacific Index increased 0.4%.The MSCI Emerging Market Index rose 0.5%.

Currencies

The Bloomberg Dollar Spot Index was little changed.The euro was little changed at $1.1105.The British pound dipped 0.3% to $1.3118.The onshore yuan climbed 0.2% to 7.032 per dollar.The Japanese yen gained 0.1% to 108.63 per dollar.

Bonds

The yield on 10-year Treasuries fell one basis point to 1.80%.The yield on two-year Treasuries decreased less than one basis point to 1.59%.Germany's 10-year yield dipped less than one basis point to -0.30%.Britain's 10-year yield declined one basis point to 0.763%.Japan's 10-year yield jumped two basis points to -0.006%.

Commodities

West Texas Intermediate crude fell 0.1% to $58.36 a barrel.Iron ore gained 0.5% to $87.30 per metric ton.Gold dipped 0.1% to $1,473.87 an ounce.

What's your 2020 vision? Terminal users are invited to join the Markets Live blog's survey.

--With assistance from Cormac Mullen and Eddie van der Walt.

To contact the reporter on this story: Sam Potter in London at spotter33@bloomberg.net

To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Yakob Peterseil

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

©2019 Bloomberg L.P.

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