(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.
U.S. equity futures pared most of their gain when retail sales data came in hotter than expected, while European stocks advanced after a mixed session in Asia. Treasuries dropped and the dollar extended an advance.
Futures on the benchmark U.S. index were little changed after the underlying gauge ended Monday at a record. Goldman Sachs Group Inc. rose in pre-market trading after total trading revenue beat expectations, while JPMorgan Chase & Co. slipped after cutting its outlook and Wells Fargo & Co. fell as income missed estimates. The Stoxx Europe 600 Index climbed, with construction companies pacing the gains. Japanese equities dipped as traders returned from a holiday while South Korean stocks advanced.
Despite strong U.K. wage numbers, the pound slumped on fresh Brexit worries. The euro slipped as investor confidence in Germany's economic outlook fell. Oil held below $60 a barrel as U.S. output returned after storm Barry was downgraded.
In the latest clues over the health of the world's largest economy, U.S. retail sales exceeded projections in June, in data published one day after Chinese figures showed signs of stabilization. Earnings season is also picking up pace, providing an insight into the strength of corporate America, while a slew of Federal Reserve speakers this week may offer guidance on the path for monetary policy.
The trade war remains in the picture, with Treasury Secretary Steven Mnuchin saying he and U.S. Trade Representative Robert Lighthizer may travel to Beijing for negotiations if talks by phone this week are productive.
"We are concerned about complacency as investors seem to believe the Fed will save the day, the U.S.-China trade dispute will be resolved relatively soon and massive China stimulus will boost global growth," said Bob Doll, chief equity strategist and senior portfolio manager at Nuveen Asset Management. "Market risks lean more to the downside."
Here are some key events coming up:
These are the main moves in markets:
--With assistance from Adam Haigh.
To contact the reporter on this story: Yakob Peterseil in London at email@example.com
To contact the editors responsible for this story: Samuel Potter at firstname.lastname@example.org, Laura Curtis
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.