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Stocks Rise on Mounting Trade Optimism; Bonds Fall: Markets Wrap
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Stocks Rise on Mounting Trade Optimism; Bonds Fall: Markets Wrap
(Bloomberg) -- U.S equity futures climbed with European stocks after China said it agreed with America to roll back tariffs on each other’s goods in phases as they work toward a trade deal. Treasuries and gold declined.Contracts on the S&P 500 rose alongside the Stoxx Europe 600 after a Chinese government spokesman said the economic superpowers would remove the duties in phases “as progress is made on the agreement.” China is also reportedly studying the removal of curbs on U.S. poultry imports. Shares advanced in Hong Kong and China’s yuan strengthened offshore. Equities trading in Shanghai and Tokyo had already closed.West Texas-grade oil futures rose past $57 a barrel in New York, and a Bloomberg index of commodities advanced. The pound weakened after two Bank of England policy makers unexpectedly voted for an interest rate cut. European sovereign bonds declined.Risk appetite is picking up as China’s latest assertions of progress on trade helped counter earlier reports that a preliminary accord may not happen this month as the two sides continued to wrangle over a location to sign it. With economic indicators showing signs of stabilization, investors will now be looking for further evidence that a global recession can be avoided.“Before we see material evidence of an agreement, any trade headline will be seen as a short-term trading opportunity,” said Linus Yip, a Hong Kong-based strategist with First Shanghai Securities Ltd. “We see good news coming out, and the market is reacting to that. I don’t know if it will last for a long time.”Here are some key events coming up this week:Earnings are due this week from companies including Walt Disney.The USDA World Agricultural Supply and Demand Estimates Report for November comes out Friday.These are the main moves in markets:StocksFutures on the S&P 500 Index advanced 0.4% as of 8:30 a.m. New York time.The Stoxx Europe 600 Index increased 0.2%.The Shanghai Composite Index was little changed.The MSCI Emerging Market Index gained 0.3%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro increased 0.1% to $1.1078.The British pound sank 0.4% to $1.2802.The onshore yuan gained 0.3% to 6.975 per dollar.The Japanese yen declined 0.2% to 109.15 per dollar.BondsThe yield on 10-year Treasuries advanced five basis points to 1.88%.The yield on two-year Treasuries gained four basis points to 1.65%.Germany’s 10-year yield advanced five basis points to -0.28%.Britain’s 10-year yield increased three basis points to 0.741%.Japan’s 10-year yield climbed two basis points to -0.064%.CommoditiesWest Texas Intermediate crude gained 1.6% to $57.27 a barrel.Iron ore decreased 0.3% to $80.05 per metric ton.Gold dipped 0.4% to $1,484.88 an ounce.\--With assistance from Adam Haigh, Andreea Papuc, Elena Popina and Cecile Vannucci.To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Yakob PeterseilFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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