Europe stocks gain with US futures; dollar slips | Fin24

Europe stocks gain with US futures; dollar slips

Nov 21 2018 11:18
Andreea Papuc and Eddie van der Walt, Bloomberg

Stocks in Europe rallied along with US futures, trimming losses after a slew of declines across assets on Tuesday, while Asian shares were mixed. Treasuries edged lower and the dollar slipped.

Technology shares and car companies led an advance in the Stoxx Europe 600 Index, with contracts on the S&P 500, Dow and Nasdaq all pointing to a firmer open. The plunge in Apple's stock hit suppliers in Asia after all major US benchmarks fell more than 1.5% on Tuesday. The euro pushed higher on reports the Italian government may be open to budget revisions, while Italian bonds gained. Gold held steady.

Traders are having to contend with President Donald Trump’s trade war, which shows no sign of abating, as well as concerns that corporate earnings may have peaked. Despite Trump’s pleas for lower rates, the Federal Reserve still appears set to tighten again in December, a move that may weigh on growth and a headache for holders of some $5trn in corporate bonds that have been sold by S&P 500 companies in the past decade.

Elsewhere, WTI oil halted a slide near $54 a barrel as investors weighed industry data that showed US crude inventories unexpectedly fell last week against doubts over OPEC’s plans to cut output. Bitcoin stabilized after the recent sell-off.

Coming Up

It’s a shortened trading week because of the Thanksgiving holiday in the US on Thursday. In addition, Black Friday, the day after Thanksgiving, marks the traditional start to the US holiday shopping season.

These are the main moves in markets:


The Stoxx Europe 600 Index gained 0.4% as of 08:04 London time. Futures on the S&P 500 Index rose 0.5%. The MSCI All-Country World Index dipped less than 0.05% to the lowest in more than three weeks. The MSCI Emerging Market Index climbed less than 0.05%.


The Bloomberg Dollar Spot Index dipped 0.1%. The euro jumped 0.2% to $1.1393. The Japanese yen declined 0.1% to 112.85/$. The British pound rose 0.1% $1.2804. The MSCI Emerging Markets Currency Index decreased less than 0.05%.


The yield on 10-year Treasuries rose one basis point to 3.08%, the biggest advance in more than two weeks. Germany’s 10-year yield rose two basis points to 0.37%, the largest rise in almost three weeks. Britain’s 10-year yield increased two basis points to 1.401%. The spread of Italy’s 10-year bonds over Germany’s fell 10 basis points to 3.1615 percentage points.


The Bloomberg Commodity Index gained 1.1%. West Texas Intermediate crude increased 1.4% to $54.20 a barrel, the largest climb in seven weeks. LME copper increased 0.6% to $6 220.00 per metric ton. Gold climbed 0.1% to $1 223.42 an ounce.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

equities  |  markets  |  currencies


Company Snapshot


Debt and Eskom will take centre stage at this year's Budget

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote