Publications
Partners
Sydney - A rebound in US equity futures on Monday offered some hope of stabilisation after last week’s rout, with shares in Europe and Asia also rising as investor fears of an escalation of trade tensions began to ease.
Telecommunication firm and carmakers were the biggest gainers in European equities as futures on the S&P 500 Index and the Nasdaq pointed to a higher open and Asian shares shook off earlier losses.
Ten-year Treasuries yields climbed three basis points and bonds in Germany and Italy declined. Copper traded lower after base metals posted the biggest weekly decline since early February. Brent crude held above $70 a barrel on lingering tension in Yemen. The yen slipped back from the strongest in more than 16 months against the dollar and gold pared some of Friday’s gains.
Treasury Secretary Steven Mnuchin told Fox News that he’s “cautiously hopeful” the top two economic powers will reach a deal to avoid the tariffs US President Donald Trump ordered on at least $50bn of Chinese imports. Part of the problem for investors is assessing how the tariffs will be implemented, particularly after Trump exempted a handful of key partners from planned steel and aluminum tariffs.
Mnuchin’s comments came after the administration announced a deal with South Korea that he said would limit the amount of steel imported into the US.
Here’s a list of what’s coming up this week:
• US personal income and spending data for February are due to be released on Thursday.
• The big four euro-are economies are due to release March CPI readings.
• The US Treasury will probably auction about $294bn of bills and notes this week, its largest slate of supply ever.
And these are the main moves in markets:
Stocks
• The Stoxx Europe 600 Index rose 0.2% as of 09:03.
• The MSCI All-Country World Index rose 0.1%, the largest advance in two weeks.
• Futures on the S&P 500 Index increased 1%, the biggest climb in more than two weeks.
• The MSCI Asia Pacific Index rose 0.2%, the largest advance in two weeks.
Currencies
• The Bloomberg Dollar Spot Index declined 0.1% to the lowest in five weeks.
• The euro rose 0.1% to $1.2365, the strongest in more than a week.
• The British pound climbed 0.2% to $1.4166, the strongest in more than seven weeks.
• The rand jumped 1% to R11.63 per dollar, the strongest in four weeks.
• The Japanese yen dipped 0.3% to 105.03 per dollar.
Bonds
• The yield on 10-year Treasuries climbed three basis points to 2.84%.
• Germany’s 10-year yield gained one basis point to 0.53%.
• Britain’s 10-year yield rose two basis points to 1.462%.
Commodities
• Gold decreased 0.2% to $1 344.64 an ounce.
• Brent crude declined 0.1% to $70.36 a barrel.
• LME copper decreased 1.4% to $6 570.00 per metric ton, the lowest in more than 15 weeks.
* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER
