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Stocks mixed amid trade deal watch, dollar gains

Apr 04 2019 16:46
Vildana Hajric, Bloomberg

US stocks were mixed and the dollar strengthened as investors awaited further news from US-China trade negotiations and key jobs data tomorrow in Washington.

Boeing propelled the Dow Jones Industrial Average into positive territory for a second day, while Tesla weighed on the Nasdaq after reporting a record decline in first-quarter deliveries.

The S&P 500 was flat. The Stoxx Europe 600 index fell, dragged lower by oil companies and miners. Speculation increased that President Donald Trump is likely to announce plans for a future summit meeting with President Xi Jinping of China to resolve remaining trade issues.

"The message of the day is it’s more a matter of when and not if," Burns McKinney, a portfolio manager at Allianz Global Investors, said in an interview at Bloomberg’s New York headquarters.

"It’s very clear that everything that’s gone on here politically, the president needs a policy win so badly, wants a policy win so badly. He wants to point to something."

Trump will meet with Chinese Vice Premier Liu He at the White House on Thursday, as negotiations over a trade deal between the world’s biggest economies enter what could be the final stages.

The deal being crafted would give Beijing until 2025 to meet commitments on commodity purchases and allow American companies to wholly own enterprises in the Asian nation, according to three people familiar with the talks.

The pound weakened as the UK’s House of Commons passed a bill by a single vote to block a no-deal Brexit, while the euro drifted after a slump in German factory orders.

Elsewhere, West Texas crude traded around $62 a barrel. Indian bonds declined and the rupee had its biggest drop since early January, after the nation’s central bank cut its key rate. A gauge for emerging markets stocks slipped, and Bitcoin dropped after a two-day 28% jump.

Here are some key events coming up:

The monthly US jobs report on Friday is projected to show non-farm payrolls up 175 000 in March, versus the 186 000 average over the prior three months, after recent readings whipsawed analysts.

These are the main moves in markets:

Stocks

The S&P 500 Index was little changed as of 10:33 New York time, while the Nasdaq Composite Index eased 0.3% and the Dow Jones Industrial Average climbed 0.4%. The Stoxx Europe 600 slumped 0.3%. The MSCI Emerging Market Index weakened 0.1%. The MSCI Asia Pacific Index eased 0.3%.

Currencies

The Bloomberg Dollar Spot Index gained 0.3%. The euro eased 0.2% to $1.1216, while the yen weakened about 0.1% to 111.55 per dollar. The British pound weakened 0.5% to $1.3098, the first decrease in four days. The MSCI Emerging Markets Currency Index fell 0.2%.

Bonds

The yield on 10-year Treasuries declined two basis points to 2.51%. Germany’s 10-year yield dropped one basis point to negative 0.006%. Britain’s 10-year yield fell two basis points to 1.08%.

Commodities

West Texas Intermediate fell 0.5% to $62.13 a barrel. Gold dropped 0.5% to $1,284 an ounce. The Bloomberg Commodity Index fell 0.1%.

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