US stocks rise as investors await Fed minutes

New York - US stocks opened higher and the dollar and Treasuries were largely steady as investors held tight before the release of the latest Federal Reserve minutes. European stocks advanced amid growing optimism over the region’s economy.

Oil headed for its first gain in three days and base metals railled.

Markets are settling down after a tumultuous few days spurred by heightened tensions between the US and North Korea. All major U.S. equity indexes gained at the open. In Europe, miners and financial-services companies led the way as the Stoxx Europe 600 Index advanced, while core bonds across the region declined.

The euro slipped after a report that Mario Draghi won’t deliver a fresh policy message at the Fed’s Jackson Hole conference next week.

The latest European data showed more nations joining the recovery as the euro-area economy gathers pace. Italy’s economy expanded for a 10th straight quarter, while growth in the Netherlands beat economists’ estimates. Eastern European economies including Romania, the Czech Republic and Poland also exceeded expectations, confirming that a broad-based recovery is taking hold.

Meanwhile, data on Tuesday that showed that American consumers splurged in July has bolstered the prospects of accelerating growth in the second half in the world’s largest economy.

Minutes from the Fed meeting will be parsed closely; policy makers have indicated they may announce plans to reduce the central bank’s balance sheet in September and then potentially raise interest rates again this year.

In other economic news, Australian wage growth matched estimates in the second quarter, rising 0.5% from the previous three-month period and 1.9% from a year earlier.

Here are the main moves in markets:

Stocks

• The S&P 500 Index was up 0.2% to 2 469.12 as of 15:43.

• The Stoxx Europe 600 Index rose 0.8% to 379.61, the highest in a week. 

• The MSCI All-Country World Index increased 0.4%.

• The UK’s FTSE 100 Index gained 0.8%.

• Germany’s DAX Index jumped 0.9% to the highest in more than a week. 

Currencies

• The Bloomberg Dollar Spot Index increased 0.1% to the highest in four weeks.

• The euro declined 0.2% to $1.171, the weakest in almost three weeks. 

• The Japanese yen decreased 0.1% to 110.79 per dollar.

Bonds

• The yield on 10-year Treasuries was unchanged at 2.27%.

• Germany’s 10-year yield increased three basis points to 0.46%, the highest in more than a week. 

• Britain’s 10-year yield gained three basis points to 1.12%, the highest in more than a week.

Commodities

• West Texas Intermediate crude increased 0.2% to $47.63 a barrel. 

• Gold slid 0.1% to $1 270.02 an ounce, heading for its third day of losses.

• Copper added 2% to $2.94 a pound and zinc rose 4% to $3 082 a ton as base metals rallied.

Asia

• Japan’s Topix index closed little changed.

• South Korea’s Kospi index rose 0.6%, reopening after a holiday.

• The Hang Seng Index added 0.9% in Hong Kong, while the Shanghai Composite Index fell 0.2%.

• Australia’s S&P/ASX 200 Index advanced 0.5%.

• Singapore’s Straits Times Index was Asia’s worst performer on Wednesday, falling as much as 1.1%, as banks and interest-rate sensitive stocks dropped.

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