Bonds Gain as Data Cloud Outlook; Stocks Mixed: Markets Wrap

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Bonds Gain as Data Cloud Outlook; Stocks Mixed: Markets Wrap(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Treasuries gained along with most European bonds as investors weighed weak data from two of the world’s biggest economies against the apparent de-escalation in America’s trade war with China. Stocks in Europe slipped along with U.S. index futures, while Asian benchmarks rose.Carmakers and banks led the decline in the Stoxx Europe 600 index, as futures on the S&P 500 fell after the underlying index gained the most in more than two months yesterday. Washington said it was delaying until mid-December the 10% tariff on some Chinese-made products that are high on many holiday-shopping lists such as phones, laptops and toys. Later, China said it was sticking to September trade talks with the U.S., signaling that talks remain on track for now.The offshore yuan slipped and the yen clawed back some of Tuesday’s loss as Chinese retail sales and industrial output data missed estimates. The euro fluctuated as data showed Germany’s economy contracted in the second quarter. The pound was steady after U.K. inflation exceeded estimates in July. The dollar was steady.President Donald Trump said he delayed the tariffs to spare the Christmas shopping season after his representatives had a “productive” call with China. That eased investor concern over souring trade tensions and renewed some appetite for riskier assets on Tuesday. The upbeat mood waned, however, as the data from China and Germany added to concern over the outlook for global economic growth.“This to-ing and fro-ing relationship is expected to stay in place,” Catherine Yeung, Fidelity International investment director, said on Bloomberg TV. “You might get periods of relief like what you are seeing at the moment, but medium term the relationship has changed so the markets will react in a volatile or choppy manner.”Meanwhile, Hong Kong’s airport resumed normal operations after a chaotic night of protest in which demonstrators beat and detained two suspected infiltrators and Trump warned of Chinese troops massing on the border.Elsewhere, oil declined after jumping the most since early January. Gold traded near $1,500/ounce after falling a day earlier.Here are some key events coming up:Companies releasing results include Tencent and Alibaba; Cisco, Walmart and Nvidia of the U.S.; the U.K.’s Prudential; Australia’s Telstra; and Europe’s Swisscom.Thursday sees the release of U.S. jobless claims, industrial production and retail sales data.These are the main moves in markets:StocksFutures on the S&P 500 Index declined 0.3% as of 9:17 a.m. London time.The Stoxx Europe 600 Index decreased 0.1%.Germany’s DAX Index dipped 0.2%.The U.K.’s FTSE 100 Index rose 0.1%.The MSCI Asia Pacific Index increased 0.7%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro increased 0.1% to $1.118.The British pound gained 0.1% to $1.2072.The Japanese yen gained 0.3% to 106.43 per dollar.BondsThe yield on 10-year Treasuries dipped five basis points to 1.65%.Britain’s 10-year yield fell one basis point to 0.486%.Germany’s 10-year yield decreased one basis point to -0.62%.CommoditiesWest Texas Intermediate crude dipped 1.4% to $56.31 a barrel.Gold fell 0.1% to $1,499.42 an ounce.Iron ore gained 2.1% to $88.60 per metric ton.\--With assistance from Namitha Jagadeesh and Adam Haigh.To contact the reporter on this story: Laura Curtis in London at lcurtis7@bloomberg.netTo contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Robert BrandFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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