Europe Stocks, U.S. Futures Jump on Trade Optimism: Markets Wrap

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Europe Stocks, U.S. Futures Jump on Trade Optimism: Markets Wrap(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.European stocks climbed with U.S. equity futures and Asian shares pared declines after China indicated it wouldn’t immediately retaliate against the latest American tariff increase. Treasuries slipped, while a dollar gauge held near a nine-month high.The Stoxx Europe 600 Index turned higher with S&P 500 contracts after a spokesman for China’s commerce ministry said escalating the trade war won’t benefit either side, and that it was more important to discuss removing the extra duties. Stocks across Asia trimmed declines on the remarks. In Europe, Italian bonds surged and its equities outperformed as the country’s president tapped Giuseppe Conte to form a new government. The pound added to its decline on Wednesday, when U.K. Prime Minister Boris Johnson moved to suspend parliament, increasing the risk of a no-deal Brexit.Market sentiment remains delicate after President Donald Trump’s recent pronouncements on trade and as investors try to sustain optimism for a resolution. The latest comments from China follow those of Treasury Secretary Steven Mnuchin, who said U.S. trade officials expect Chinese negotiators to visit Washington, though he wouldn’t say whether a previously planned September meeting would take place. White House trade adviser Peter Navarro played down a quick resolution.Meanwhile, the bond rally paused for breath after the yield on 30-year U.S. Treasuries sank to a record intraday low of 1.9039% Wednesday. Mnuchin said issuing ultra-long U.S. bonds is “under very serious consideration” in the Trump administration, possibly setting up a move that would mark a historic revamp of the $16 trillion Treasuries market.Events to keep an eye on this week:The second reading of Q2 U.S. GDP Thursday is expected to refine estimates of slightly lower economic growth.Bank of Korea policy decision and briefing is on Friday.Euro-zone CPI data for August is also due Friday.Here are the main moves in markets:StocksFutures on the S&P 500 Index gained 0.8% as of 10:05 a.m. London time.The Stoxx Europe 600 Index increased 0.9%.The Shanghai Composite Index decreased 0.1%.The MSCI Emerging Market Index rose 0.1%.CurrenciesThe Bloomberg Dollar Spot Index gained 0.1%.The euro was little changed at $1.1074.The British pound declined 0.2% to $1.219.The onshore yuan jumped 0.3% to 7.146 per dollar.The Japanese yen weakened 0.2% to 106.34 per dollar.BondsThe yield on 10-year Treasuries gained three basis points to 1.50%.The yield on two-year Treasuries advanced one basis point to 1.51%.Germany’s 10-year yield advanced two basis points to -0.69%.Britain’s 10-year yield climbed one basis point to 0.446%.Japan’s 10-year yield dipped one basis point to -0.285%.CommoditiesWest Texas Intermediate crude gained 0.7% to $56.19 a barrel.Iron ore declined 1.3% to $80.29 per metric ton.Gold decreased 0.1% to $1,538.16 an ounce.\--With assistance from Min Jeong Lee and Andreea Papuc.To contact the reporter on this story: Yakob Peterseil in London at ypeterseil@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Todd WhiteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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