Europe Stocks Rise With U.S. Futures; Dollar Firm: Markets Wrap

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Europe Stocks Rise With U.S. Futures; Dollar Firm: Markets Wrap(Bloomberg) -- Stocks rose in Europe with U.S. equity futures while Asia shares declined as investors contemplated President Donald Trump’s latest tariff moves against an array of trading partners. The dollar was steady.The Stoxx Europe 600 advanced following three straight sessions of losses, led higher by advances in tech and chemicals shares. Contracts on the main U.S. equity benchmarks pointed to a mildly positive open in the wake of the S&P 500 Index’s biggest slide in almost eight weeks, after Trump on Monday slapped steel tariffs on Brazil and Argentina, and proposed new levies on France. The French government said the European Union would retaliate if the U.S. follows through.Benchmarks slipped across most of Asia, though equities in Taiwan and Shanghai eked out gains. Treasuries edged lower while Europe’s sovereign bonds were mixed.Investors are on the lookout for any promising signals that the world’s two largest economies are moving closer to signing the first part of a trade deal. The newest wrinkle in the effort is a Chinese report that its government is preparing a blacklist of U.S. companies for possible retaliation. Meanwhile, global economic data is coming in mixed, reflecting the toll the trade war is having on growth.“It looks like it’s going to be pushed to the beginning of next year at the best case,” Steve Brice, chief investment strategist at Standard Chartered private bank, said on Bloomberg TV with regard to a U.S.-China trade agreement. The message to investors is “maybe trim a little bit of equity exposure, or certainly not chase the market at this stage. But look to do so in the next few weeks if we see a 5-to-7% pullback.”Elsewhere, oil extended gains from Monday as traders gauge the probability of OPEC and allied producers tightening supplies when they meet later this week. Australia’s dollar rose after upbeat comments on the global economy by its central bank, while its government bonds tumbled.Here are some key events coming up this week:Germany releases factory-order data for October on Thursday.Saudi Aramco’s initial public offering is scheduled to be priced on Thursday, with Riyadh looking to raise more than $25 billion.Friday brings the U.S. jobs report, where estimates are for non-farm payrolls to rise by 190,000 in November.These are the main moves in markets:StocksThe Stoxx Europe 600 Index gained 0.4% as of 9:28 a.m. London time.Futures on the S&P 500 Index increased 0.2%.France’s CAC 40 Index gained 0.1%.The MSCI Asia Pacific Index fell 0.4%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The British pound advanced 0.3% to $1.2974.The euro was little changed at $1.108.The Japanese yen weakened 0.1% to 109.04 per dollar.BondsThe yield on 10-year Treasuries increased one basis point to 1.83%.Germany’s 10-year yield fell less than one basis point to -0.28%.Italy’s 10-year yield gained one basis point to 1.361%.Australia’s 10-year yield jumped 10 basis points to 1.198%.CommoditiesWest Texas Intermediate crude gained 0.8% to $56.38 a barrel.Iron ore decreased 0.5% to $85.97 per metric ton.LME copper sank 0.9% to $5,830 per metric ton.Copper dipped 0.6% to $2.64 a pound.\--With assistance from Joanna Ossinger and Andreea Papuc.To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Yakob PeterseilFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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