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(Bloomberg) – European stocks fluctuated alongside US equity futures on Wednesday as the rebound in global equities struggled to keep up. Oil slipped, while treasure advanced with German bonds.
Contracts on the S & P 500, Dow and Nasdaq shifted between gains and losses, while the Stoxx Europe 600 was stable, with automaker declines offsetting gains for construction companies. The positive side was Asia, where a regional stock gauge recorded its largest increase in one day in six weeks. Mainland China led the gains after speculation rose as Beijing will boost the recovery after data showed the economy was losing momentum.
The Australian dollar sank as China signaled that industrial production, retail sales and investment all slowed last month, highlighting the fragility of the world's second largest economy, which is preparing for an intensification of the trade confrontation. American. Treasury yields have fallen to the lowest since March as investors are still shocked by last week's trade talks. German 10-year yields have fallen to the lowest since 2016.
The renewed appetite for risky assets is being tested as investors remain on their guard after a trade-induced roller coaster for the markets. The White House is preparing tariffs on the remaining $ 300 billion of Chinese imports, and economists warn that the new sanctions will weigh heavily on the US economy. President Donald Trump is preparing to meet with his Chinese counterpart, Xi Jinping, at the G-20 summit next month, a meeting that could prove crucial in intensifying the trade war.
"It's too early to tell if this is a purchase, if the conditions are slightly over-sold or if it's the beginning of stabilization," said Bloomberg TV, Hong Kong's Gina Martin Adams, Chief Strategist at Bloomberg Intelligence. "Our thesis is that we are going to experience a period of volatility most of the time next month as we wait for the G-20 meeting."
Elsewhere, oil dropped, an industry report signaling a rise in US inventories easing concerns over tightening supply following a drone attack in Saudi Arabia that highlighted the vulnerability of the country's energy infrastructure.
Here are some notable events coming this week:
This week's revenues include Alibaba, Cisco, Nvidia.U.S. Retail sales and industrial production are scheduled for Wednesday. The Indonesian bank announced Thursday an interest rate decision. Australian unemployment came out on Thursday.
And here are the main movements of the market:
stocks
The S & P 500 Index futures rose less than 0.05% at 10:28 am London time. The Stoxx Europe 600 index lost less than 0.05%. The Shanghai Composite Index jumped 1.9%. The MSCI Emerging Market Index edged up 0.2%. The MSCI Asia Pacific index rose 0.5% to 155.29, the largest increase in six weeks.
Coins
The Bloomberg Dollar Spot index rose less than 0.05% to $ 1,202.85 .The offshore yuan strengthened by 0.1% to 6.9129 dollars per dollar. The pound sterling is appreciated 0.1% to reach 1.2915 USD. at $ 1.121.
Obligations
The yield on 10-year Treasuries fell two basis points to 2.39%. Germany's 10-year yield fell by three basis points to -0.10%, the lowest level in more than two years. Switzerland's 10-year yield plunged two basis points at -0.378% on the biggest drop in more than a week.
Basic products
West Texas Intermediate crude fell 0.7% to $ 61.34 per barrel. Long-term zinc rose 0.7% to $ 2,613.00 per tonne. Gold rose 0.1% to $ 1,298.48.
– With the help of Charlotte Ryan and Adam Haigh.
To contact the reporter about this story: Todd White in Madrid at [email protected]
To contact the editors in charge of this story: Christopher Anstey at [email protected], Yakob Peterseil
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