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US equity futures skyrocketed with European equities after a mixed session in Asia as investors assessed the latest trade news and expected more monetary policy clues. Treasury yields rose and the dollar remained stable.
Contracts on the top three US gauges advanced one day after the closing of the S & P 500, as US President Donald Trump did not show any urgency to resolve trade disputes with China, he reiterated his call for favor of a "big" rate cut by the Federal Reserve. The Stoxx Europe 600 index jumped, with carmakers leading the way as Renault and Fiat Chrysler jumped after a report that they are still talking about a potential merger. Japanese and Australian benchmark indexes fell, while equities rose in Hong Kong and Seoul and changed little in Shanghai.
Most European bonds fell, but Italian debt rose a second day after the resignation of Prime Minister Giuseppe Conte. Bunds remained down as Germany failed to sell the full amount at a zero coupon auction of 30 years. The yen slipped with the pound sterling, advanced oil and gold held above $ 1,500.
Investors will monitor policymakers and global leaders this week as they come together to consider the weakest global growth since the financial crisis. The leaders of the Group of Seven, including President Trump, will meet in France from the weekend, as the European Central Bank plans to cut interest rates. And if Wednesday's Fed statement is to clarify officials' views, they will likely be eclipsed by President Jerome Powell's speech to Jackson Hole in Wyoming on Friday following Trump's latest attack on the central bank.
Meanwhile, the Target retailer was about to open to record levels after meeting rival Walmart's results with a solid quarter, another sign of the strength of the US economy.
"The key this week is the Jackson Hole speech delivered by Fed Chairman Powell," Bloomberg TV told Tuuli McCully, head of economic affairs for Asia and the Pacific at Scotiabank. "It will be interesting to hear if he's sticking to the mid-cycle tuning tone or it will promise more."
Here are some notable events to come:
The minutes of the July Fed meeting will provide details on the discussions that led to the first interest rate cut for ten years on Wednesday. The Bank of Indonesia's decision on the interest rate and press conference with Governor Perry Warjiyo have been announced. On Thursday The Kansas City Federal Reserve is holding its annual Central Bank Symposium in Jackson Hole, Wyoming, from Thursday. Fed Chairman Jerome Powell will present his remarks on Friday.
Here are the main movements on the markets:
stocks
The futures on the S & P 500 index rose 0.7% at 7:20 am New York time. The Stoxx Europe 600 index rose by 1.1%. The FTSE 100 index of the United Kingdom rose by 1.1%. The German DAX index jumped 1.1%. The MSCI Asia Pacific Index fell 0.3%.
Coins
The Bloomberg Dollar Spot index has changed little. The euro has changed little, to 1.103 USD. The pound sterling is depreciated by 0.3% to 1.213 USD. The Japanese yen fell 0.2% to 106.45 per dollar.
Obligations
The yield on 10-year Treasuries rose three basis points to 1.58% .The yield on two-year Treasury bonds climbed two basis points to 1.54%. Britain's 10-year yield rose two basis points to 0.474%. Germany's 10-year yield gained two basis points at -0.67%.
Basic products
West Texas Intermediate crude increased 1.2% to $ 56.80 per barrel. Gold fell 0.4% to settle at $ 1,500.95 an ounce.
–With the help of Adam Haigh.
To contact the reporter about this story: Laura Curtis in London at [email protected]
To contact the editors responsible for this story: Samuel Potter at [email protected], Robert Brand
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