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Europe stocks climb as futures slip; dollar gains: markets wrap

Shares rose in Hong Kong, Australia and South Korea.
Image: Qilai Shen/Bloomberg

European stocks rose on Tuesday as optimism mounted about the region’s reopening plans, while US equity futures slipped following weakness among technology giants on Wall Street. The dollar rallied.

The Stoxx 600 Index climbed 0.2%, boosted by travel and leisure firms after the European Union announced plans to reopen its borders to tourists after months of pandemic-induced restrictions. Miners advanced as a gauge of commodity prices sits at the highest level since 2012. Shares rose in Hong Kong, Australia and South Korea.

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US futures fell after Tesla Inc. and Amazon.com Inc. weighed on the Nasdaq 100 on Monday. Treasuries slipped alongside most European bonds, while digital token Ether extended its surge to set another record as larger rival Bitcoin slipped.

As the global economic recovery gathers pace thanks to successful vaccine rollouts in much of the developed world, investors nevertheless remain attuned to risks. Inflation is a chief concern, with a gauge of prices paid for materials jumping to the highest since 2008 on Monday. The breadth of the rebound is also in question, after Federal Reserve Chair Jerome Powell said that economic progress has been uneven across racial and income divides.

Meanwhile, fierce new Covid-19 waves are enveloping India and parts of Southeast Asia, placing severe strain on their health-care systems and prompting appeals for help.

“We do believe that inflationary pressures will continue this year and that’s driven by the kind of policy we have seen globally,” Rupal Agarwal, a quantitative strategist at Sanford C Bernstein, said on Bloomberg TV. “In the shorter term you can expect some pullback in the markets but the broader sentiment remains bullish” as the reopening and reflation trade remains in force, she said.

Here are some key events to watch this week:

  • US trade balance, factory orders, durable goods are due Tuesday.
  • Chicago Fed President Charles Evans gives a virtual speech at an event hosted by Bard College on Wednesday. Cleveland Fed President Loretta Mester gives a virtual speech to the Boston Economic Club.
  • Bank of England rate decision Thursday.
  • The April US employment report is released on Friday.

These are some of the main moves in markets:

Stocks

  • Futures on the S&P 500 Index fell 0.2% as of 8:34 a.m. London time.
  • The Stoxx Europe 600 Index gained 0.2%.
  • The MSCI Asia Pacific Index was little changed.
  • The MSCI Emerging Market Index was little changed.

Currencies

  • The Bloomberg Dollar Spot Index gained 0.4%.
  • The euro sank 0.4% to $1.2017.
  • The British pound fell 0.4% to $1.3857.
  • The onshore yuan was little changed at 6.475 per dollar.
  • The Japanese yen weakened 0.3% to 109.45 per dollar.

Bonds

  • The yield on 10-year Treasuries jumped one basis point to 1.61%.
  • The yield on two-year Treasuries advanced one basis point to 0.16%.
  • Germany’s 10-year yield increased less than one basis point to -0.20%.
  • Britain’s 10-year yield dipped one basis point to 0.834%.
  • Japan’s 10-year yield was unchanged at 0.097%.

Commodities

  • West Texas Intermediate crude was little changed at $64.48 a barrel.
  • Brent crude was little changed at $67.57 a barrel.
  • Gold weakened 0.4% to $1 786.46 an ounce.
© 2021 Bloomberg

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