Bloomberg
(Bloomberg) -- U.S. futures were steady, while stocks advanced, as traders turned their attention to earnings reports from companies including JPMorgan Chase & Co. and Goldman Sachs Group Inc. Treasury yields rose.European equities got a boost from positive updates by LVMH and SAP SE, while some of the biggest U.S. banks are due to release results later on Wednesday. Most Asian stocks climbed, although shares dipped in Japan amid concerns about the slow vaccine rollout.Discovery Inc. declined in U.S. pre-market trading after Credit Suisse Group AG unloaded about $2 billion of stocks tied to the Archegos Capital Management blowup, including those of the media company. Oil rose above $61 a barrel.With global stocks hovering near all-time highs, investors are looking to the earnings season for further catalysts. Expectations of a strong profit rebound have helped markets rally, setting the bar high as reporting gets underway. More broadly, investors are monitoring vaccine developments for any threats to the economic recovery, while also keeping an eye on rising inflation.“A lot of growth and inflation have already been priced into the market,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “It’s almost as if you need to exceed those expectations in order to see a more pronounced reaction from markets.”The White House said the U.S. inoculation campaign remains on track despite a pause in Johnson & Johnson doses amid health concerns. J&J shares were lower in U.S. pre-market trading, while rival Moderna Inc. rose.Elsewhere, Asia’s credit markets steadied after pressure from a sharp selloff in one of China’s largest bad-debt managers. Bitcoin jumped to an all-time high, as did Ether, the second-largest digital token, with shares of cryptocurrency company Coinbase Global Inc. set for their trading debut on the Nasdaq.Some key events to watch this week:Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksFutures on the S&P 500 Index climbed 0.1% as of 11:43 a.m. London time.The Stoxx Europe 600 Index increased 0.2%.The MSCI Asia Pacific Index gained 0.7%.The MSCI Emerging Market Index gained 0.9%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.1%.The euro advanced 0.1% to $1.1961.The British pound climbed 0.1% to $1.3759.The onshore yuan strengthened 0.2% to 6.532 per dollar.The Japanese yen strengthened 0.1% to 108.95 per dollar.BondsThe yield on 10-year Treasuries jumped one basis point to 1.63%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield fell one basis point to -0.30%.Britain’s 10-year yield dipped less than one basis point to 0.776%.Japan’s 10-year yield decreased one basis point to 0.093%.CommoditiesWest Texas Intermediate crude gained 1.5% to $61.09 a barrel.Brent crude gained 1.5% to $64.64 a barrel.Gold weakened 0.1% to $1,743.65 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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