|Day's range||22,424.92 - 22,522.39|
|52-week range||18,948.58 - 22,873.13|
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.U.S. equity-index futures fluctuated with European stocks on Thursday while shares in Asia were mixed as trade-war headlines took a break and investors digested a string of corporate results. The pound weakened as doubts grew that the U.K. and European Union can strike a Brexit deal.The Stoxx Europe 600 Index erased a loss to trade little changed as a slump for miners was offset by a rally in consumer goods companies. Earnings in the region were mixed, with Unilever saying growth fell short of estimates while Nestle announced a buyback. Ericsson boosted its sales target for next year. Futures for the three main U.S. equity gauges also oscillated. The pound slid after Prime Minister Boris Johnson’s political allies in Northern Ireland said they couldn’t support the current framework for an agreement.Treasury yields steadied after an unexpected drop in retail sales Wednesday boosted market pricing for an October interest-rate cut by the Federal Reserve. European bonds were mixed. Crude oil declined after an industry report showed a sharp jump in U.S. inventories.As the earnings season ramps up and trade worries continue to keep investors on their toes, Wednesday’s data on American retailers may have tilted the scales in favor of a Fed rate cut this month for any hesitant policy makers. The Fed Beige Book said the U.S. economy expanded at a “slight to modest pace” in recent weeks, representing a mild downgrade.The trade truce “is just temporary and until there is some sort of signed document or some sort of resolution, I think the market will remain skittish, nervous, and there will be pessimism,” Marc Pfeffer, chief investment strategist at CLS Investments LLC, told Bloomberg TV. “That’s going to put a cap right now on any upside to the market.”Earlier in Asia, stocks fell in Tokyo, Sydney and Seoul, rose in Hong Kong and were barely changed in Shanghai. Taiwan Semiconductor, the primary chip supplier to Apple, projected current-quarter revenue ahead of analysts’ estimates. The Australian dollar strengthened after the country’s jobless rate unexpectedly fell and full-time employment climbed.Here are some key events coming up this week:China releases third-quarter GDP, September industrial production and retail sales data on Friday.Here are the main movers in markets:StocksFutures on the S&P 500 Index rose 0.1% as of 9:19 a.m. London time.The Stoxx Europe 600 Index was little changed.The U.K.’s FTSE 100 Index jumped 0.4%.The MSCI Asia Pacific Index was little changed.The MSCI Emerging Market Index climbed 0.3%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro was little changed at $1.1076.The British pound decreased 0.4% to $1.2782.The Japanese yen was little changed at 108.79 per dollar.BondsThe yield on 10-year Treasuries gained less than one basis point to 1.74%.Germany’s 10-year yield increased less than one basis point to -0.39%.Britain’s 10-year yield fell four basis points to 0.678%.CommoditiesGold dipped 0.1% to $1,488.66 an ounce.West Texas Intermediate crude declined 0.7% to $52.99 a barrel.\--With assistance from Sybilla Gross and Adam Haigh.To contact the reporter on this story: Samuel Potter in London at email@example.comTo contact the editors responsible for this story: Samuel Potter at firstname.lastname@example.org, Todd WhiteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Goldman Sachs has been in talks with Malaysian authorities to drop criminal charges against three subsidiaries of the bank in connection with the 1MDB scandal, the Southeast Asian country's top prosecutor told the Nikkei Asian Review. Last year, Malaysia filed criminal charges against Goldman over its role as underwriter and arranger of three bond sales that raised $6.5 billion for 1MDB. Malaysian prosecutors in August filed criminal charges against 17 current and former directors at its units.
TOKYO/SYDNEY, Oct 17 (Reuters) - Sterling faltered on fading hopes of a Brexit deal on Thursday, while a five-session rally in Asian stocks ran out of steam as weak U.S. retail sales fanned fears about the health of the world's biggest economy. Investor focus was shifting to the United Kingdom where Northern Ireland's Democratic Unionist Party said it could not support the Brexit deal as it currently stands.
TOKYO/SYDNEY (Reuters) - Sterling faltered on fading hopes of a Brexit deal on Thursday, while a five-session rally in Asian stocks ran out of steam as weak U.S. retail sales fanned fears about the health of the world's biggest economy. Chinese shares were slightly higher while Japan's Nikkei ended a tad lower. Investor focus was shifting to the United Kingdom where Northern Ireland's Democratic Unionist Party said it could not support the Brexit deal as it currently stands.
(Bloomberg) -- U.S. stocks fell, led by energy and technology shares, as investors mulled earnings reports and the prospects of trade negotiations. Treasuries rose after retail sales unexpectedly declined.In earnings, Bank of America jumped after deal fees surged, continuing a string of strong bank results. Nexflix rose in after-hour trading on positive results. The dollar also edged lower after the retail sales report renewed expectations for an October rate cut by the Federal Reserve.“Earnings are not so bad that it causes any sort of violent market reaction,” said Jeff Mills, chief investment officer at Bryn Mawr Trust Co. “But I don’t think they’re going to surprise enough to the upside to be a catalyst for a breakout.”The S&P 500 briefly climbed from the lows of the day after President Donald Trump said a trade deal with China probably will not be signed until he meets with Chinese President Xi Jinping at the APEC summit next month in Chile.The Stoxx Europe 600 dropped, while benchmark indexes in Asia finished mostly higher, though most gauges trimmed the gains after China threatened to retaliate if the U.S. offered legislative support to pro-democracy protesters in Hong Kong. Stocks dipped in Shanghai and the yuan weakened.The pound strengthened amid signs European leaders are getting ready to gather in Brussels to clinch a deal that will see the U.K. part ways with the European Union.Elsewhere, Turkish stocks fell with the lira after the U.S. brought a criminal case against one of the nation’s largest banks, in what could be an escalation of Washington’s efforts to reprimand Ankara for its military incursion into northern Syria. Crude oil futures rose. Gold ticked higher.Here are some key events coming up this week:China releases third-quarter GDP, September industrial production and retail sales data on Friday.Here are the main movers in markets: \--With assistance from Robert Brand.To contact the reporters on this story: Claire Ballentine in New York at email@example.com;Sarah Ponczek in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Asian shares were supported on Wednesday after optimistic comments on Brexit from European negotiator Michel Barnier were backed up by reports that a draft legal text over the divorce was being drawn up.
(Bloomberg) -- U.S. stocks touched four-week highs, led by health care and financial shares, as earnings season began in earnest. The pound strengthened as the U.K. and European Union moved closer to a Brexit deal.The Nasdaq Composite Index jumped more than 1.2%, while the S&P 500 topped 3,000 on an intraday basis for the first time in three weeks. Treasury yields rose amid the risk-on backdrop.“Things on the earnings front seem to have gotten off to a pretty decent start, interest rates -- although they’ve perked back up a little -- are still extremely low, and this trade deal and positive Brexit talk are good for world growth,” said Gary Bradshaw, a portfolio manager at Hodges Capital Management. “I like what we see, and the market’s obviously responding well to that.”In earnings news:Johnson & Johnson raised its sales and earnings forecast for the year.UnitedHealth beat profit estimates and raised its full-year outlook.JPMorgan’s third-quarter results beat estimates, sending its shares higher.Goldman Sachs reported investment bank revenue and earnings per share that undershot estimates, but its equities sales and trading was a beat.BlackRock said there was a decline in fixed income inflows from the previous quarter as clients moved some money back into equities.The pound strengthened and gilts fell after two EU officials said negotiators in Brussels are closing in on a draft Brexit deal that could lead to a breakthrough before the end of Tuesday. Crude oil fell for a second day and gold dropped.Japan’s equity gauge jumped as trading resumed after a long weekend during which President Donald Trump announced progress on an interim trade accord with China. Markets elsewhere in Asia were mixed. The Stoxx Europe 600 Index rose, with all 19 sectors advancing.Investors are closely analyzing earnings, given the global backdrop of slowing growth and a host of unpredictable macro risks. The International Monetary Fund made a fifth-straight cut to its 2019 global growth forecast, citing a broad deceleration across the world’s largest economies as trade tensions undermine the expansion.“The earnings reports that will be particularly noteworthy are those from companies that are tied directly to the economic cycle,” said Michael Geraghty, equity strategist at Cornerstone Capital Group.Meanwhile, the Turkish lira jumped and the country’s benchmark stock index rose after Trump imposed milder penalties over its military campaign in Syria than U.S. lawmakers had demanded.Here are some key events coming up this week:Wednesday brings a monetary policy decision in South Korea.U.S. retail sales are forecast to increase for a seventh straight month. Sales in the “control group” are also expected to rise. Consumer spending is carrying the weight of U.S. economic growth so the data will be monitored closely for any signs of slowing.China releases third-quarter GDP, September industrial production and retail sales data on Friday.Here are the main moves in market:To contact the reporters on this story: Claire Ballentine in New York at firstname.lastname@example.org;Sarah Ponczek in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Global stocks edged higher on Tuesday yet safe havens were still in play as markets tried to balance fading optimism over the latest China-U.S. trade truce with the likelihood of a Brexit deal by Thursday's European Union summit. MSCI's gauge of stocks across the globe gained 0.2% with European stocks climbing briefly to a two-week high after comments from the European Union's chief Brexit negotiator that a deal with Britain over the terms of their divorce was still possible this week. The pan-European STOXX 600 added 0.4% with France's CAC and Germany's export-oriented DAX both rising while Britain's FTSE slipped 0.3% as sterling rose against the dollar and the euro, reflecting the cautious optimism about talks between Britain and the EU.
The U.S. dollar gained on Monday as optimism ebbed over a potential U.S.-China trade deal that President Donald Trump outlined last week, while a gauge of global equity markets was little changed as investors sought details about an agreement. Gold gained and oil prices fell more than 3% at one point as scant information about the first phase of a Sino-U.S. trade deal undercut optimism over a thaw in the dispute that has sparked a slowdown in global growth. A slide in Chinese exports picked up pace in September while imports contracted for a fifth straight month, evidence of further weakness in China's economy as tariffs take their toll.
(Bloomberg) -- Signs of progress in U.S.-China trade talks sent stocks to the biggest gain in a week and had Wall Street handicappers making odds on a bigger rally to come.The S&P 500 Index climbed to within 1.8% of a record after President Donald Trump said the two sides agreed to the outlines of a deal that could be signed as early as next month. The equity benchmark rose 1.1% Friday, closing off its session highs since several of the thorniest trade problems remain unresolved. Equities also got a boost from signs of progress in Brexit negotiations.At JPMorgan Chase & Co., strategists led by John Normand estimated there is 10% upside or more in the stock market under a “blue sky” scenario where agreements are reached in both cases, based on the way past geopolitical crises played out.Outstanding issues are likely to be resolved because a trade truce with China would strengthen Trump’s bid for next year’s re-election while both the U.K. and European economies are too weak for their leaders to accept a no-deal outcome, the strategists argue. They boosted the odds for an Oct. 31 Brexit deal from 5% to 50% amid news that U.K. prime minister Boris Johnson made a vital breakthrough in talks with Irish leader Leo Varadkar.Apple Inc., which sells millions of iPhones in China, rose to an all-time high. The Stoxx Europe 600 Index jumped the most since January. Crude oil surged following an explosion on an Iranian tanker and Pentagon plans to ramp up the deployment of U.S. forces to Saudi Arabia. Gilts tumbled and the pound had the biggest two-day gain in a decade.While the strategists admitted details on the trade situation are “too scarce to rethink forecasts,” they urged investors to start positioning for a favorable outcome. Further progress is likely to revive risk appetite from investors who have sought shelter in fixed income and low-volatility stocks.“There is still a peace dividend to be earned after this week’s moves,” the strategists wrote in a note. “Geopolitics created a growth slump and sank asset prices and bond yields, so less uncertainty should drive a growth revival and market reversals, as long as valuations and positions do not already reflect positive outcomes.”If history is of any guide, they say, investors should brace for a rotation into emerging markets, cyclical and value shares while preparing for losses in assets such as developed market bonds, U.S. dollar and Japanese yen.Investors embraced the progress on trade talks after conflicting headlines roiled markets this week, even if the accord falls short of a comprehensive agreement that would put an end to the trade war.“We could break through all-time highs if investors really perceive peace to this latest round,” said Diane Jaffee, senior portfolio manager at TCW, which oversees $200 billion. “Even though the market is rising today, there’s still a lot of skepticism embedded here. A lot, a lot, a lot.”Elsewhere, equities rallied throughout Asia, with shares in Hong Kong getting an extra lift as protesters discussed scaling back vandalism ahead of demonstrations this weekend.Here are the main moves in markets:StocksThe S&P 500 Index added 1.1% at the close of trading in New York.The Stoxx Europe 600 Index surged 2.3%.The MSCI Emerging Market Index climbed 1.8%.The Shanghai Composite Index climbed 0.9%.CurrenciesThe Bloomberg Dollar Spot Index dropped 0.5% to a two-month low.The euro increased 0.4% to $1.1046.The British pound jumped 1.8% to $1.2667.The offshore yuan climbed 0.4% to 7.0736 per dollar.The Japanese yen fell 0.4% to 108.43 per dollar.BondsThe yield on 10-year Treasuries gained nine basis points to 1.75%.Germany’s 10-year yield climbed three basis points to -0.45%.Britain’s 10-year yield jumped 12 basis points to 0.70%.CommoditiesWest Texas Intermediate crude gained 2.3% to $54.80 a barrel.Gold decreased 0.6% to $1,484.57 an ounce.\--With assistance from Sophie Caronello and Sarah Ponczek.To contact the reporters on this story: Vildana Hajric in New York at email@example.com;Lu Wang in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
“Big day of negotiations with China. They want to make a deal, but do I? I meet with the Vice Premier tomorrow at The White House,” Trump said in a tweet Thursday.
Stocks on Wall Street came off their highs in late trading after U.S. President Donald Trump announced a partial trade deal with China that could be signed within weeks, with the boost from New York enough to give stocks across the globe their largest daily gain in two months. The British pound closed its strongest week against the dollar in over two years on hopes that Britain was moving closer to a smooth exit from the European Union and oil jumped over 2% after reports of an attack on an Iranian tanker.
(Bloomberg) -- Stocks gained and Treasury yields jumped as investors kept a careful eye on the latest trade developments amid high-level meetings between American and Chinese officials. The pound surged on talk of a Brexit deal.Banks and automakers led the S&P 500 Index higher, though there were plenty of gyrations along the way after an overnight session that saw futures whipsawed by headlines giving conflicting signs of progress on the negotiations. The dollar fell, brushing off a weak inflation reading. Ten-year Treasury yields rose past 1.65% as bonds rallied globally. China’s yuan climbed the most in a month.Among the latest developments on trade:Both China and the U.S. signaled cautious optimism in securing a partial deal for a temporary truce on tariffsThe discussions extended into the afternoon ThursdayPresident Donald Trump said in a Twitter post that he plans to meet with Vice Premier Liu He on Friday, adding “They want to make a deal, but do I?”Markets have grown jittery against a backdrop of deteriorating economic data and fresh tensions between the U.S. and China in recent days, as they prepare for the first face-to-face talks between senior officials since July. Investor nerves were on full display Thursday as a series of headlines roiled markets, with traders attempting to digest reports on everything from the duration of the talks to the potential currency pact.“China trade talks are really dominating everything and we’ve seen how unpredictable they can be,” Chris Gaffney, president of world markets at TIAA, said by phone. “We’ve seen it move just back and forth so dramatically. I think everyone’s really going to have to wait until a deal gets actually done.”Elsewhere on Thursday, the Stoxx Europe 600 Index and the British pound extended gains after U.K. Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said they could “see a pathway to a possible deal” on Brexit.Crude rose after OPEC Secretary-General Mohammad Barkindo said members and allies including Russia will do “whatever it takes” to prevent another oil slump as the global economy weakens.Asian shares ended the session mixed, with Japanese equities recouping their declines by the close, South Korea down and Hong Kong and Shanghai notching modest gains.Here are the main moves in markets:StocksThe S&P 500 Index rose 0.6% at the close of trading in New York.The Stoxx Europe 600 Index rose 0.7%.The MSCI Emerging Market Index increased 0.5%.The Nikkei-225 Stock Average added 0.5%CurrenciesThe Bloomberg Dollar Spot Index sank 0.4%.The euro gained 0.3% to $1.1006.The British pound advanced 2% to $1.2447.The offshore yuan increased 0.4% to 7.1108 per dollar.The Japanese yen weakened 0.4% to 107.95 per dollar.BondsThe yield on 10-year Treasuries rose eight basis points to 1.66%.Germany’s 10-year yield rose eight basis points to -0.47%.Britain’s 10-year yield jumped 13 basis points to 0.58%.CommoditiesWest Texas Intermediate crude gained 2.1% to $53.69 a barrel.Gold fell 0.8% to $1,493.83 an ounce.\--With assistance from Sybilla Gross, Christopher Anstey, Yakob Peterseil and Todd White.To contact the reporter on this story: Vildana Hajric in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Stocks were near session highs on Thursday after U.S. President Donald Trump said he would meet with China's top trade negotiator on Friday, while oil rose as OPEC pledged a decision on supply at its December meeting. Markets were expected to remain volatile, with the focus on the China-U.S. trade talks, as wild overnight gyrations indicated traders were ready to chase every headline. The euro hit its highest since Sept. 20 versus the dollar as the greenback turned weaker across the board, partly due to a Bloomberg report about a U.S.-China currency pact to stop the yuan's devaluation.
After the sharp break early in the session, Asian shares mounted a powerful comeback rally to turn higher for the day after the New York Times reported Wednesday evening stateside that U.S. President Donald Trump’s administration is set to grant licenses that would allow American firms to sell nonsensitive supplies to Huawei.
(Bloomberg) -- U.S. stocks advanced on optimism that the U.S. and China will make progress in trade talks this week despite some conflicting signals on the outlook. Treasury yields climbed.The S&P 500 Index ended the day up almost 1% in a rally fueled by speculation that China is still open to a partial deal with the U.S. But in a sign of how tenuous the new-found confidence is, stocks pared gains in the afternoon after a report that China sought to tamp down expectations for progress.Ten-year Treasury yields climbed past 1.55%. The Turkish currency and its stocks dropped after the country began a military offensive in Syria against Kurdish militants. The Stoxx Europe 600 Index advanced for the third day in four.While volume was subdued during the Yom Kippur holiday, equities traders were looking closely for signals about high-level U.S.-China trade talks that are set to resume in Washington on Thursday. While a broad agreement seems unlikely, China indicated it’s open to a limited deal, provided no more tariffs are imposed, according to an official. In return, Beijing would offer non-core concessions like purchases of agricultural products without giving in on major sticking points, the official said, without offering further details.“It’s encouraging to hear China say that they want to make some sort of small deal,” said Randy Frederick, a vice president of trading and derivatives who helps oversee $3.7 trillion in assets at Charles Schwab. “If we can get the two sides to agree to not raise tariffs any further than where they are, that would be positive.”Investors are also looking to gauge the next moves by major central banks. Traders of fed funds futures broadly maintained the amount of easing they expect from the Federal Reserve this year after Wednesday’s release of minutes from the latest meeting. They showed officials began debating how far their current interest-rate cutting campaign should extend even as they agreed to lower rates in response to growing risks to the U.S. economy.Elsewhere, the iShares MSCI Turkey ETF posted its worst three-day performance since March as the lira weakened to a four-month low. Benchmark equity gauges fell across Asia, except for those in Shanghai and Mumbai. Bond yields dropped in Greece after the region’s most-indebted country sold bills at negative yields. Gold held above $1,500 an ounce.The yuan climbed offshore for its biggest gain in almost a month, helped by trade optimism and a stronger-than-expected daily fixing. West Texas crude touched $53 a barrel before paring its advance.Here are some key events coming up this week:On Thursday, minutes from the European Central Bank’s most recent gathering are due.Chinese President Xi Jinping is scheduled to meet Indian Prime Minister Narendra Modi on Friday and Saturday for an informal summit.The U.S. releases a key measure of inflation on Thursday.Here are the main moves in markets:StocksThe S&P 500 Index rose 0.9% at the close of trading in New York.The Stoxx Europe 600 Index gained 0.4%.The MSCI Emerging Market Index slipped 0.1%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro rose 0.2% to $1.0973.The British pound slumped 0.1% to $1.2208.The Japanese yen depreciated 0.4% to 107.47 per dollar.BondsThe yield on 10-year Treasuries added five basis points to 1.58%.Britain’s 10-year yield climbed five basis points to 0.46%.Germany’s 10-year yield rose five basis points to -0.55%.CommoditiesWest Texas Intermediate crude climbed 0.1% to $52.66 a barrel.Gold gained 0.1% to $1,506.77 an ounce.\--With assistance from Cormac Mullen and Adam Haigh.To contact the reporters on this story: Vildana Hajric in New York at firstname.lastname@example.org;Robert Brand in Cape Town at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Brendan Walsh, Todd WhiteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The U.S. futures surge after reports China is willing to accept an interim trade deal if no more tariffs are imposed.
Now, just one day before the start of trade talks, reports from China are saying the Chinese delegation may cut short its planned stay in Washington and depart on Friday, dimming hopes for a trade deal.