(Bloomberg) — European and U.S. stock futures remained modest as investors focused on the upcoming U.S. inflation report. Yields on Japanese government bonds rose to the highest level in 10 years.
Most Read Articles on Bloomberg
The Stoxx Europe 600 index is little changed, hovering near all-time highs. Anglo American Plc has soared after the London-based miner announced the biggest organizational shake-up in its 107-year history to fend off a takeover approach from BHP Group. Delivery Hero SE soared up to 20% after selling its Taiwan business. Swiss eye care product maker Alcon has soared after strong business results. German weapons maker Rheinmetall AG fell after the failure.
S&P 500 and Nasdaq 100 futures were little changed. Asian stock indexes rose, with Chinese tech stocks among the notable gainers. Financial results for tech powerhouses Tencent Holdings and Alibaba Group Holding are scheduled to be released later on Tuesday.
The Bloomberg dollar index was flat and the 10-year Treasury yield was little changed ahead of Tuesday's release of the U.S. producer price index, a key inflation measure. U.S. Federal Reserve Chairman Jerome Powell is also scheduled to speak. The consumer price index, released on Wednesday, is expected to show a moderate trend, although it remains too high to justify a rate cut.
“This week's April CPI report will be the center of attention for market participants, and the likely tone of the market in the near term,” said John Stoltzfus, chief strategist at Oppenheimer & Company. I'm predicting that.” “We see that short-term volatility may continue to provide an opportunity for investors to 'catch the baby thrown out with the bath water' during periods of market downdraft.”
Japan's 20-year government bond yield rose to its highest level since 2013 on expectations that the Bank of Japan will reduce the amount of government bond purchases in regular operations to ease pressure on the yen. The Japanese currency's losses against the dollar widened to a two-week low.
In commodities, crude oil prices continued to rise even before the Organization of the Petroleum Exporting Countries (OPEC) announced its market outlook. Iron ore fell after a major Chinese developer defaulted, the latest sign that the debt crisis facing the country's steel-intensive real estate sector is far from over. Industrial metals such as nickel and copper rose, but gold held steady after falling more than 1% on Monday.
This week's main events:
-
German CPI, ZEW survey forecast, Tuesday
-
Bank of England economist Hugh Pill speaks on Tuesday
-
US PPI, Tuesday
-
Fed Chairman Jerome Powell and ECB Governing Council member Claes Knott speak on Tuesday
-
China interest rate decision Wednesday
-
Eurozone industrial production, GDP, Wednesday
-
US CPI, Retail Sales, Business Inventories, Imperial Manufacturing, Wednesday
-
Minneapolis Fed President Neel Kashkari speaks Wednesday
-
Japan's GDP, industrial production, Thursday
-
U.S. housing starts, new unemployment insurance claims, industrial production, Thursday
-
Philadelphia Fed President Patrick Harker speaks Thursday
-
Cleveland Fed President Loretta Mester speaks Thursday
-
Atlanta Fed President Rafael Bostic speaks Thursday
-
China real estate prices, retail sales, industrial production, Friday
-
Eurozone CPI, Friday
-
US Conference Board Leading Index, Friday
The main movements in the market are:
stock
-
Stoxx Europe 600 little changed as of 8:16 a.m. London time
-
S&P500 futures little changed
-
Nasdaq 100 futures little changed
-
Dow Jones Industrial Average futures little changed
-
MSCI Asia Pacific Index rose 0.1%
-
MSCI Emerging Markets Index rose 0.3%
currency
-
Bloomberg Dollar Spot Index little changed
-
The euro was almost unchanged at $1.0788.
-
The Japanese yen fell 0.2% to 156.46 yen to the dollar.
-
The offshore yuan was little changed at 7.2447 yuan to the dollar.
-
The British pound was almost unchanged at $1.2551.
cryptocurrency
-
Bitcoin fell 1.9% to $61,898.2.
-
Ether fell 1.2% to $2,918.33.
bond
-
The 10-year government bond yield was almost unchanged at 4.48%.
-
German 10-year bond yield remains unchanged at 2.50%
-
UK 10-year bond yield remains unchanged at 4.17%
merchandise
-
Brent crude oil remains largely unchanged
-
Spot gold rose 0.1% to $2,339.17 an ounce.
This article was produced in partnership with Bloomberg Automation.
–With assistance from Michael Msika.
Most Read Articles on Bloomberg Businessweek
©2024 Bloomberg LP