Stock Futures Drift; Oil recovery continues: winding markets

(Bloomberg) – US and European equity futures drifted higher on Thursday as investors awaited new corporate profits and the latest weekly snapshot of US unemployment.

Oil prices continued to recover, with crude oil exceeding $ 15 a barrel in New York. Asian stocks posted modest gains in most markets, although Australian stocks fell; volumes in the region were moderate. Hong Kong authorities intervened for a third day to defend the peg, with a recent sale of around $ 1 billion. T-bills remained stable, while the dollar fell for the first day in four.

Oil prices have risen after President Donald Trump has ordered the navy to destroy all Iranian guns that harass American ships at sea.

Investors continue to assess the pandemic’s damage to the global economy and corporate profitability, with an indicator of global stocks up about 25% from its March lows. Weekly unemployment claims in the United States are expected to reach 4.5 million.

On the virus front: deaths in New York were at their lowest since the start of April. The Spanish Parliament supported the Prime Minister’s request to extend the state of emergency until May 9. Treasury Secretary Steven Mnuchin has said he expects most of the economy to pick up by the end of August, while House legislators are expected to pass a new round of aid on Thursday.

These are the main movements on the markets:

Stocks

Futures on the S&P 500 rose 0.3% at 7:09 a.m. in London. The gauge rose 2.3% on Wednesday. Futures on the Euro Stoxx 50 rose 0.4%. Japan’s Topix index gained 1.4% .The MSCI Asia-Pacific index rose 0.9%.

Currencies

The yen was little changed at 107.81 per dollar. The offshore yuan traded at 7.0892 per dollar. The euro bought $ 1.0831, little changed. The Bloomberg Dollar Spot Index fell by 0.2%.

Obligations

The 10-year Treasury bill yield remained stable at 0.62%. The yield on 10-year bonds in Australia increased by four basis points to 0.88%.

Raw materials

West Texas Intermediate crude oil expiring in June rose 12% to $ 15.40 a barrel. Gold was little changed at $ 1,718 an ounce.

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