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Thursday, July 9, 2020

The future of American stocks is sliding over commercial concerns; Oil Up: Wrap Markets

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(Bloomberg) – US equity futures fell due to additional signs of strained relations between America and China and ahead of more economic data. European stocks rose as investors weighed the latest figures on the spread of the coronavirus.

Contracts on the top three US stock gauges canceled out earlier gains shortly after Reuters announced the country was trying to stop global chip makers from supplying Chinese telecommunications giant Huawei Technologies Co. The Stoxx Europe 600 also narrowed its lead on news, although it remained higher than Italy tending to allow free movement and Germany reported fewer new infections. Crude oil headed for a third weekly gain as the oil market slowly rebalanced.

Flamboyant tensions between the United States and China hovered over the markets all week, and President Donald Trump said in remarks released Thursday that he did not want to speak to his Chinese counterpart Xi Jinping yet. Stress between nations is an additional headache for investors as they grapple with the current fallout from the coronavirus.

While Germany, like some, has successfully contained the virus, other countries that have suppressed the pandemic, such as South Korea and China, are seeing the number of cases increase, highlighting the difficult choices faced by policy makers when they try to resuscitate their economy.

Hopes about the infection rate and a potential compromise on a European stimulus fund had helped investors to look at past data showing that the German economy shrank 2.2% in the first quarter, the strongest in more of a decade.

Elsewhere, Asian stocks were mixed after data showed a rebound in Chinese industrial production but a deeper than expected drop in retail sales. Rose gold. European bonds have drifted.

Here are some of the main market developments:

Stocks

Futures on the S&P 500 Index fell 0.8% at 7:13 a.m. New York time. The Stoxx Europe 600 Index was up 0.5%. The MSCI Asia Pacific Index was up 0.2%.

Currencies

The Bloomberg Dollar Spot index climbed 0.1% to 1255.63, the euro advanced 0.1% to $ 1.0815, the pound fell 0.2% to $ 1.2201, the Japanese yen appreciated 0.3% to 106.93 against the dollar.

Obligations

The 10-year Treasury yield fell by two basis points to 0.60%. Germany’s 10-year yield fell by one basis point to -0.56%. Britain’s 10-year yield fell two basis points to 0.187%.

Raw materials

West Texas Intermediate crude oil rose 1.3% to $ 27.91 a barrel. Gold strengthened 0.3% to $ 1,735.16 an ounce.

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