Photographer: Nicolas Asfouri/AFP via Getty Images
Photographer: Nicolas Asfouri/AFP via Getty Images
European stocks climbed alongside U.S. equity futures on Thursday and Asian shares mostly fell as investors sift the latest company earnings and brace for more data that will show the extent of the fallout from the coronavirus. The pound gained after a rate decision.
The Stoxx Europe 600 Index opened in the green as most national gauges and sectors climbed. Contracts for all three of the main American equity benchmarks rose after a mixed session on Wednesday, when the S&P 500 finished lower but the Nasdaq advanced. Most Asian stocks slipped, while the yen edged down. China’s yuan advanced offshore after the country reported a surprise gain in exports.
European government bonds edged lower as Treasuries drifted. The pound turned higher after the Bank of England kept its policy settings unchanged. Crude oil fluctuated around $24 a barrel in New York.
A private report on Wednesday showed U.S. companies cut a record 20.2 million jobs in April, highlighting the economic damage of the coronavirus outbreak before Friday’s official payrolls number. On the virus front, California reported its largest one-day jump in new cases, while Germany, the U.K., Denmark and the Netherlands are planning additional steps to ease their restrictions.
“We remain concerned about the potential for the pandemic to have lasting effects on growth,” wrote Ron Temple, co-head of multi-asset and head of U.S. equity at Lazard Asset Management. “Countries and companies are likely to exit the crisis with significantly higher debt, curtailing their ability to invest and innovate.”
China’s exports unexpectedly rose in April even as the coronavirus pandemic damaged global demand. Exports rose 3.5% in dollar terms in April from a year earlier, beating economists’ forecasts that they would shrink by 11%. Imports fell.
Here are some key events coming up:
- Friday brings the U.S. jobs report for April, expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrolls.
These are some of the main moves in markets:
Stocks
- Futures on the S&P 500 Index increased 1.1% as of 8:09 a.m. London time.
- The Stoxx Europe 600 Index climbed 0.7%.
- The MSCI Asia Pacific Index fell 0.3%.
Currencies
- The Bloomberg Dollar Spot Index dipped 0.1%.
- The euro advanced 0.1% to $1.0802.
- The British pound gained 0.4% to $1.2394.
- The Japanese yen decreased 0.1% to 106.23 per dollar.
Bonds
- The yield on 10-year Treasuries fell less than one basis point to 0.70%.
- Germany’s 10-year yield climbed one basis point to -0.50%.
- Britain’s 10-year yield increased two basis points to 0.249%.
Commodities
- Gold advanced 0.2% to $1,688.66 an ounce.
- West Texas Intermediate crude decreased 1.3% to $23.67 a barrel.
— With assistance by Adam Haigh, and Justina Vasquez
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May 07, 2020 at 02:43PM
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Europe Stocks Rise With U.S. Futures; Pound Gains: Markets Wrap - Bloomberg
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