(Bloomberg) -- U.S. equity futures climbed alongside stocks in Europe on Thursday while 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 fluctuated after a rate decision.
Contracts for all three of the main American equity benchmarks pointed to a positive start on Wall Street after a mixed session on Wednesday, when the S&P 500 finished lower but the Nasdaq advanced. The Stoxx Europe 600 Index gained as most national gauges and industry sectors climbed.
In corporate news:
Telefonica SA was steady after agreeing with Liberty Global Plc to create the U.K.’s largest phone and internet operator. Rival BT Group Plc slumped as it canceled dividends.Nintendo Co. beat its own forecast for sales of the Switch console in the last fiscal year, reflecting surging demand for games and other entertainment during the pandemic.ArcelorMittal SA rose even as it suspended dividend payments and withdrew its global steel outlook because of market uncertainties.After the Wall Street close on Wednesday, Lyft Inc. overcame investors’ worst expectations by pushing closer to profitability. Peloton Interactive Inc. said quarterly revenue soared 66%.
Most European government bonds edged lower as Treasuries drifted. The pound swung from a loss to a gain then back after the Bank of England kept its policy settings unchanged and signaled it may expand monetary stimulus as soon as next month. Crude oil fluctuated around $24 a barrel in New York. The Norwegian krone pared some of its gains after Norges Bank delivered an unexpected interest rate cut, though it remained well up.
After risk assets dramatically sold off in March and swiftly rebounded in April, stocks have struggled for direction this month as bulls and bears duel over the outlook. Optimists point to efforts to reopen economies, a slowing rate of new infections and unprecedented stimulus. Pessimists fret over the mounting economic toll, with data in the largest economy later expected to show another huge jump in jobless claims before the payrolls figure on Friday.
“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.”
Most Asian stocks slipped, including in Japan where exchanges opened for the first time this week following a holiday. The yen weakened. China’s yuan advanced offshore after the country reported a surprise gain in exports, even as the coronavirus pandemic damaged global demand.
Elsewhere, the Turkish lira slumped to an unprecedented low against the dollar, defying efforts by state banks to prop up the currency by selling foreign exchange.
Here are some key events coming up:
U.K. markets will be closed on Friday for a holiday.Friday also 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 1.3% as of 10:20 a.m. London time.The Stoxx Europe 600 Index climbed 0.6%.The MSCI Asia Pacific Index fell 0.5%.
Currencies
The Bloomberg Dollar Spot Index was little changed.The euro dipped 0.1% to $1.0787.The British pound was little changed at $1.2351.The Japanese yen declined 0.3% to 106.47 per dollar.
Bonds
The yield on 10-year Treasuries climbed less than one basis point to 0.70%.Germany’s 10-year yield increased less than one basis point to -0.51%.Britain’s 10-year yield was unchanged at 0.247%.
Commodities
Gold climbed 0.5% to $1,693.99 an ounce.West Texas Intermediate crude climbed 1.8% to $24.43 a barrel.
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