(Bloomberg) -- U.S. stock futures turned lower while European shares held onto modest gains after Chinese officials told agriculture companies to pause imports of some farm goods. Treasuries erased their earlier declines.
State-owned traders Cofco and Sinograin were ordered to suspend purchases, according to a person familiar with the matter. The move raises the risk of heightening tensions between to the two countries and is the latest sign that the phase-one trade deal is in jeopardy.
European equities climbed as investors focused on signs of economic recovery from the pandemic, with travel companies and banks leading gains in the Stoxx 600 Index. The dollar slid to its lowest since March.
Asia’s session saw more risk-on sentiment. U.S. President Donald Trump on Friday stopped short of specifying tough sanctions over China’s new national security law for Hong Kong.
Here are some key events coming up:
Australia’s central bank is expected to keep its main policy programs unchanged on Tuesday. So too is the case for Canada, which has options to add stimulus but is forecast to stand pat on Wednesday to allow more time to evaluate the progress of policy action.In Europe, the ECB is expected to top up its rescue program with an additional 500 billion euros of asset purchases. Anything less than an expansion at Thursday’s meeting would be a big shock, Bloomberg Economics said.The U.S. labor market report on Friday will probably show American unemployment soared to 19.6% in May, the highest since the 1930s.
These are the main moves in markets:
Stocks
The Stoxx Europe 600 Index rose 0.6% as of 9:37 a.m. London time.Futures on the S&P 500 Index declined 0.4%.Hong Kong’s Hang Seng Index increased 3.4%.The MSCI Asia Pacific Index climbed 1.7%.
Currencies
The Bloomberg Dollar Spot Index dipped 0.4%.The euro gained 0.3% to $1.1134.The British pound increased 0.5% to $1.2401.The Japanese yen strengthened 0.3% to 107.47 per dollar.The Australian dollar jumped 1% to $0.674.
Bonds
The yield on 10-year Treasuries gained less than one basis point to 0.66%.Germany’s 10-year yield climbed two basis points to -0.42%.Britain’s 10-year yield rose one basis point to 0.197%.
Commodities
West Texas Intermediate crude decreased 0.3% to $35.38 a barrel.Gold strengthened 0.5% to $1,738.60 an ounce.Iron ore gained 0.1% to $97.25 per metric ton.
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2020-06-01 08:43:00Z
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