(Bloomberg) -- Global stocks rose with U.S. equity futures as investors looked ahead to the start of an earnings season that will provide more clues on how companies are coping with the pandemic. The dollar slipped.
The Stoxx Europe 600 Index climbed, led by travel shares and banks, as traders awaited outlooks from a slew of companies that have yet to provide concrete guidance on the impact of the virus. Chinese stocks renewed their advance after last week’s surge, while Japanese shares outperformed in Asia, rising more than 2%. Contracts on the main American equity gauges all rose.
Oil slipped ahead of an OPEC+ meeting this week at which the group may announce plans to start tapering historic production cuts.
With global stocks trading near their highest since February, focus now turns to whether the profit outlook will back up bullishness fueled by central bank and fiscal policy support. Traders have largely shrugged off new coronavirus outbreaks in some parts of the world, with Florida on Sunday posting the biggest one-day rise in cases since the pandemic began in the U.S., reporting 15,300 new infections.
“We think earnings are likely to recover in the second half of the year and excess liquidity will continue to support risk assets,” said Julie Fox at UBS Private Wealth Management. “We see further potential in global equities and think there’s some upside in segments of the market that have underperformed during the crisis.”
Here are some key events coming up:
JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, BNY Mellon and Citigroup start the U.S. earnings season.Wednesday brings the Bank of Japan’s policy decision and a Governor Haruhiko Kuroda briefing.The EIA crude oil inventory report is due Wednesday.China releases second-quarter GDP on Thursday as well as key economic indicators for June.The European Central Bank meets to set monetary policy on Thursday, with President Christine Lagarde holding a virtual press conference afterward.
These are the main moves in markets:
Stocks
Futures on the S&P 500 Index climbed 0.4% as of 8:16 a.m. London time.The Stoxx Europe 600 Index increased 0.7%.The MSCI Asia Pacific Index rose 1.3%.The MSCI Emerging Market Index gained 0.9%.
Currencies
The Bloomberg Dollar Spot Index fell 0.2%.The euro jumped 0.2% to $1.1327.The British pound gained 0.1% to $1.264.The onshore yuan was unchanged at 7.0 per dollar.The Japanese yen was little changed at 106.96 per dollar.
Bonds
The yield on 10-year Treasuries sank one basis point to 0.63%.The yield on two-year Treasuries decreased less than one basis point to 0.15%.Germany’s 10-year yield climbed one basis point to -0.46%.Britain’s 10-year yield rose one basis point to 0.166%.Japan’s 10-year yield gained one basis point to 0.033%.
Commodities
West Texas Intermediate crude declined 1.1% to $40.11 a barrel.Brent crude dipped 1% to $42.80 a barrel.Gold strengthened 0.5% to $1,807.75 an ounce.
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2020-07-13 07:24:00Z
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