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Home / Business / Stocks slip with US futures; Treasury Advance: Markets Wrap

Stocks slip with US futures; Treasury Advance: Markets Wrap



(Bloomberg) – Stocks slipped alongside US stock futures as traders analyzed European production data and waited for an address by the Federal Reserve chief on Friday. Treasuries rose higher as gold dipped.

The Stoxx Europe 600 index fell after jumping with the euro on a strong PMI report from France. Contracts on the three major US stock indices erased a previous gain. Trading activity in the US has been easy this week ahead of Fed Chairman Jerome Powell's address Friday at the annual Jackson Hole rally. Earlier in Asia, Hong Kong stocks had the biggest fall while China rose higher and Japan closed flat. European government bonds fluctuated according to regional production data.

Traders look forward to Powell's speech tomorrow as they digest the various views of Fed officials found in the previous meeting's minutes, highlighting the difficult choices they face before the next policy decision in September, when investors expect another interest rate cut . President Donald Trump continued his relentless attack on the central bank, claiming that "the only problem we have is Jay Powell and the Fed." On trade, he predicted the US would "probably" make a deal.

"What I think we are getting out of Jackson Hole is a shift toward the Fed getting more flexibility and opportunity," Jack McIntyre, interest portfolio manager at Brandywine Global Investment Management LLC, told Bloomberg TV. "What I mean by that is maybe to send a message to the market that they are open to, hey, this may be a longer-term interest rate cut cycle. "

Elsewhere, the British pound kept falling from Wednesday as speculation about a so-called no-deal Brexit increased. [19659006] Here are some notable events coming up:

Minutes of ECB's last meeting due Thursday Flash PMIs are scheduled for the United States on Thursday Kansas City Federal Reserve Bank is hosting its annual central bank symposium in Jackson Hole, Wyoming, starting Thursday. [19659008] Here are the key moves in the markets:

Stocks

The Stoxx Europe 600 index fell 0.4% from 10:31 am London time, the S&P 500 index dipped 0.3%. vant 0, The UK's FTSE 100 index fell 0.7%. The MSCI Asia Pacific index fell 0.3%.

Currencies

The euro was stable at $ 1.1085. The Bloomberg Dollar Spot index did not change much. The Japanese yen strengthened 0.3% to $ 106.34 pst 15. 24 of currencies in emerging markets tracked by Bloomberg fell.

Bonds

The return on 10-year government bonds reduced two basis points to 1.57%. The return on two-year Treasuries dropped two basis points to 1.55%. Germany's 10-year return gained one basis point to -0.67%. Brittain's 10-year return dipped less than one basis point to 0.475%. Switzerland's 10-year return increased by two basis points to -0.949%.

Items [19659016] Iron ore reached 2.8% to $ 80 per tonne. Gold fell 0.5% to $ 1,508.60 per gram. LME zinc fell 1.9% to $ 2,245 per tonne. West Texas Intermediate crude oil increased 0.3% to $ 55.85 per barrel.

– With help from David Wilson, Paul Allen and Adam Haigh.

To contact the reporter about this story: Todd White of Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey @ bloomberg.net, Yakob Peterseil

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