Global Stock Markets
A degree of risk appetite returned to global markets on Tuesday, with developing-nation stocks and currencies rebounding and the euro climbing with Italian bonds. The dollar fell as Treasury yields climbed, and the pound advanced.
U.S. equity futures pointed to a higher open and the Stoxx Europe 600 Index nudged upward after the MSCI Asia Pacific gauge eked out a gain in a mixed session earlier. Emerging stocks were the stand out, ending a three-day losing streak.
The euro swung from a loss to a gain as investors weigh the chances Italy’s president will seek to curtail a potential populist government, while the country’s bonds rebounded from a two-day slide. The Turkish lira fell to yet another record low. Sterling strengthened amid speculation there could be another U.K. election and after upbeat comments from a Bank of England policymaker.
Easing trade tension between the world’s two biggest economies -- China confirmed a cut to the import duty on passenger cars on Tuesday -- has helped restore some confidence in emerging-market assets, though Italy’s political situation continues to loom over global markets. President Sergio Mattarella is reportedly preparing to pick a premier on Wednesday or Thursday. Beyond politics, central banks are in focus this week -- the Federal Reserve will release minutes of its latest policy meeting on Wednesday, while the ECB follows suit on Thursday. A raft of U.S. debt sales adds to the busy agenda.
Elsewhere, the South African rand and Russian ruble headed higher. Hong Kong and South Korean markets were shut for a holiday. Most commodities, including oil, advanced as the greenback weakened.
Stocks
The Stoxx Europe 600 Index rose 0.1 percent as of 12:17 p.m. London time.
Futures on the S&P 500 Index rose 0.2 percent.
The U.K.’s FTSE 100 Index rose 0.2 percent.
Germany’s DAX Index rose 0.4 percent.
The MSCI Emerging Market Index gained 0.5 percent, the largest rise in more than a week.
The MSCI Asia Pacific Index climbed 0.1 percent.
Currencies
The euro increased 0.2 percent to $1.1809, the strongest in a week.
The British pound gained 0.2 percent to $1.3452.
The Japanese yen increased 0.1 percent to 110.98 per
The Turkish lira sank 0.8 percent to 4.6112 per dollar, the weakest on record.
Bonds
The yield on 10-year Treasuries climbed two basis points to 3.08 percent.
Germany’s 10-year yield gained four basis points to 0.56 percent.
Britain’s 10-year yield gained four basis points to 1.518 percent.
Italy’s 10-year yield sank nine basis points to 2.298 percent, the largest tumble in almost seven months.
Commodities
West Texas Intermediate crude increased 0.2 percent to $72.42 a barrel, the highest in more than three years.
Gold rose 0.1 percent to $1,294.36 an ounce.
U.S. equity futures pointed to a higher open and the Stoxx Europe 600 Index nudged upward after the MSCI Asia Pacific gauge eked out a gain in a mixed session earlier. Emerging stocks were the stand out, ending a three-day losing streak.
The euro swung from a loss to a gain as investors weigh the chances Italy’s president will seek to curtail a potential populist government, while the country’s bonds rebounded from a two-day slide. The Turkish lira fell to yet another record low. Sterling strengthened amid speculation there could be another U.K. election and after upbeat comments from a Bank of England policymaker.
Easing trade tension between the world’s two biggest economies -- China confirmed a cut to the import duty on passenger cars on Tuesday -- has helped restore some confidence in emerging-market assets, though Italy’s political situation continues to loom over global markets. President Sergio Mattarella is reportedly preparing to pick a premier on Wednesday or Thursday. Beyond politics, central banks are in focus this week -- the Federal Reserve will release minutes of its latest policy meeting on Wednesday, while the ECB follows suit on Thursday. A raft of U.S. debt sales adds to the busy agenda.
Elsewhere, the South African rand and Russian ruble headed higher. Hong Kong and South Korean markets were shut for a holiday. Most commodities, including oil, advanced as the greenback weakened.
Stocks
The Stoxx Europe 600 Index rose 0.1 percent as of 12:17 p.m. London time.
Futures on the S&P 500 Index rose 0.2 percent.
The U.K.’s FTSE 100 Index rose 0.2 percent.
Germany’s DAX Index rose 0.4 percent.
The MSCI Emerging Market Index gained 0.5 percent, the largest rise in more than a week.
The MSCI Asia Pacific Index climbed 0.1 percent.
Currencies
The euro increased 0.2 percent to $1.1809, the strongest in a week.
The British pound gained 0.2 percent to $1.3452.
The Japanese yen increased 0.1 percent to 110.98 per
The Turkish lira sank 0.8 percent to 4.6112 per dollar, the weakest on record.
Bonds
The yield on 10-year Treasuries climbed two basis points to 3.08 percent.
Germany’s 10-year yield gained four basis points to 0.56 percent.
Britain’s 10-year yield gained four basis points to 1.518 percent.
Italy’s 10-year yield sank nine basis points to 2.298 percent, the largest tumble in almost seven months.
Commodities
West Texas Intermediate crude increased 0.2 percent to $72.42 a barrel, the highest in more than three years.
Gold rose 0.1 percent to $1,294.36 an ounce.
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