Bonds Drop on Stimulus Bets; European Stocks Slide: Markets Wrap, , on October 21, 2020 at 8:31 am

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On October 21, 2020
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(Bloomberg) — Treasuries dropped and the dollar retreated amid speculation that Washington lawmakers have made some progress on a new stimulus package.The Treasury 10-year yield broke above 0.8% to a four-month high and European bonds followed suit after Democrat House Speaker Nancy Pelosi expressed hope for political compromise this week on a stimulus bill.Outside of bond markets, the picture was more mixed. U.S. futures were little changed and European stocks slumped for a third day. Copper rose to an almost two-year high on supply disruptions in Chile. “Financial markets continue to price in a 100% certainty that a deal will be reached pre-election, with bond yields rising in anticipation and equities firming,” said Jeffrey Halley, a senior market analyst for Asia Pacific at Oanda.Fresnillo Plc and Centamin Plc dropped in European markets after the gold miners cut their production guidance. Telecom equipment maker Ericsson also climbed after profit beat estimates as the company gained market share.Pelosi said Tuesday she also hoped that fresh stimulus spending would be retroactive, although the Republican Senate majority leader has warned the White House against a bigger Democrat-led deal before the vote on Nov. 3. The administration said its offer is now up to $1.88 trillion, below the $2.2 trillion Pelosi has pushed for.Tech shares on Tuesday mostly shook off the U.S. Justice Department’s decision to sue Google for allegedly abusing its power. Netflix Inc. plunged in late trading after it missed Wall Street estimates. The yuan climbed to the strongest since July 2018.Elsewhere, oil dropped toward $41 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles.Federal Reserve Bank of Chicago President Charles Evans said Tuesday the prospect of Congress failing to deliver additional fiscal support made him nervous, though he was “somewhat optimistic” about next year’s recovery.Here are some key events this week:Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.Here are some of the main market moves:StocksFutures on the S&P 500 Index were little changed at 9:30 a.m. New York time.The Stoxx Europe 600 Index decreased 1%.The MSCI Asia Pacific Index rose 0.6%.The MSCI Emerging Market Index gained 0.3%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.3% to 1,160.46.The euro increased 0.3% to $1.1853.The British pound climbed 0.8% to $1.3048.The Japanese yen strengthened 0.5% to 104.94 per dollar.BondsThe yield on 10-year Treasuries climbed three basis points to 0.81%.The yield on two-year Treasuries climbed one basis point to 0.15%.Germany’s 10-year yield gained two basis points to -0.58%.Britain’s 10-year yield climbed four basis points to 0.223%.CommoditiesWest Texas Intermediate crude dipped 0.3% to $41.11 a barrel.Gold strengthened 0.6% to $1,919.07 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.,

Bonds Drop on Stimulus Bets; European Stocks Slide: Markets Wrap(Bloomberg) — Treasuries dropped and the dollar retreated amid speculation that Washington lawmakers have made some progress on a new stimulus package.The Treasury 10-year yield broke above 0.8% to a four-month high and European bonds followed suit after Democrat House Speaker Nancy Pelosi expressed hope for political compromise this week on a stimulus bill.Outside of bond markets, the picture was more mixed. U.S. futures were little changed and European stocks slumped for a third day. Copper rose to an almost two-year high on supply disruptions in Chile. “Financial markets continue to price in a 100% certainty that a deal will be reached pre-election, with bond yields rising in anticipation and equities firming,” said Jeffrey Halley, a senior market analyst for Asia Pacific at Oanda.Fresnillo Plc and Centamin Plc dropped in European markets after the gold miners cut their production guidance. Telecom equipment maker Ericsson also climbed after profit beat estimates as the company gained market share.Pelosi said Tuesday she also hoped that fresh stimulus spending would be retroactive, although the Republican Senate majority leader has warned the White House against a bigger Democrat-led deal before the vote on Nov. 3. The administration said its offer is now up to $1.88 trillion, below the $2.2 trillion Pelosi has pushed for.Tech shares on Tuesday mostly shook off the U.S. Justice Department’s decision to sue Google for allegedly abusing its power. Netflix Inc. plunged in late trading after it missed Wall Street estimates. The yuan climbed to the strongest since July 2018.Elsewhere, oil dropped toward $41 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles.Federal Reserve Bank of Chicago President Charles Evans said Tuesday the prospect of Congress failing to deliver additional fiscal support made him nervous, though he was “somewhat optimistic” about next year’s recovery.Here are some key events this week:Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.Here are some of the main market moves:StocksFutures on the S&P 500 Index were little changed at 9:30 a.m. New York time.The Stoxx Europe 600 Index decreased 1%.The MSCI Asia Pacific Index rose 0.6%.The MSCI Emerging Market Index gained 0.3%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.3% to 1,160.46.The euro increased 0.3% to $1.1853.The British pound climbed 0.8% to $1.3048.The Japanese yen strengthened 0.5% to 104.94 per dollar.BondsThe yield on 10-year Treasuries climbed three basis points to 0.81%.The yield on two-year Treasuries climbed one basis point to 0.15%.Germany’s 10-year yield gained two basis points to -0.58%.Britain’s 10-year yield climbed four basis points to 0.223%.CommoditiesWest Texas Intermediate crude dipped 0.3% to $41.11 a barrel.Gold strengthened 0.6% to $1,919.07 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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