Europe Stocks Dip as Virus Cases Soar; Bonds Gain: Markets Wrap, , on November 13, 2020 at 8:16 am

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On November 13, 2020
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(Bloomberg) — Stocks in Europe and Asia dipped while U.S. equity futures edged higher as investors assessed the prospects for additional government stimulus to help economies battered by soaring coronavirus cases. Treasuries added to gains.The Stoxx Europe 600 Index headed for a second day of losses after rallying earlier this week, with tech shares outperforming once again thanks to their perceived haven status. Equities dipped in Hong Kong, Australia and China. S&P 500 futures fluctuated before turning higher after the benchmark fell 1% as New York prepared for the possibility of school closures and Chicago urged residents to stay at home.Investors got a further reminder of the risks to the recovery after three of the world’s top central bankers warned on Thursday that the prospect of a vaccine isn’t enough to put an end to the economic challenges created by the pandemic. The U.K. reported record infections despite a tightened lockdown and hospitalization rates set a new high in France.Meanwhile, progress on a U.S. stimulus package hit another bump in the road, with the Trump administration saying it was stepping back from talks on a relief package and leaving it up to Congress to revive negotiations with House Speaker Nancy Pelosi, according to people familiar.“Policymakers are concerned, balancing their cautious optimism with a heavy dose of realism over the challenges that rising cases pose to economic growth,” said Nema Ramkhelawan-Bhana, an analyst at Rand Merchant Bank in Johannesburg, in a client note. “The need for fiscal stimulus will continue, a tricky situation for the U.S. now that the Trump administration has walked away from the negotiating table.”Elsewhere, the pound edged higher after a report that Dominic Cummings will leave his role as Prime Minister Boris Johnson’s top aide by the end of the year, the second hard Brexiteer to depart from the leader’s inner circle this week. Oil fell for a second day after a surprise jump in U.S. crude stockpiles and a gloomy forecast weighed on the demand outlook.These are some of the main moves in markets:StocksFutures on the S&P 500 Index advanced 0.4% as of 8:10 a.m. London time.The Stoxx Europe 600 Index dipped 0.3%.The MSCI Asia Pacific Index decreased 0.2%.The MSCI Emerging Market Index gained 0.4%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro climbed 0.1% to $1.1813.The British pound jumped 0.3% to $1.316.The onshore yuan weakened 0.1% to 6.618 per dollar.The Japanese yen strengthened 0.1% to 105.06 per dollar.BondsThe yield on 10-year Treasuries declined one basis point to 0.88%.The yield on two-year Treasuries decreased less than one basis point to 0.17%.Germany’s 10-year yield fell one basis point to -0.55%.Britain’s 10-year yield sank two basis points to 0.333%.Japan’s 10-year yield dipped one basis point to 0.025%.CommoditiesWest Texas Intermediate crude fell 1.8% to $40.36 a barrel.Brent crude fell 1.4% to $42.90 a barrel.Gold strengthened 0.2% to $1,880.30 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.,

Europe Stocks Dip as Virus Cases Soar; Bonds Gain: Markets Wrap(Bloomberg) — Stocks in Europe and Asia dipped while U.S. equity futures edged higher as investors assessed the prospects for additional government stimulus to help economies battered by soaring coronavirus cases. Treasuries added to gains.The Stoxx Europe 600 Index headed for a second day of losses after rallying earlier this week, with tech shares outperforming once again thanks to their perceived haven status. Equities dipped in Hong Kong, Australia and China. S&P 500 futures fluctuated before turning higher after the benchmark fell 1% as New York prepared for the possibility of school closures and Chicago urged residents to stay at home.Investors got a further reminder of the risks to the recovery after three of the world’s top central bankers warned on Thursday that the prospect of a vaccine isn’t enough to put an end to the economic challenges created by the pandemic. The U.K. reported record infections despite a tightened lockdown and hospitalization rates set a new high in France.Meanwhile, progress on a U.S. stimulus package hit another bump in the road, with the Trump administration saying it was stepping back from talks on a relief package and leaving it up to Congress to revive negotiations with House Speaker Nancy Pelosi, according to people familiar.“Policymakers are concerned, balancing their cautious optimism with a heavy dose of realism over the challenges that rising cases pose to economic growth,” said Nema Ramkhelawan-Bhana, an analyst at Rand Merchant Bank in Johannesburg, in a client note. “The need for fiscal stimulus will continue, a tricky situation for the U.S. now that the Trump administration has walked away from the negotiating table.”Elsewhere, the pound edged higher after a report that Dominic Cummings will leave his role as Prime Minister Boris Johnson’s top aide by the end of the year, the second hard Brexiteer to depart from the leader’s inner circle this week. Oil fell for a second day after a surprise jump in U.S. crude stockpiles and a gloomy forecast weighed on the demand outlook.These are some of the main moves in markets:StocksFutures on the S&P 500 Index advanced 0.4% as of 8:10 a.m. London time.The Stoxx Europe 600 Index dipped 0.3%.The MSCI Asia Pacific Index decreased 0.2%.The MSCI Emerging Market Index gained 0.4%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro climbed 0.1% to $1.1813.The British pound jumped 0.3% to $1.316.The onshore yuan weakened 0.1% to 6.618 per dollar.The Japanese yen strengthened 0.1% to 105.06 per dollar.BondsThe yield on 10-year Treasuries declined one basis point to 0.88%.The yield on two-year Treasuries decreased less than one basis point to 0.17%.Germany’s 10-year yield fell one basis point to -0.55%.Britain’s 10-year yield sank two basis points to 0.333%.Japan’s 10-year yield dipped one basis point to 0.025%.CommoditiesWest Texas Intermediate crude fell 1.8% to $40.36 a barrel.Brent crude fell 1.4% to $42.90 a barrel.Gold strengthened 0.2% to $1,880.30 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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