Europe Stocks Open Lower, U.S. Futures Fluctuate: Markets Wrap, , on October 27, 2020 at 8:30 am

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By High West Capital Partners
On October 27, 2020
In Financial News
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(Bloomberg) — European stocks opened down on Tuesday and U.S. futures fluctuated as investors weighed positive earnings reports against concerns that surging coronavirus cases will hurt the global economy.Declines in European energy and auto share offset gains in banks after powerhouse HSBC Holdings Plc reported credit losses would be at the lower end of its previously announced range. Spanish lender Banco Santander SA’s earnings beat estimates and may have boosted its case to resume dividends. Swiss drugs giant Novartis AG erased an early share gain after lifting its earnings forecast.S&P 500 futures signaled the index may hold much of Monday’s decline, which was the largest in a month. Crude oil nudged higher, while Treasuries and German bunds were steady.“Even as equities sold off yesterday, bond yields did not fall by much,” ING Groep NV strategists including Padhraic Garvey wrote in a note. “The bond market is still sniffing a slightly better medium-term outlook, especially in the U.S.”Investors will look for market catalysts later on Tuesday from U.S. pharmaceutical company earnings and data on durable-goods orders and consumer confidence. In the meantime, surging coronavirus infections are adding to an already cautious mood with the U.S. election a week away and time running out to finish an aid package before then.Europe took a step closer to the strict rules imposed during the initial wave of the pandemic, with leaders struggling to regain control of the spread while confronting growing opposition to restrictions. France’s government was told that its virus situation is moving toward that of early March, and the second wave will probably be worse than the first one.In Washington, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin again attempted to reconcile differences on a virus relief package. Differences between the two sides “have narrowed,” but “the more it narrows, the more conditions come up on the other side,” White House economic adviser Larry Kudlow told reporters.These are some events to watch this week:The Chinese Communist Party’s Central Committee holds its all-important plenum, where it’s expected to chart the course for the economy’s development for the next 15 years. Through Oct. 29.Brexit negotiating teams have started intense daily negotiations, and these are likely to continue as both sides push to finalize a deal by the middle of November.Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.The first reading of U.S. 3Q GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.Here are the major moves in markets:StocksThe Stoxx Europe 600 Index declined 0.4% as of 8:26 a.m. London time.Futures on the S&P 500 Index rose 0.1%.Nasdaq 100 Index futures climbed 0.1%.The MSCI Asia Pacific Index dipped 0.2%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The British pound dipped 0.1% to $1.3006.The Japanese yen strengthened 0.1% to 104.78 per dollar.The Turkish lira weakened 0.8% to 8.1476 per dollar.BondsThe yield on 10-year Treasuries climbed less than one basis point to 0.80%.Germany’s 10-year yield fell less than one basis point to -0.58%.Britain’s 10-year yield increased less than one basis point to 0.277%.New Zealand’s 10-year yield fell five basis points to 0.566%.CommoditiesWest Texas Intermediate crude climbed 0.4% to $38.72 a barrel.Gold was little changed at $1,902.06 an ounce.Corn increased 0.4% to $4.20 a bushel.Iron ore gained 0.6% to $110.44 per metric ton.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 Open Lower, U.S. Futures Fluctuate: Markets Wrap(Bloomberg) — European stocks opened down on Tuesday and U.S. futures fluctuated as investors weighed positive earnings reports against concerns that surging coronavirus cases will hurt the global economy.Declines in European energy and auto share offset gains in banks after powerhouse HSBC Holdings Plc reported credit losses would be at the lower end of its previously announced range. Spanish lender Banco Santander SA’s earnings beat estimates and may have boosted its case to resume dividends. Swiss drugs giant Novartis AG erased an early share gain after lifting its earnings forecast.S&P 500 futures signaled the index may hold much of Monday’s decline, which was the largest in a month. Crude oil nudged higher, while Treasuries and German bunds were steady.“Even as equities sold off yesterday, bond yields did not fall by much,” ING Groep NV strategists including Padhraic Garvey wrote in a note. “The bond market is still sniffing a slightly better medium-term outlook, especially in the U.S.”Investors will look for market catalysts later on Tuesday from U.S. pharmaceutical company earnings and data on durable-goods orders and consumer confidence. In the meantime, surging coronavirus infections are adding to an already cautious mood with the U.S. election a week away and time running out to finish an aid package before then.Europe took a step closer to the strict rules imposed during the initial wave of the pandemic, with leaders struggling to regain control of the spread while confronting growing opposition to restrictions. France’s government was told that its virus situation is moving toward that of early March, and the second wave will probably be worse than the first one.In Washington, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin again attempted to reconcile differences on a virus relief package. Differences between the two sides “have narrowed,” but “the more it narrows, the more conditions come up on the other side,” White House economic adviser Larry Kudlow told reporters.These are some events to watch this week:The Chinese Communist Party’s Central Committee holds its all-important plenum, where it’s expected to chart the course for the economy’s development for the next 15 years. Through Oct. 29.Brexit negotiating teams have started intense daily negotiations, and these are likely to continue as both sides push to finalize a deal by the middle of November.Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.The first reading of U.S. 3Q GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.Here are the major moves in markets:StocksThe Stoxx Europe 600 Index declined 0.4% as of 8:26 a.m. London time.Futures on the S&P 500 Index rose 0.1%.Nasdaq 100 Index futures climbed 0.1%.The MSCI Asia Pacific Index dipped 0.2%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The British pound dipped 0.1% to $1.3006.The Japanese yen strengthened 0.1% to 104.78 per dollar.The Turkish lira weakened 0.8% to 8.1476 per dollar.BondsThe yield on 10-year Treasuries climbed less than one basis point to 0.80%.Germany’s 10-year yield fell less than one basis point to -0.58%.Britain’s 10-year yield increased less than one basis point to 0.277%.New Zealand’s 10-year yield fell five basis points to 0.566%.CommoditiesWest Texas Intermediate crude climbed 0.4% to $38.72 a barrel.Gold was little changed at $1,902.06 an ounce.Corn increased 0.4% to $4.20 a bushel.Iron ore gained 0.6% to $110.44 per metric ton.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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