S&P Futures Rise, Treasuries Dip Amid Trump Tweets: Markets Wrap, , on October 7, 2020 at 10:31 am

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By High West Capital Partners
On October 7, 2020
In Financial News
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(Bloomberg) — S&P 500 futures climbed with Nasdaq 100 contracts after President Donald Trump called for a reduced group of stimulus measures. Euro-area bonds erased gains before European Central Bank President Christine Lagarde speaks in Paris.Amazon.com and Apple Inc. rose in premarket trading while Facebook Inc. was flat after a House panel proposed reforming antitrust rules to curb the power of the four technology giants, including Alphabet Inc.’s Google. In Europe, Italy’s Nexi SpA slid after news of private-equity backers selling shares in the payment-services giant.Treasuries fell before a $35 billion sale of 10-year notes. They joined stock futures in reversing some of Tuesday’s sharp moves after Trump tweeted support for hard-hit airlines and small businesses. That seemed to blunt the jolt he gave markets by ending formal stimulus talks.Volatility picked up this month after Trump contracted the coronavirus and investors were whipsawed by the ups and down of talks on U.S. economic aid. The standalone measures the president proposed included $1,200 individual checks, $25 billion for airlines to support payroll and $135 billion for Paycheck Protection Program aimed at small businesses.“These tweets appear to have arrested the risk-off move,” analysts including Lyn Graham-Taylor at Rabobank in London wrote in an investor note “However, it seems a stretch to think that the Democrats would be fans of signing any standalone stimulus measures as, heading into the election, it would erode one of the differentiating factors between them and the Republicans.”The dollar steadied versus a basket of its peers before Federal Reserve officials comment later on Wednesday and release minutes from their past policy meeting.Meanwhile, with Trump now out of the hospital, investors continue to monitor the virus’s impact on economic recoveries around the world. Signs are mounting the virus is returning to the New York area, with infections reaching three-month highs.Elsewhere, Gazprom PJSC’s shares fell after it was hit with a 29 billion zloty ($7.6 billion) fine from Poland’s antitrust watchdog, which said its proposed Nord Stream 2 gas pipeline impedes competition on European Union energy markets.Here are some key events coming up:ECB’s Christine Lagarde and Francois Villeroy speak at a conference in Paris WednesdayThe minutes of the Sept. 15-16 meeting of the FOMC on Wednesday could be especially fruitful for Fed watchers, beginning with details of the debate on conditions necessary to trigger a rate increaseThe U.S. Vice Presidential debate takes place in Salt Lake City on WednesdayThese are some of the main moves in markets:StocksFutures on the S&P 500 Index rose 0.5% as of 6:27 a.m. New York time.The Stoxx Europe 600 Index fell 0.2%.Germany’s DAX Index declined 0.3%.The MSCI Asia Pacific Index increased 0.3%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro gained 0.2% to $1.1754.The Japanese yen weakened 0.4% to 106.10 per dollar.The British pound dipped 0.2% to $1.2861.BondsThe yield on 10-year Treasuries gained three basis points to 0.77%.Germany’s 10-year yield increased one basis point to -0.50%.Britain’s 10-year yield climbed one basis point to 0.292%.CommoditiesWest Texas Intermediate crude dipped 2.4% to $39.68 a barrel.Gold strengthened 0.5% to $1,888.48 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.,

S&P Futures Rise, Treasuries Dip Amid Trump Tweets: Markets Wrap(Bloomberg) — S&P 500 futures climbed with Nasdaq 100 contracts after President Donald Trump called for a reduced group of stimulus measures. Euro-area bonds erased gains before European Central Bank President Christine Lagarde speaks in Paris.Amazon.com and Apple Inc. rose in premarket trading while Facebook Inc. was flat after a House panel proposed reforming antitrust rules to curb the power of the four technology giants, including Alphabet Inc.’s Google. In Europe, Italy’s Nexi SpA slid after news of private-equity backers selling shares in the payment-services giant.Treasuries fell before a $35 billion sale of 10-year notes. They joined stock futures in reversing some of Tuesday’s sharp moves after Trump tweeted support for hard-hit airlines and small businesses. That seemed to blunt the jolt he gave markets by ending formal stimulus talks.Volatility picked up this month after Trump contracted the coronavirus and investors were whipsawed by the ups and down of talks on U.S. economic aid. The standalone measures the president proposed included $1,200 individual checks, $25 billion for airlines to support payroll and $135 billion for Paycheck Protection Program aimed at small businesses.“These tweets appear to have arrested the risk-off move,” analysts including Lyn Graham-Taylor at Rabobank in London wrote in an investor note “However, it seems a stretch to think that the Democrats would be fans of signing any standalone stimulus measures as, heading into the election, it would erode one of the differentiating factors between them and the Republicans.”The dollar steadied versus a basket of its peers before Federal Reserve officials comment later on Wednesday and release minutes from their past policy meeting.Meanwhile, with Trump now out of the hospital, investors continue to monitor the virus’s impact on economic recoveries around the world. Signs are mounting the virus is returning to the New York area, with infections reaching three-month highs.Elsewhere, Gazprom PJSC’s shares fell after it was hit with a 29 billion zloty ($7.6 billion) fine from Poland’s antitrust watchdog, which said its proposed Nord Stream 2 gas pipeline impedes competition on European Union energy markets.Here are some key events coming up:ECB’s Christine Lagarde and Francois Villeroy speak at a conference in Paris WednesdayThe minutes of the Sept. 15-16 meeting of the FOMC on Wednesday could be especially fruitful for Fed watchers, beginning with details of the debate on conditions necessary to trigger a rate increaseThe U.S. Vice Presidential debate takes place in Salt Lake City on WednesdayThese are some of the main moves in markets:StocksFutures on the S&P 500 Index rose 0.5% as of 6:27 a.m. New York time.The Stoxx Europe 600 Index fell 0.2%.Germany’s DAX Index declined 0.3%.The MSCI Asia Pacific Index increased 0.3%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro gained 0.2% to $1.1754.The Japanese yen weakened 0.4% to 106.10 per dollar.The British pound dipped 0.2% to $1.2861.BondsThe yield on 10-year Treasuries gained three basis points to 0.77%.Germany’s 10-year yield increased one basis point to -0.50%.Britain’s 10-year yield climbed one basis point to 0.292%.CommoditiesWest Texas Intermediate crude dipped 2.4% to $39.68 a barrel.Gold strengthened 0.5% to $1,888.48 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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