Futures, Stocks Steady as Yields Rise on Oil Surge: Markets Wrap


Bloomberg 06 July, 2021 - 07:22am 29 views

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Futures, Stocks Steady as Yields Rise on Oil Surge: Markets Wrap

Yahoo Canada Finance 06 July, 2021 - 01:07am

Japanese stocks made modest gains while those in Hong Kong and China slipped. Lingering concerns about China’s cybersecurity crackdown are shadowing the nation’s stock market. One of the most high-profile probes is into ride-hailing giant Didi Global Inc., which only just listed in the U.S. European and S&P 500 equity futures fluctuated and Nasdaq 100 contracts fell.

OPEC+ was plunged into crisis as a worsening fight between Saudi Arabia and the United Arab Emirates blocked an oil-supply increase. The breakdown of talks has sent crude climbing toward $80 a barrel. But it also raises the risk of a price war if the conflict escalates.

Australian bond yields rose as the central bank announced a slower pace of asset purchases, though the statement reiterated that interest rates are unlikely to rise before 2024. New Zealand’s currency outperformed major peers on speculation that an interest-rate hike could come this year.

Higher energy costs could fan the inflationary pressures that are strengthening the case for the Federal Reserve to start withdrawing emergency stimulus in the months ahead. The latest U.S. central bank minutes due Wednesday may provide further context on its hawkish pivot last month.

The risk of oil at $100 a barrel “is so correlated with short-run inflation that it will make the market very, very edgy, and we know that the Federal Reserve is both watching the economic data but also markets,” Alan Higgins, chief investment officer at Coutts & Co., said on Bloomberg Television.

Elsewhere, the pound extended an advance after the U.K. announced plans to end social distancing and capacity limits at venues in England from July 19, saying that people must learn to live with coronavirus.

Gold continued its positive July, edging toward a fifth daily gain. U.S. stocks and Treasury markets were closed Monday for the Independence Day holiday.

For more market commentary, follow the MLIV blog.

Here are some events to watch this week:

FOMC minutes WednesdayThe Group of 20 finance ministers and central bankers meet in Venice on FridayChina PPI and CPI data released on Friday

These are some of the main moves in markets:

S&P 500 futures were little changed as of 7 a.m. in London.Nasdaq 100 futures slipped 0.2%Japan’s Topix index rose 0.3%Australia’s S&P/ASX 200 Index slipped 0.6%South Korea’s Kospi index gained 0.3%Hong Kong’s Hang Seng Index fell 0.6%China’s Shanghai Composite Index dipped 0.9%Euro Stoxx 50 futures dipped 0.1%

The Japanese yen traded at 110.80 per dollarThe offshore yuan was at 6.4627 per dollarThe Bloomberg Dollar Spot Index edged down 0.1%The euro was at $1.1876

Ten-year U.S. Treasury yields rose about two basis points to 1.44%Australia’s 10-year bond yield climbed four basis points to 1.48%.

West Texas Intermediate crude rose 1.9% to $76.56 a barrelGold was at $1,804.20 an ounce, up 0.7%

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Italy and Spain go head to head in a huge Euro 2020 semi-final showdown at Wembley tonight. Spain appeared to have found their own scoring touch but were back to their profligate best as they scraped past 10-man Switzerland on penalties in Saint Petersburg. Italy vs Spain is scheduled for an 8pm BST kick-off tonight - Tuesday, July 6, 2021.

Scarlett Sykes, 18, organised a bracing early-morning sponsored run for pupils at the prestigious school near Elgin in Moray.

SAN DIEGO (AP) — Josh Bell hit a go-ahead home run in the seventh inning and All-Star Trea Turner also connected for the Washington Nationals, who beat the San Diego Padres 7-5 Monday night to snap a four-game losing streak. Bell and Alcides Escobar had three hits apiece for the Nationals, who rebounded after being swept in four games at home by the Los Angeles Dodgers. Padres All-Star Fernando Tatis Jr. became the fastest player 22 or younger to hit 27 homers in a season, doing it in 68 games.

PARIS, July 06, 2021--TotalEnergies and Veolia Join Forces to Develop CO2-based Microalgae Cultivation to Produce Next-generation Biofuels

Emerging markets saw more interest rate hikes in June as a hawkish pivot from the U.S. Federal Reserve amplified inflationary pressures in a number of developing economies. Policymakers across a group of 37 emerging market central banks delivered a net five interest rate rises in June after a single increase in May. A raft of major central banks raised rates in June and many flagged an accelerating pace of hikes in the months to come.

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Adam Ward, who was diagnosed with colon cancer in August 2020, is taking part in the marathon to raise money for Macmillan Cancer Support.

Asian share markets were volatile on Tuesday, after Australia's central bank flagged some tapering in its quantitative easing programme and concerns over the future of China's powerful technology sector weighed down shares. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%. In Hong Kong, the Hang Seng Index was down 0.44%, marking its sixth day of losses, while China's CSI300 was off by nearly 0.6% to an almost two-month-low.

A Brampton father enlisted the help of Cambrian College’s applied research department to 3D print a personalized cast after his three-year-old son fractured his arm in May. Anmol Signh was pretending to be a superhero in the backyard when he jumped off a stool and fractured his humerus bone. The doctors at Georgetown Hospital sent him home in a soft cast and a sling to await his appointment at the fracture clinic in seven days time when he would be fitted for a plaster cast that would have to be

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Asian Stocks Up, Investors Digest Implications of Collapse in OPEC+ Talks By Investing.com

Investing.com 06 July, 2021 - 12:00am

Investing.com – Asia Pacific stocks were mostly up Tuesday morning alongside soaring crude oil prices even as investors digested a breakdown in Organization of the Petroleum Exporting Countries and allies (OPEC+) talks over output.

Japan’s Nikkei 225 was up 0.34% by 10:07 PM ET (2:07 AM GMT) and South Korea’s KOSPI gained 0.50%.

In Australia, the ASX 200 edged up 0.18% ahead of the Reserve Bank of Australia (RBA)’s policy decision, due later in the day. RBA is expected to start withdrawing some stimulus measures in the decision, even as the latest outbreak of COVID-19 saw restrictive measures implemented in several cities.

Hong Kong’s Hang Seng Index edged down 0.17%.

China’s Shanghai Composite inched up 0.04% while the Shenzhen Component was down 0.23%. The country will release its consumer price index and producer price index on Friday.

Investors also kept a wary eye on the market after the Cyberspace Administration of China ordered app stores to remove Didi from their offerings earlier in the week, with the crackdown coming just days after the ride-hailing giant listed in New York.

U.S. markets were closed for a holiday on Monday.

OPEC+ abandoned its latest talks that took place on Monday and were aimed at resolving a worsening dispute between Saudi Arabia and the United Arab Emirates over output levels.

The talks’ collapse also raised the specter of a price war not dissimilar to the Saudi Arabia-Russia price war that caused the black liquid’s price to enter negative territory in April 2020. The collapse also means that the output hike scheduled for August will not take place, likely leading to a shortage of barrels just as some countries continue their economic recovery from COVID-19.

The inevitable higher energy prices could also further stoke existing inflationary pressures, which could prompt the U.S. Federal Reserve to begin asset tapering sooner than expected. Investors now await the minutes from the Fed’s June policy meeting, due on Wednesday, to further understand the central bank’s surprise hawkish turn at that meeting.

On the data front, the U.S. Institute of Supply Management (ISM) non-manufacturing purchasing managers' index (PMI) for June is due later in the day.

The risk of oil at $100 a barrel “is so correlated with short-run inflation that it will make the market very, very edgy, and we know that the Fed is both watching the economic data but also markets,” Coutts & Co. chief investment officer Alan Higgins told Bloomberg.

Elsewhere, the U.K. is set to end social distancing and capacity limits at venues in England from Jul. 19 and finance ministers from the Group of 20, or G20, are due to meet in Venice on Friday.

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U.S. Futures Fluctuate; Oil Jumps on OPEC+ Dispute: Markets Wrap

BloombergQuint 04 July, 2021 - 05:04pm

Contracts on the S&P 500 Index ended little-changed after the benchmark index notched up another record on Friday. West Texas Intermediate crude rose for the fourth time in five days after the oil-exporters club called off another meeting to discuss United Arab Emirates’ opposition to an extension of output increase. News related to corporate deals buoyed European stocks.

The U.S. jobs report Friday signaled the economy is gaining steam but not at a pace that would prompt the central bank to taper stimulus quickly. Fed watchers awaited June Federal Open Market Committee meeting minutes due Wednesday to gauge how far divisions among members have widened on the tapering time line. U.S. stock and bond markets remain closed for the July 4 Independence Day holiday.

“Today’s public holiday suggests trading will be quiet, although the Fed story will very much re-emerge on Wednesday evening when investors pore through the minutes of the pivotal June 16th FOMC meeting,” ING Groep strategists including Chris Turner wrote in a note. “Before then, we expect much focus on the commodity complex.”

WTI oil continued its inflationary surge above $76 a barrel with the bitter spat between Saudi Arabia and the UAE pushing OPEC+ to abandon its planned meeting and leaving the oil market facing much tighter supplies than had been expected. Brent crude briefly rose above $77 for the first time since 2018.

“As oil prices move higher it should force the hand of UAE to resolve a mutual framework that works for OPEC,” Christyan Malek, head of EMEA oil & gas research at JPMorgan Chase & Co. said in an e-mailed response to questions.

While the jobs report eased concerns about the Fed’s hawkish pivot last month, central banks around the world are beginning to pull back from from the emergency stimulus they deployed to fight the pandemic-driven global recession. For instance, the Reserve Bank of Australia is expected to pare back some stimulus at its Tuesday meeting despite ongoing curbs against a recent Covid-19 flareup.

Meanwhile, a gauge of China’s services industry slowed sharply in June following virus outbreaks in some parts of the country and weaker new orders. The survey shows a deeper downturn in services than the official non-manufacturing gauge released last week.

Shares in British retailer Wm Morrison Supermarkets Plc jumped 12% to the highest price since 2018 as a takeover battle intensified. Investors will watch Didi Global Inc. when U.S. markets reopen after China expanded a cybersecurity probe.

Elsewhere, Bitcoin fell 4.8% to about $33,937 amid generalized losses for cryptocurrencies.

Here are some events to watch this week:

These are some of the main moves in markets:

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