U.S. Futures Are Mixed With Stocks as Bonds Climb: Markets Wrap

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Bloomberg 06 July, 2021 - 08:26am 20 views

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US futures fluctuate; Oil jumps on OPEC+ dispute

BNN 06 July, 2021 - 09:00am

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U.S. equity-index futures fluctuated between gains and losses, as crude oil surged above US$76 per barrel and investors weighed the potential for a more hawkish tilt at the Federal Reserve and worsening OPEC+ tensions over oil production.

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 US$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 US$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 per cent 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 4.1 per cent to about US$34,085 amid generalized losses for cryptocurrencies.

Here are some events to watch this week:

These are some of the main moves in markets:

Ross Healy's Top Picks: July 5, 2021

Alex Ruus' Top Picks: July 2, 2021

Colin Stewart's Top Picks: June 30, 2021

OPEC+ was plunged into crisis as a worsening fight between Saudi Arabia and the United Arab Emirates blocked an oil-supply increase.

Canada's main stock index set new highs to start the trading week.

The Alberta government is taking 50 per cent ownership of the controversial Sturgeon Refinery northeast of Edmonton.

A former managing director at one of Canada’s largest pension plans claims he is owed $65 million after being fired.

US stock futures fall; traders monitor oil spat: markets wrap

Moneyweb 06 July, 2021 - 09:00am

The world economy moves on the FED emotions (Hawkish or Dovish).

Not on production figures or wealth figures but if they feel hawkish we lose money.

I must teach my kids that and they can skip all the degrees at University.

Laying 2 000 kilometers of fiber in the Democratic Republic of Congo.

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