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Futures Rise With Stocks Ahead of Fed Minutes: Markets Wrap

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Robert Brand and Namitha Jagadeesh
·3 min read
Futures Rise With Stocks Ahead of Fed Minutes: Markets Wrap
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(Bloomberg) -- U.S. equity-index futures rose along with stocks in Europe as investors awaited minutes from the Federal Reserve’s latest meeting for clues on policy makers’ thinking on interest rates and stimulus. Bonds stabilized after a rally.

The Stoxx Europe 600 Index climbed, led by gains in commodity sectors, with Royal Dutch Shell Plc rising more than 3% after saying it will boost returns to shareholders. Technology shares outperformed following the Nasdaq 100’s rise to a record on Tuesday. Didi Global Inc. extended losses in U.S. premarket trading after a Chinese crackdown on firms listing their shares abroad.

Ten-year Treasury yields were steady after hitting February lows in U.S. hours, while those on core European bonds dipped. The dollar was flat against a basket of major currencies. Oil extended gains amid the OPEC+ crisis, which has stymied efforts to raise production and buffeted prices.

Markets are steadying after Tuesday’s risk-off move, sparked by concerns about the outlook for the global economy as new virus variants emerge. Investors are taking some heart from soft U.S. data that suggests the Fed will hold off on tapering for now. But with global stocks near all-time highs and inflationary pressures in focus, they’ll pay close attention to the wording of the minutes from the central bank’s last meeting for clues on the policy path.

“Signs that the recovery is not too hot nor too cold imply that policy normalization could be very gradual,” Credit Agricole CIB strategists led by Jean-François Paren wrote in a note. “This supports our view that while the Fed will discuss tapering from the upcoming meetings, the actual tapering is unlikely to start before next year.”

Elsewhere, copper declined and gold advanced for a sixth day. Australian and New Zealand bonds rallied. Asian stocks fell, with Chinese tech firms in Hong Kong retreating after Beijing’s cybersecurity probe of ride-hailing giant Didi Global Inc.

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:

Stocks

Futures on the S&P 500 rose 0.2% as of 10:25 a.m. London timeFutures on the Nasdaq 100 rose 0.5%Futures on the Dow Jones Industrial Average rose 0.1%The Stoxx Europe 600 rose 0.6%The MSCI World index was little changed

Currencies

The Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.1823The British pound was little changed at $1.3798The Japanese yen fell 0.1% to 110.77 per dollarThe offshore yuan rose 0.2% to 6.4677 per dollar

Bonds

The yield on 10-year Treasuries was little changed at 1.34%Germany’s 10-year yield declined one basis point to -0.28%Britain’s 10-year yield was little changed at 0.63%

Commodities

West Texas Intermediate crude rose 1.5% to $74.46 a barrelGold futures rose 0.5% to $1,803.80 an ounce

More stories like this are available on bloomberg.com

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©2021 Bloomberg L.P.

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