StockMarketNews.Today – Stock markets showed signs of stabilizing on Tuesday,
The yuan trimmed some earlier losses as the People’s Bank of China Governor Yi Gang said the country aimed to keep the currency at its equilibrium level. Hong Kong’s stocks tumbled in a catch-up after the city was off on holiday Monday. The dollar fell versus major peers and Treasuries were steady. West Texas intermediate crude climbed for the fifth time in six sessions as a Saudi Arabian production increase failed to move the needle on global supply.
While the global trade spat between the worlds biggest economies appears to be worsening — President Donald Trump is taking measures to prevent China Mobile Ltd. from entering the U.S. market — investors will take some cheer from the PBOC’s pledge to keep the yuan stable. They’ll also be looking to minutes from the Federal Reserve and jobs data later in the week to provide a welcome distraction from protectionist risks after the country celebrates its independence day.
These are key events coming up this week:
The U.S. celebrates Independence Day on Wednesday, July 4. Stock and bond markets are closed, along with government offices.
Federal Reserve releases minutes of its June 12-13 meeting, when FOMC policy makers raised the benchmark rate a quarter point for the second time this year and lifted the median forecast to four total increases in 2018.
U.S. payrolls are due Friday.
Also on Friday, the U.S. is scheduled to impose tariffs on $34 billion of Chinese goods.
Beijing has said it will slap tariffs on an equal value on U.S. exports including agricultural and auto exports.
The Stoxx Europe 600 Index increased 0.4 percent as of 8:04 a.m. London time.
Futures on the S&P 500 Index advanced 0.2 percent to the highest in more than a week.
The MSCI All-Country World Index gained 0.1 percent.
The MSCI Emerging Market Index decreased 0.4 percent.
The euro advanced 0.1 percent to $1.1654.
The British pound gained 0.1 percent to $1.3158.
The offshore yuan dipped 0.2 percent to 6.69 per dollar, reaching the weakest in almost 11 months on its 14th straight decline.
The yield on 10-year Treasuries declined less than one basis point to 2.87 percent.
Germany’s 10-year yield gained one basis point to 0.32 percent, the largest gain in a week.
Britain’s 10-year yield advanced two basis points to 1.275 percent, the biggest rise in more than a week.
West Texas Intermediate crude increased 1.1 percent to $74.79 a barrel, the highest in more than three years.
LME copper increased 0.8 percent to $6,576.00 per metric ton, the biggest climb in almost four weeks.
Gold gained 0.1 percent to $1,243.39 an ounce.