Europe Stocks Gain on China Lift; Yen, Gold Slip: Markets Wrap
February 17, 2020 @ 14:51 UTC
European stocks rose on Monday after Chinese shares advanced with the yuan as investors took encouragement from the Asian country’s pledges to support the world’s second-biggest economy in the face of the coronavirus outbreak. The yen and gold both dipped. Gains in the Stoxx Europe 600 Index were led by automakers and miners. U.S. equity-index futures climbed, though Wall Street is shut for a holiday, and Treasuries weren’t trading. European bonds were steady, while the euro ticked higher, after closing on Friday at its lowest since early 2017. The dollar steadied against a basket of its biggest peers.
With Monday’s gains China’s CSI 300 Index has now recouped its losses since trading resumed after the Lunar New Year break, after the central bank unveiled plans to reduce corporate taxes and fees. The momentum failed to buoy most Asian markets, however. Stocks dipped in Seoul and Sydney, while Japan’s Topix Index dropped after data showed the country’s economy shrank the most in five years in the last quarter.
Futures on the S&P 500 Index increased 0.2% as of 6:27 a.m. New York time.Nasdaq 100 Index futures climbed 0.4%.The Stoxx Europe 600 Index gained 0.2%.The MSCI Asia Pacific Index fell 0.2%.The MSCI World Index was little changed. The Bloomberg Dollar Spot Index was little changed.The euro climbed 0.1% to $1.0841.The Japanese yen weakened 0.1% to 109.88 per dollar. Germany’s 10-year yield fell less than one basis point to -0.40%.Britain’s 10-year yield decreased less than one basis point to 0.626%.France’s 10-year yield declined one basis point to -0.166%.Japan’s 10-year yield declined one basis point to -0.033%.
Europe Stocks Gain on China Lift; Yen, Gold Slip: Markets Wrap, Bloomberg, Feb 17