Europe Stocks Rise With U.S. Futures; Dollar Falls

European shares gained along with U.S. equity futures as stellar earnings from American tech giants lifted sentiment amid dismal economic data and a resurgent virus. The dollar extended this month’s tumble.

Apple Inc., Amazon.com Inc., and Facebook Inc. all rose in pre-market trading after quarterly results showed the pandemic has increased dependence on their products and services. Tech shares lifted the Stoxx Europe 600 Index, even after France and Spain posted record economic contractions. Nokia Oyj soared after earnings beat estimates.

Equities underperformed in Japan and Australia amid record daily infections in Tokyo and a warning that curbs in Melbourne could be tightened. Treasury yields ticked lower. Oil clawed back some of its retreat seen in the wake of weak U.S. economic data, while gold traded above $1,970 an ounce.

Stocks

Futures on the S&P 500 Index increased 0.3% as of 9:32 a.m. London time.The Stoxx Europe 600 Index climbed 0.7%.The MSCI Asia Pacific Index declined 1%.The MSCI Emerging Market Index was little changed.

Currencies

The Bloomberg Dollar Spot Index declined 0.1%.The euro rose 0.2% to $1.1865.The British pound increased 0.1% to $1.3113.The onshore yuan strengthened 0.5% to 6.978 per dollar.The Japanese yen strengthened 0.1% to 104.62 per dollar.

Bonds

The yield on 10-year Treasuries sank one basis point to 0.53%.The yield on two-year Treasuries declined one basis point to 0.11%.Germany’s 10-year yield fell one basis point to -0.55%.Britain’s 10-year yield dipped less than one basis point to 0.086%.Japan’s 10-year yield decreased less than one basis point to 0.02%.

Commodities

West Texas Intermediate crude increased 0.6% to $40.17 a barrel.Brent crude increased 0.7% to $43.25 a barrel.Gold strengthened 0.9% to $1,974.52 an ounce.

Europe Stocks Rise With U.S. Futures; Dollar Falls: Markets Wrap, Bloomberg, Jul 31