U.S. Futures Climb With Stocks on China Tariff Cut: Markets Wrap - Yahoo Finance

Stocks Hit Record on Tariff Relief; Bonds Slip: Markets Wrap

(Bloomberg) -- U.S. stocks rose to records as the rally in risk assets powered into a fourth day after China’s plans for tariff cuts on American imports added to optimism the global economy will weather the hit from the coronavirus.

The S&P 500 extended its gain this week past 3.5%, while the Dow Jones Industrial Average reclaimed an all-time high. Global stocks surged overnight after China said it will lower levies on $75 billion of U.S. goods next week, adding a tailwind to growth. While some warn of complacency as a gauge of global stocks inches toward a record, others flag support from central banks, and recent indicators showing the trajectory of growth was solid before the virus struck.

In corporate news, Twitter Inc. rallied after topping analysts’ projections for fourth-quarter revenue. Strong results also helped power the Stoxx Europe 600 Index to a record. ArcelorMittal SA jumped the most since 2016 after expressing optimism on the outlook for steel demand this year, and Societe Generale SA rose after pledging to boost shareholder returns. Japanese euqities rose more than 2% as Toyota Motor Corp. reported a higher-than-expected quarterly profit.

China’s moves in recent days to reopen markets and inject stimulus “gave global investors a degree of confidence that the Chinese policy makers had at least taken the worst-case scenario off the table,” said Joe Zidle, chief investment strategist at Blackstone Group Inc.

Here are some key events coming up:

German industrial production is due on Friday.The U.S. employment report for January is set for Friday release.Australia’s central bank chief speaks and takes questions at a parliamentary committee.

And these are the main moves in markets:

Stocks

The S&P 500 Index climbed 0.2% as of 9:31 a.m. New York time.The Stoxx Europe 600 Index increased 0.3%.MSCI’s emerging-market measure jumped 1.3%.The MSCI Asia Pacific Index increased 1.8%.The MSCI Emerging Market Index gained 1.4%.

Currencies

The Bloomberg Dollar Spot Index was little changed.The euro was little changed at $1.1001.The onshore yuan rose 0.1% to 6.968 per dollar.The Japanese yen was little changed at 109.88 per dollar.

Bonds

The yield on 10-year Treasuries rose one basis point to 1.66%.The yield on two-year Treasuries added one basis point to 1.45%.Germany’s 10-year yield rose one basis point to -0.35%.Japan’s 10-year yield rose two basis points to -0.017%.

Commodities

West Texas Intermediate crude fell 0.4% to $50.58 a barrel.Brent crude sank 1.2% to $54.61 a barrel.Gold futures jumed 0.3% to $1,567.40 an ounce.

--With assistance from Yakob Peterseil and Adam Haigh.

To contact the reporter on this story: Jeremy Herron in New York at jherron8@bloomberg.net

To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Jeremy Herron

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2020-02-06 13:31:00Z
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