Bloomberg
Stocks Rise With U.S. Futures Ahead of Jobs Report: Markets Wrap
(Bloomberg) -- U.S. futures climbed with stocks ahead of key American jobs data that could strengthen the case for further stimulus under a Democrat-controlled Congress.Contracts on the S&P 500 Index traded in the green as investors awaited Friday’s payrolls report, forecast to show a sharp slowdown in December hiring. Investors are betting Democrat control of the Senate will give President-elect Joe Biden greater power to battle the economic slowdown spurred by the pandemic, including with stimulus checks. The dollar erased gains and 10-year Treasury yields were flat.European stocks headed for their best week since November, led higher by tech shares, which were boosted by earnings reports from U.S. and Asia chipmakers. Banks slumped, with Credit Suisse Group AG and Commerzbank AG among the biggest laggards. A gauge of Asia-Pacific equities jumped the most in about two months.“A unified government as the result of the ‘blue sweep’ victory will smooth the path to more fiscal stimulus,” said Mark Haefele, chief investment officer of UBS Global Wealth Management. “This points to the reflation trade remaining intact, which we think has further to run.”Meanwhile, President Donald Trump pledged Thursday to pursue a smooth transition of power and condemned the earlier unrest, which occurred after he had urged his angry supporters to take action. Trump is under siege from some Republicans as well as Democrats and from inside his own administration as top officials announce resignations.Elsewhere, Brent oil topped $55 a barrel and gold dipped. Bitcoin jumped to a record. A gauge of emerging market stocks hit a 13-year intraday high.On the virus front, more U.S. states reported their first cases of the variant that helped trigger a U.K. lockdown amid concern that Covid-19 deaths in the U.S. are likely to maintain a near-record pace at least through January. Mounting hospitalizations are offsetting any positive effect from the halting start to inoculations.These are some of the main moves in markets:StocksFutures on the S&P 500 Index climbed 0.3% as of 6:36 a.m. New York time.The Stoxx Europe 600 Index increased 0.6%.The MSCI Emerging Market Index advanced 1.6%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro fell 0.2% to $1.2246.The British pound gained 0.2% to $1.3595.The onshore yuan strengthened 0.2% to 6.463 per dollar.The Japanese yen weakened 0.1% to 103.88 per dollar.BondsThe yield on 10-year Treasuries advanced less than one basis point to 1.08%.The yield on two-year Treasuries was unchanged at 0.14%.Germany’s 10-year yield dipped less than one basis point to -0.52%.Britain’s 10-year yield declined less than one basis point to 0.281%.Japan’s 10-year yield sank less than one basis point to 0.035%.CommoditiesWest Texas Intermediate crude increased 1.2% to $51.42 a barrel.Brent crude gained 1.4% to $55.13 a barrel.Gold weakened 1.1% to $1,892.54 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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