The Stoxx Europe 600 Index and futures for the S&P 500 erased early gains to trade little changed. Sterling swung between gains and losses before falling after a letter formally triggering Britain’s departure from the European Union was delivered. The euro slid and German 10-year bonds rose after a Reuters report that the ECB is wary about making a monetary policy shift. The South African rand trimmed its decline as three party leaders were said to oppose the dismissal of Finance Minister Pravin Gordhan.
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According to Bloomberg, global stocks remain on course for a fifth straight month of gains as the reflation trade triggered by Trump’s election proves its resilience. Stronger growth -- from the world’s biggest economy to developing nations -- has helped underpin the rally, even amid doubts about the president’s ability to enact pro-growth policies.
“Trump and markets are moving on, with the help of better U.S. data,” Societe Generale SA strategists, led by Ciaran O’Hagan, wrote in a client note, referring to the rebound in risk appetite after last week’s failed health-care bill curbed reflation bets.
Here are this week’s key events:
- EIA data due at 3:30 p.m. London time may show a 2 million-barrel expansion in American crude inventories.
- Proposals to design and build U.S. President Donald Trump’s promised 2,000-mile border wall between the U.S. and Mexico are due.
- Samsung Electronics Co. will introduce its Galaxy S8 smartphone, the company’s first
new mobile phone since the debacle with the Note 7 battery fires that led to its recall.
Here are the main moves in markets:
Stocks
- The Stoxx Europe 600 Index traded little changed as of 8:29 a.m. in New York.
- Futures on the S&P 500 were little changed. The underlying index rose 0.7 percent on Tuesday.
Currencies
- The British pound fell 0.2 percent. The euro weakened 0.6 percent.
- The Bloomberg Dollar Spot Index was 0.1 percent higher.
- South Africa’s rand pared its decline to 0.2 percent.
Bonds
- European bonds advanced, with the yield on Germany’s 10-year bunds falling four basis points to 0.35 percent.
- Treasuries gained, with the yield on the benchmark note due in a decade falling two basis points to 2.4 percent. The yield advanced four basis points Tuesday.
Commodities
- West-Texas Intermediate crude oil rose 0.5 percent to $48.60, extending Tuesday’s 1.3 percent advance as an unexpected disruption in Libyan crude output helps investors shrug off record U.S. stockpiles.
- Gold rose 0.1 percent to $1,252.91.
Asia
- The MSCI Asia Pacific Excluding Japan Index rose 0.4 percent, with Australia’s S&P/ASX 200 Index and New Zealand’s S&P/NZX 50 adding at least 0.9 percent. Japan’s Topix Index fell as more than 1,500 of its constituent companies traded without the right to their latest dividend.