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(Bloomberg) — U.S. Treasury futures fell as tensions in the Middle East sent markets into a wait-and-see mode, but Treasuries pared back some of the previous day’s gains.
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Geopolitical concerns weigh on optimism over central bank policy easing as traders await Israel’s response to missile attacks from Iran and Brent oil prices soar above $75 a barrel has become the main driving force in the market. The escalating situation in the region accelerated the flight to safety on Tuesday, with Wall Street’s fear gauge VIX rising to a key level that typically signals further market volatility to be expected. .
S&P 500 index futures fell 0.2%, and the European stock benchmark erased earlier gains. The 10-year U.S. Treasury yield rose 3 basis points to 3.76% from Tuesday’s low of 3.69%, when demand for havens increased appetite for Treasuries. The dollar was flat.
“Obviously there’s a lot of uncertainty,” Anna Rosenberg, head of geopolitics at Amundi Asset Management, told Bloomberg TV. “Nevertheless, I think the market is still functioning on the basic expectation that it will remain more or less subdued and that we won’t go into all-out war, and that that’s the right thing to do right now. I think so.”
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In corporate news, JD Sports Fashion Plc fell after reporting earnings and after Nike Inc. reported a decline in quarterly sales after the US market closed.
Oil producers bucked declines in major European indexes as crude oil soared after Israel announced retaliation for Tehran’s ballistic missile attack. The serious escalation in hostilities has fueled fears of war across the Middle East.
Meanwhile, Chinese stocks listed in Hong Kong rose by the most in nearly two years after the Chinese government followed other major cities in easing restrictions on home purchases. A massive economic stimulus package announced by Chinese leaders last week has boosted domestic assets and helped boost overseas markets.
This week’s main events:
Wednesday’s S&P Global Manufacturing PMI
Wednesday’s Fed speakers include Thomas Barkin of Richmond, Beth Hammack of Cleveland, Albert Musallem of St. Louis and Fed President Michelle Bowman.
US nonfarm payrolls, Friday
The main movements in the market are:
stock
As of 6:48 a.m. New York time, S&P 500 futures were down 0.2%.
Nasdaq 100 futures fell 0.1%
Dow Jones Industrial Average futures fell 0.3%.
Stoxx Europe 600 has little change
MSCI World Index falls 0.1%
story continues
currency
Bloomberg Dollar Spot Index little changed
The euro was unchanged at $1.1068.
The British pound was almost unchanged at $1.3279.
The Japanese yen fell 0.8% to 144.69 yen to the dollar.
cryptocurrency
Bitcoin rises 1% to $61,420.9
Ether rose 0.4% to $2,461.73
bond
The 10-year Treasury yield rose 3 basis points to 3.76%.
Germany’s 10-year bond yield rose 6 basis points to 2.09%.
The UK 10-year bond yield rose 8 basis points to 4.02%.
merchandise
West Texas Intermediate crude rose 3.3% to $72.13 per barrel.
Spot gold fell 0.5% to $2,651 an ounce.
This article was produced in partnership with Bloomberg Automation.
–With assistance from Rob Verdonck and Winnie Hsu.
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