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Stock Rebound facilitates Italy, Trade Outlook: Markets Wrap



European equities drifted after a decline in Asia as investors sought to rebuild their confidence amid Italy's muddled political outlook and uncertain trade patterns. The dollar fell while the euro climbed as Italian bond yields fell.

The Stoxx Europe 600 Index lost an early profit despite a more positive sentiment in Asia. The MSCI Asia Pacific Index rebounded after reaching its lowest level since February on Wednesday. Hong Kong and Chinese equities outperformed as China's official production indicator underpinned robust growth despite the debt brake and trade tensions. 10-year US yields were above 2.85 percent.

In the midst of political and trade turmoil, the next focus for traders might well be the US labor market report on Friday, the last before the next Federal Reserve meeting next month, for the seventh time since the end of 201

5. James Gorman Morgan Stanley's Chief Executive Officer said the Fed is unlikely to prevent it from pursuing monetary policy tightening as a result of recent volatility in the financial markets.

"Over the summer, we will face great uncertainty," said David Ader, chief macro strategist at Informa Financial Intelligence, to Bloomberg Television. "I do not see that we have a big directional game at this point in time, and I see a lot of uncertainty leading to high volatility."

David Ader, chief strategy strategist at Informa Financial Intelligence, discusses how geopolitical issues, Fed. Elsewhere, the Indonesian rupiah led a broader currency rally in emerging markets, after Bank Indonesia raised Wednesday's reference rate on Wednesday in less than two weeks for the second time and more increases for the sell-off of local currencies

Terminal users can read more in Bloomberg's Market Live Blog

These are some key events to watch this week:

  • The US employment report for May is due on Friday. It's the last one before the Fed meeting in June.
  • Automobile manufacturers report US sales on the same day.
  • Also on Friday: Some Chinese onshore stocks are joining the global indices of MSCI Inc.
  • On Saturday, US Secretary of Commerce Wilbur Ross will speak on topics such as ZTE Corp. for further talks with Vice Premier Liu He. and trade travel to Beijing.

These are the key steps in the markets:

shares

  • The Stoxx Europe 600 Index rose 0.1 percent at 8:18 am London time.
  • The MSCI World Industrialized Index rose 0.3 percent.
  • The MSCI Asia Pacific Index gained 0.8 percent, the largest increase in nearly three weeks.
  • Japan's Nikkei 225 Stock Average gained 0.8 percent, the largest increase in nearly three weeks.
  • The MSCI Emerging Market Index climbed 0.8 percent, the largest increase in three weeks.
  • The British FTSE 100 Index gained 0.3 percent.
  • Futures on the S & P 500 Index fell 0.1 percent.

Cu Currencies

  • The Bloomberg Dollar Spot Index fell 0.2 percent to its lowest level in a week.
  • The Euro climbed 0.2 percent to $ 1.1688, the highest value in a week.
  • The British pound rose 0.2 percent to $ 1.3314 in a week.
  • The Japanese yen gained 0.3 percent to $ 108.63 per dollar, the strongest in nearly six weeks.

Bonds

  • Ten-year Treasury yields rose by one basis point to 2.86 percent.
  • Germany's ten-year yield fell less than one basis point to 0.37 percent.
  • The British ten-year yield climbed one basis point to 1.257 percent.

Commodities

  • West Texas Intermediate crude fell 0.3 percent to $ 67.98 a barrel.
  • Gold rose 0.3 percent to $ 1,305.14 an ounce, the highest in more than two weeks, the largest advance in a week.

– Supported by Samuel Potter and Randall Jensen


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