Global Stocks Set for Long Win of 2024: Markets Wrap Up

(Bloomberg) — Stocks rose after a subdued session on Wall Street on signs that the Federal Reserve is poised to cut interest rates soon.

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MSCI’s all-country stock index went on to a ninth straight day of gains – the longest period of gains since December. US futures and Europe’s Stoxx 600 were little changed, while 10-year Treasury yields were flat. The dollar is near its weakest level since March.

Traders are holding their breath after Monday’s session in the US sent the S&P 500 higher for an eighth straight day. Stock levels remained low as investors hesitated to place big bets before central bankers gather this week for the Fed’s Jackson Hole Economic Symposium.

“What we’ve seen is a piece of recent data that has eased fears of a slowdown in U.S. growth without stoking fears that inflation will pick up again,” said Kyle Rhoda, senior market analyst at Capital.Com Inc.

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On the corporate front, Alimentation Couche-Tard Inc. A preliminary proposal from 7-Eleven owner Seven & i Holdings Co. A potential deal was released based on the Japanese company’s market value of ¥5.63 trillion ($38.4 billion) to buy I.

The European Union has announced plans to impose a 9% tariff on Tesla cars imported from China. Hawaiian Holdings Inc. It rose more than 10% in premarket trading after the U.S. Justice Department decided against challenging a proposed merger with Alaska Air Group Inc.

Meanwhile, shares of Eli Lilly & Co. strengthened after it showed benefits of its Zepbound weight-loss shot for preventing diabetes.

In Europe, rising risks to the region’s growth outlook have strengthened the case for a policy adjustment when the European Central Bank meets next month, said governing body member Olli Rehn. Markets are pricing in at least two rate cuts this year.

Asian currencies hit their highest levels since January, while oil was steady after its biggest drop in two weeks.

Gold rose to $2,500 an ounce on expectations that the central bank is ready to cut interest rates.

Highlights of this week:

• US Fed minutes, BLS preliminary annual wages revision, Wednesday

• Eurozone HCOB PMI, Consumer Confidence, Thursday

• The ECB will publish an account of the July rate decision on Thursday

• US Initial Jobless Claims, Existing Home Sales, S&P Global PMI, Thursday

• Japan CBI, Friday

• Bank of Japan Governor Kazuo Ueda on Friday to participate in a special session of Japan’s parliament to discuss a July 31 interest rate hike.

• US new home sales, Friday

• Fed Chairman Jerome Powell speaks at the Jackson Hole Symposium in Wyoming on Friday

The story continues

Some key movements in the markets:

Shares

• S&P 500 futures were little changed as of 7:58 a.m. New York time

• Nasdaq 100 futures were little changed

• The future of the Dow Jones Industrial Average was little changed

• The Stoxx Europe 600 was little changed

• The MSCI World Index was little changed

Coins

• The Bloomberg Dollar Spot Index was little changed

• The euro was little changed at $1.1083

• The British pound was up 0.2% at $1.3012

• The Japanese yen rose 0.1% to 146.41 per dollar

Cryptocurrencies

• Bitcoin rose 2.4% to $60,535.78

• Ether rose 1% to $2,642.52

Bonds

• The yield on 10-year Treasuries was little changed at 3.87%.

• Germany’s 10-year yield fell one basis point to 2.23%.

• Britain’s 10-year yield was little changed at 3.93%

materials

• West Texas Intermediate crude was little changed

• Spot gold rose 0.9% to $2,526.78 an ounce

This story was produced with the help of Bloomberg Automation.

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