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07-16-2019, 03:53 AM
Stocks Mixed as Big Banks Report; Treasuries Slip: Markets Wrap

(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.European stocks drifted with U.S. futures following a mixed session in Asia as investors looked to earnings and policy makers for the rally’s next catalyst. Treasuries edged lower and the dollar held steady.The Stoxx Europe 600 Index fluctuated in a tight range, with chemicals companies climbing while real estate shares fell. Futures on the S&P 500 Index were little changed after the U.S. benchmark ended Monday at a record. Japanese shares dipped as traders returned from a holiday while South Korean stocks climbed. The euro was little changed. Oil held below $60 a barrel as U.S. output returned after storm Barry was downgraded.Investors will be watching U.S. retail sales data later on Tuesday for clues on the health of the American economy, a day after Chinese figures showed signs of stabilization. Earnings season also ramps up with JPMorgan Chase & Co. and Goldman Sachs Group Inc. results due and a slew of Federal Reserve speakers scheduled to speak this week.Trade isn’t far from the picture, with Treasury Secretary Steven Mnuchin saying he and U.S. Trade Representative Robert Lighthizer may travel to Beijing for negotiations if talks by phone this week are productive.“We are concerned about complacency as investors seem to believe the Fed will save the day, the U.S.-China trade dispute will be resolved relatively soon and massive China stimulus will boost global growth,” said Bob Doll, chief equity strategist and senior portfolio manager at Nuveen Asset Management. “Market risks lean more to the downside.”Here are some key events coming up:JPMorgan, Bank of America Corp., Goldman Sachs and Taiwan Semiconductor are among companies due to report results this week.U.S. June retail sales, due Tuesday, are expected to rise from the prior month.Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.These are the main moves in markets:StocksFutures on the S&P 500 Index climbed less than 0.05% as of 8:11 a.m. London time.The Stoxx Europe 600 Index increased 0.1% to the highest in more than a week.The Shanghai Composite Index declined 0.2%.The MSCI Emerging Market Index advanced 0.2% to the highest in more than a week.CurrenciesThe Bloomberg Dollar Spot Index gained 0.1%.The euro dipped less than 0.05% to $1.1253.The British pound sank 0.2% to $1.2493, the weakest in a week.The onshore yuan climbed less than 0.05% to 6.875 per dollar.The Japanese yen fell 0.1% to 108.04 per dollar, the largest fall in more than a week.BondsThe yield on 10-year Treasuries climbed less than one basis point to 2.09%.The yield on two-year Treasuries advanced one basis point to 1.84%.Germany’s 10-year yield declined less than one basis point to -0.26%.Japan’s 10-year yield dipped less than one basis point to -0.117%.CommoditiesWest Texas Intermediate crude declined 0.3% to $59.43 a barrel, the lowest in a week.Iron ore gained 0.4% to $116.97 per metric ton, the highest in almost two weeks.Gold climbed less than 0.05% to $1,414.35 an ounce.Soybeans fell 0.5% to $9.16 a bushel.To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Yakob Peterseil in London at ypeterseil@bloomberg.netTo contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Laura CurtisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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