Stock Futures Drift; Oil Recuperation Continues: Markets Wrap

(Bloomberg) -- U.S. and European stock futures drifted higher Thursday as investors await further corporate earnings and the latest weekly look at American unemployment. Oil prices continued to mend, with crude above $15 a barrel in New York. Asian stocks saw modest gains in most markets, though Australian shares fell; volumes in the region were subdued. Authorities in Hong Kong intervened for a third day to defend the currency peg, with recent selling now about $1 billion. Treasuries were flat, while the dollar fell for the first day in four.Oil futures pushed higher after President Donald Trump ordered the Navy to destroy any Iranian gun boats that harass American ships at sea. Investors are continuing to assess the pandemic’s damage to the global economy and corporate profitability, with a gauge of global equities up about 25% from its March lows. Weekly U.S. jobless claims are forecast to come in at 4.5 million. On the virus front: New York deaths were at the lowest rate since early April. Spain’s parliament backed the prime minister’s request to extend a state of emergency to May 9. Treasury Secretary Steven Mnuchin said he anticipates most of the economy will restart by the end of August, while House lawmakers on Thursday are set to pass another round of aid.These are the main moves in markets:StocksFutures on the S&P 500 gained 0.3% as of 7:09 a.m. in London. The gauge rose 2.3% on Wednesday.Euro Stoxx 50 futures rose 0.4%.Japan’s Topix index gained 1.4%.MSCI Asia Pacific index rose 0.9%.CurrenciesThe yen was little changed at 107.81 per dollar.The offshore yuan traded at 7.0892 per dollar.The euro bought $1.0831, little changed.The Bloomberg Dollar Spot Index fell 0.2%.BondsThe yield on 10-year Treasuries were flat at 0.62%.Australia’s 10-year bond yield rose four basis points to 0.88%.CommoditiesWest Texas Intermediate crude expiring in June rose 12% to $15.40 a barrel.Gold was at little changed at $1,718 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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