US futures and European stocks climbed Thursday as investors assessed attractive valuations and a drop in oil prices against hawkish messages from central bankers on reining in inflation.
S&P 500 contracts climbed 0.5% and those on the Nasdaq 100 were 0.6% higher. Europe’s Stoxx 600 Index rose, with construction and consumer shares leading gains, while energy stocks were laggards. Trading volumes are lighter than usual, with UK markets shut for holidays to mark Queen Elizabeth II’s Platinum Jubilee. Among individual moves, Remy Cointreau SA gained after the spirits maker forecast solid sales growth.
Crude oil slid on a report that Saudi Arabia is ready to pump more oil if Russian output declines. OPEC+ is scheduled to meet to discuss supply policy.
US manufacturing activity and job openings data Wednesday fueled concern the Federal Reserve will need to get more restrictive to slow runaway price gains. Treasuries held losses, with 10-year yields above 2.90%. The dollar slipped while the yen held near 130 per dollar after its recent decline on the prospect of widening interest rate differentials with the US.
McMillion also cautioned that markets haven’t fully priced in the impact of the Fed’s balance-sheet reduction. “The impact of quantitative tightening starting to roll off the Fed’s balance sheet this month is really untested and unprecedented. Our guess is that it’s probably not fully priced into markets,” she said.
In US premarket trading, Chewy Inc. rallied after the online pet products retailer’s results topped analyst expectations. Hewlett Packard Enterprise Co. slid after the company cut its full-year profit forecast.
How will markets be affected by the Fed’s quantitative tightening? QT officially starts Wednesday and is the theme of this week’s MLIV Pulse survey. Click here to participate anonymously.
Here are some key events to watch this week:
Cleveland Fed President Loretta Mester discusses the economic outlook Thursday
US May employment report Friday
The UN’s Food and Agriculture Organization releases its monthly food price index at a time of maximum concern about global supplies on Friday
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.5% as of 10:35 a.m. London time
Futures on the S&P 500 rose 0.5%
Futures on the Nasdaq 100 rose 0.6%
Futures on the Dow Jones Industrial Average rose 0.4%
The MSCI Asia Pacific Index fell 0.7%
The MSCI Emerging Markets Index fell 0.7%
Currencies
The Bloomberg Dollar Spot Index fell 0.3%
The euro rose 0.3% to $1.0687
The Japanese yen rose 0.3% to 129.73 per dollar
The offshore yuan rose 0.3% to 6.6809 per dollar
The British pound rose 0.4% to $1.2542
Bonds
The yield on 10-year Treasuries was little changed at 2.91%
Germany’s 10-year yield advanced two basis points to 1.21%
Commodities
Brent crude fell 2.1% to $113.87 a barrel
Spot gold rose 0.4% to $1,854.20 an ounce
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