US stocks, dollar rise on data; Italian bonds gain

Bloomberg

US stocks rose towards records and the dollar gained after upbeat private jobs data bolstered confidence in the world’s largest economy. European assets firmed on news the Italian government may rein in spending.
The S&P 500 Index headed for a record close as technology and financial shares advanced. Italian debt jumped after four days of selling and the Stoxx Europe 600 Index rebounded from drop on a report Italy will pledge to cut the deficit to 2 percent in 2021. The 10-year Treasury yield rose to 3.08 percent.
Elsewhere Aston Martin shares tumbled on their trading debut after an initial public offering valued the company on a par with competitor Ferrari NV. The Turkish lira fell after the country’s inflation surged.
US investors have so far looked past European politics and emerging-market strains, along with a close call between a US and a Chinese warship in the disputed South China Sea that added to tensions to instead focus on strong economic data. Federal Reserve Chairman Jerome Powell welcomed wage growth but expressed confidence that low unemployment won’t spur a takeoff in prices that forces more aggressive tightening.
MSCI Inc.’s Asia Pacific share index fell for a third day, with Japanese and South Korean equities leading declines. The rupiah and the rupee remained under pressure on surging oil prices. Crude in New York hovered above $75 a barrel, trading near the highest level in almost four years.
In India, the focus was also back on the country’s financial sector after Prime Minister Narendra Modi’s government took control of Infrastructure Leasing & Financial Services Ltd., promising to end the group’s string of defaults.
American factory orders for August are due on Thursday; data on the trade balance will come on Friday. The US government’s September jobs report is also due on Friday. The Reserve Bank of India’s policy decision is due on Friday. These are the main moves in markets:
STOCKS
The S&P 500 Index climbed 0.4 percent at 9:31 a.m. in New York, on track for a record close. The Dow Jones Industrial Average rose 0.2 percent and the Russell 2000 Index gained 0.2 percent. The Stoxx Europe 600 Index jumped 0.7 percent, the biggest increase in almost two weeks. The MSCI Asia Pacific Index sank 0.7 percent to the lowest in more than two weeks. The MSCI Emerging Market Index added 0.2 percent.

CURRENCIES
The Bloomberg Dollar Spot Index climbed 0.1 percent, hitting the highest in almost four weeks with its fifth straight advance. The euro fell less than 0.05 percent to $1.1543, reaching the weakest in almost six weeks on its sixth straight decline. The British pound advanced 0.1 percent to $1.2996, the largest gain in more than a week.

BONDS
The yield on 10-year Treasuries climbed two basis points to 3.08 percent. Britain’s 10-year yield advanced one basis point to 1.543 percent. Germany’s 10-year yield advanced three basis points to 0.45 percent, the largest gain in more than a week. Italy’s 10-year yield decreased 12 basis points to 3.331 percent, the first retreat in a week and the biggest tumble in more than two weeks.

COMMODITIES
West Texas Intermediate crude climbed 0.1 percent to $75.34 a barrel, the highest in almost four years. Gold fell 0.1 percent to $1,202.63 an ounce.