US futures rise as crude, metals slumps worsen

Bloomberg

US stock futures pointed to a higher opening and European equities advanced amid positive earnings reports. Brent crude slid below $50 a barrel for the first time since March, while the rout in metals prices worsened.
The S&P 500 Index looked to snap a string of meager moves, and the Euro Stoxx 600 climbed as Met Life Inc. and Royal Dutch Shell Plc beat analysts’ estimates. Bonds from Europe to the US fell after the Federal Reserve left rates unchanged and signaled it’s not concerned with recent signs of sluggishness. Rising US oil inventories weighed on crude prices, while iron ore is in full-scale retreat, with futures in China plunging to end limit-down.
The Fed’s signal that it remains on track for a June rate increase failed to propel the dollar past a range that’s left it at a three-week high, while Treasury yields gained only slightly. A drop in productivity reported on Thursday was the latest sign that the economy got off to a sluggish start, putting Friday’s jobs report into focus. Strong earnings in Europe and the US have helped equities, while the worsening rout in commodities is starting to raise concern.
As Brexit talks begin, the European Union is expected on Thursday to publish legislative proposals that would force London’s euro clearing operations to either accept EU oversight or relocate to the continent. Voters in France go to the polls on Sunday for the second round of presidential elections.
Futures on the S&P 500 Index rose 0. 3 percent at 8:31 a.m. in New York. The underlying gauge hasn’t moved more than 0.2 percent in either direction for six straight sessions as it’s advance toward an all-time high stalled. Facebook Inc. slipped in early trading after its results disappointed, while Met Life was little changed. The Stoxx Europe 600 Index advanced 0.4 percent, while the FTSE 100 jumped 0.4 percent.
The Bloomberg Dollar Spot Index was little changed as of 7:19 a.m. in New York, after gaining 0.4 percent on Wednesday.