European stocks advance to one-week high; dollar falls

Bloomberg

European stocks climbed to a one-week high and equity futures rose amid a thaw in US and China relations and hopes of wider access to new coronavirus treatments.
The rally in the Europe Stoxx 600 Index was broad based, with all 19 industries posting gains. BT Group advanced after Sky News reported that the board is on alert for takeover approaches. New Zealand’s dollar fell against most peers as an extended lockdown in Auckland fuelled speculation the
Reserve Bank may ease policy. Copper climbed with oil, while the dollar weakened.
Asian stocks got a boost after people familiar with the matter said President Donald Trump’s team is privately seeking to reassure US companies that they can still do business with the WeChat messaging app in China. WeChat owner Tencent Holdings Ltd. jumped the most in two weeks.
Market sentiment was also supported by the news over the weekend that the US Food and Drug Administration is working to expand access to a virus treatment involving blood plasma from recovered patients.
Investors will be focused this week on the Federal Reserve’s annual Economic Policy Symposium — typically held in Jackson Hole, Wyoming. Taking place on August 27-28 via livestream, Chair Jerome Powell is scheduled to speak on
Thursday about the Fed’s
long-awaited monetary policy framework review, which has focused on a new inflation strategy.
“We’re hoping to get some sort of hints as to where their fundamental view is going and there’s a lot of expectations around that,” said Marvin Barth, global head of foreign exchange and emerging markets macro strategy at Barclays Plc.
Meanwhile, storms Marco and Laura are rolling towards the US Gulf Coast. The threat prompted evacuations of off-shore energy platforms and set residents and officials on edge from Texas to Florida.