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Bloomberg
Markets are showing signs of recovery as traders stepped in after a selloff sparked by hawkish minutes from the Federal Reserve.
Europe’s Stoxx 600 gained 0.4%, boosted by a rally in shares of Atlantia SpA, the billionaire Benettons’ highway and airport group. Atlantia added 10% in Italian trading after Global Infrastructure Partnersand Brookfield Asset Management Inc said they made a non-binding bid for the company.
S&P 500 contracts were little changed. Brent crude edged above $102 a barrel. Ten-year Treasury yields fall two basis points to 2.57%.
Global equity markets dived on Wednesday after Fed minutes showed officials were focused on tamping down inflation and outlined plans to pare the balance sheet by more than $1 trillion a year. The selloff spilled over into the Asia session, sending the MSCI benchmark down more than 1%.
Commodity markets continue to be whipsawed by disruptions sparked by Russia’s war in Ukraine and efforts to curb raw-material costs. Oil rallied, paring a slump that was triggered by the International Energy Agency’s decision to deploy 60 million barrels from emergency stockpiles.
In China, officials will use monetary policy tools at an “appropriate time†and consider other measures to boost consumption, according to the readout from a meeting of the State Council.
Meanwhile, Russia slipped closer to a technical default after foreign banks declined to process about $650 million of dollar payments on its bonds, forcing it to offer rubles instead.
The latest corporate developments included the purchase of a stake in HP valued at more than $4.2 billion by Warren Buffett’s Berkshire Hathaway Inc HP’s shares jumped in extended trading.
The Stoxx Europe 600 rises 0.4% as of 8:51 am London time and futures on the S&P 500 also climb 0.2%.
While futures on the Nasdaq 100 rise 0.3%, the MSCI Asia Pacific Index also falls 1.3%. The MSCI Emerging Markets Index falls 1.1%
The Bloomberg Dollar Spot Index was little changed and the euro was also little changed at $1.0898. The Japanese yen was little changed at 123.77 per dollar and the offshore yuan was little changed at 6.3651 per dollar. The British pound rises 0.2% to $1.3101.
The yield on 10-year Treasuries declined two basis points to 2.57% and Germany’s 10-year yield declined one basis point to 0.63%. Britain’s 10-year yield declined one basis point to 1.69%.