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Bloomberg
US stocks edged higher as investors parsed a mixed bag of earnings and energy producers got a boost from rising oil prices. Treasuries fell.
The S&P 500 Index gained for a third day, but technology shares were under pressure as IBM Corp. tumbled after posting weak results. Morgan Stanley’s record profit lifted bank shares. Oil surged about 2 percent after an industry report showed crude inventories fell, driving energy shares higher.
Treasury yields traded around 2.84 percent, while the dollar held near March lows after the US said it’s already started direct talks with North Korea and Russian leader Valdimir Putin was said to be seeking to dial down tensions with America.
There’s once again no shortage of catalysts for investors across the globe, from corporate fundamentals and geopolitics to simmering trade tensions and growth concerns. The bulls appeared to have the upper hand as the earnings season started, but underwhelming results from industry leaders has called that into question.
Still, nickel surged to the highest in more than three years on the London Metal Exchange on worries that the metal used in stainless steel could be caught in the crossfire of any further sanctions against Russia.
Elsewhere, the Swiss franc fell and Europe’s common currency briefly wobbled after euro-area inflation data was revised downward. The sterling dropped as UK price growth slowed to the weakest level in a year.
In Asia, Japanese shares outperformed amid gains across the region, boosted by a drop in the yen as President Donald Trump met Japanese Prime Minister Shinzo Abe. China’s
10-year bond yield tumbled after the People’s Bank of China cut the reserve-requirement ratio for banks, part of its efforts to support credit amid a crackdown on shadow lending.
Theresa May’s flagship Brexit bill returns to Parliament’s upper chamber on Wednesday. The Federal Reserve on Wednesday will release its latest Beige Book economic report. The Bank of Canada has a monetary policy decision. Finance ministers and central bank chiefs from around the world gather for spring meetings at the IMF in Washington.
The S&P 500 Index rose 0.4 percent in New York. The Stoxx Europe 600 Index was steady. The UK’s FTSE 100 Index gained 1 percent to the highest in two months. Germany’s DAX Index declined 0.1 percent. The MSCI Emerging Market Index advanced 0.8 percent, the biggest rise in a week.
The Bloomberg Dollar Spot Index was little changed. The euro gained 0.2 percent to $1.2391, the strongest in more than three weeks. The British pound decreased 0.4 percent to $1.423, the biggest dip in almost two weeks. The Japanese yen fell 0.1 percent to 107.13 per dollar. The yield on 10-year Treasuries increased one basis point to 2.84 percent, the highest in more than three weeks. Germany’s 10-year yield gained one basis point to 0.52 percent. Britain’s 10-year yield fell three basis points to 1.410 percent.