European stocks drift, Asian markets mixed

Oil held below $60 a barrel as US output returned after storm Barry was downgraded.

Jul 16, 2019 10:07 IST India Infoline News Service

European stocks drifted with US futures following a mixed session in Asia as investors looked to earnings and policy makers for the rally’s next catalyst. European bonds climbed and the dollar strengthened.

The Stoxx 600 Index fluctuated, with construction firms gaining while real estate shares declined. Futures on the S&P 500 Index were little changed after the U.S. benchmark ended Monday at a record. Japanese shares dipped as traders returned from a holiday while South Korean stocks advanced. Treasuries were steady.

Despite strong UK wage numbers, the pound weakened for a second day on fresh Brexit worries. The euro slipped as investor confidence in Germany’s economic outlook fell. Oil held below $60 a barrel as US output returned after storm Barry was downgraded.

Investors will be watching US retail sales data later on Tuesday for clues on the health of the American economy, a day after Chinese figures showed signs of stabilization. Earnings season ramps up with JPMorgan Chase & Co., Goldman Sachs Group Inc. and Wells Fargo & Co. results due, and a slew of Federal Reserve speakers are scheduled to speak this week.

Trade remains in the picture, with Treasury Secretary Steven Mnuchin saying he and U.S. Trade Representative Robert Lighthizer may travel to Beijing for negotiations if talks by phone this week are productive.

Source: Bloomberg

Related Story