European shares drifted and US equity futures climbed alongside stocks in Asia at the start of a busy week for Federal Reserve speakers, corporate earnings and economic data. Gold was steady along with the dollar and Treasuries.
The Stoxx Europe 500 reversed earlier gains after a strong start for automakers was offset by dips in telecommunications and banking shares. S&P 500 contracts traded close to a fresh record high.
Asian stocks rebounded from early losses after indicators showed that China’s economy was stabilizing. Japanese markets were shut for a holiday, subduing trading in the region. Equity gauges in Shanghai and Hong Kong recouped early losses after advances in Chinese industrial production and retail sales for June beat all estimates.
The monthly indicators offered some optimism after quarterly data showed that GDP growth moderated to 6.2% last quarter, the weakest since the data series began in 1992.
Investors are preparing for a busy week that’s packed with speeches by policymakers including Federal Reserve Chairman Jerome Powell on Tuesday and key data points such as US retail sales. Further, earnings season gets under way too, with Citigroup reporting on Monday followed by Goldman Sachs and JPMorgan on Tuesday.