Stable US futures, mixed stocks; Fluctuations in oil: the markets are enveloping themselves


(Bloomberg) – U.S. stock futures were flat on Monday as European stocks were dragged down by travel stocks amid restrictions imposed by Covid-19 tensions.

Contracts on the S&P 500 index fluctuated after the best week for the underlying gauge since February. The Stoxx 600 Index was led lower by Tui AG and EasyJet Plc, with the highly contagious Delta strain threatening to derail summer travel to Europe as the northern hemisphere’s summer season kicks off.

Asian stocks were little changed, although Southeast Asian markets underperformed, led by Malaysia, where a nationwide lockdown was extended. Treasuries posted losses, while the dollar was stable. WTI crude oil has fluctuated around $ 74 a barrel.

Global stocks are trading near an all-time high as concern over the Federal Reserve’s hawkish tilt eased as investors quelled fears that U.S. policymakers would rush to raise interest rates despite the increasing inflationary pressures. Yet, with the recovery on track in much of the world, markets remain sensitive to more central banks debating the withdrawal of emergency stimulus measures.

“Liquidity is always everywhere and that, for now, will support equities,” said Charles Diebel, head of fixed income at Mediolanum International Funds. “But I think the market is in an unstable equilibrium right now. The FOMC has indicated it will be more proactive, but also, dislocations in the supply chain will keep price pressures evident. “

Read: Maximum central bank support marks new phase for global recovery

Elsewhere, Bitcoin rose to trade around $ 35,000 despite a regulatory ban on the Binance Markets Ltd. crypto exchange.

For more market commentary, follow the MLIV blog.

Here are some events to watch in the markets this week:

OECD meets in Paris to finalize proposal to revise global minimum corporate tax on Wednesday Chinese President Xi Jinping will deliver a speech as the nation celebrates the 100th anniversary of the founding of the Communist Party of China on Thursday OPEC + Thursday ECB President Christine Lagarde speaks on Friday The US employment report is expected to show an acceleration in wage bill growth in June on Friday

Here are some of the main movements in the markets:

Actions

S&P 500 futures were little changed at 5:52 a.m. New York time Nasdaq 100 futures were up 0.2% Dow Jones Industrial Average futures were little changed The Stoxx Europe 600 fell 0.3%

Currencies

Bloomberg Dollar Spot Index was little changed Euro was little at $ 1.1939 British Pound was up 0.3% to $ 1.3917 Japanese Yen was little changed at 110.72 per dollar

Obligations

The 10-year Treasury yield was little changed at 1.52% Germany’s 10-year yield was little changed at -0.16% Britain’s 10-year yield fell by one basis point at 0.76%.

Merchandise

West Texas Intermediate crude rose 0.1% to $ 74.14 a barrel Gold futures were little changed

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