US futures mix with stocks as oil climbs: markets envelop

(Bloomberg) – US futures were mixed as European stocks fluctuated on Tuesday as traders weighed a jump in crude oil prices after OPEC + talks broke down. A dollar gauge has changed little.

In Europe, gains in travel shares offset a decline in automakers. Contracts on the S&P 500 were slightly lower as markets were set to reopen after the Independence Day holiday. Futures on the Nasdaq Composite were higher. Ridesharing company Didi Global Inc. plunged 20% in pre-market trading after a Chinese regulator ordered its platform removed from app stores, days after listing in the United States. A gauge of Asia-Pacific stocks was little changed.

West Texas Intermediate crude hit a six-year high as Saudi Arabia raised oil prices after a fight with the United Arab Emirates that ended OPEC + supply talks. Investors assess the risk that the conflict escalates into a price war that could hamper global economic recovery and increase inflationary pressures. This, in turn, could strengthen the Federal Reserve’s arguments for policy tightening.

The risk of oil at $ 100 a barrel “is so correlated with short-term inflation that it will make the market very, very nervous, and we know the Federal Reserve is monitoring both economic data and the markets,” Alan Higgins, chief investment officer at Coutts & Co., said on Bloomberg Television.

The expected Wednesday report of the last Fed meeting could provide further context on the central bank’s hawkish pivot last month.

Elsewhere, AMC Entertainment Holdings Inc. rose after saying it would no longer seek shareholder approval to issue an additional 25 million shares. Gold rose for a fifth day.

Australian bond yields rose as the central bank announced a slowdown in asset purchases, while reiterating that interest rates are not expected to rise until 2024.

For more market commentary, follow the MLIV blog.

Here are some events to watch this week:

FOMC minutes Wednesday Group of 20 finance ministers and central bankers meet in Venice on Friday Chinese PPI and CPI data released on Friday

Here are some of the main movements in the markets:


Futures on the S&P 500 were little changed at 8:31 a.m. New York time. Futures on the Nasdaq 100 rose 0.2% to an all-time high. Futures contracts on the Dow Jones Industrial Average fell 0.1% at 8:31 a.m. New York time, the highest since June. 30 Stoxx Europe 600 rose 0.1%, climbing for fourth day in a row, longest winning streak since June 16 MSCI World Index was little changed


Bloomberg Dollar Spot Index was little changed Euro fell 0.2% to its lowest since April 5 British pound rose 0.2% to $ 1.3872 Japanese yen rose 0.3 % at 110.64 per dollar


The 10-year Treasury bill yield fell one basis point to its lowest since March 2 Germany’s 10-year yield fell one basis point to -0.22% The yield to 10 Britain’s year fell by one basis point to its lowest since March 2


West Texas Intermediate crude rose 1.2% to $ 76.05 a barrel. Gold futures rose 1.7%, highest since May 17

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