(Bloomberg) — U.S. equity-index futures gained along with stocks in Europe after President Donald Trump reassured investors that the trade deal with China remains in place, and economic data from the euro area pointed to further signs of a incipient recovery from the virus slump.Futures on the S&P 500 rose after fluctuating earlier in the wake of White House trade adviser Peter Navarro being quoted saying the China trade agreement was over. Crude oil slid along with the offshore yuan, while the Japanese yen and Treasuries gained, before all the moves began reversing when Navarro said the remark was taken “wildly” out of context. Trump later tweeted that the deal was “fully intact.” Treasuries slipped with the dollar.Carmakers and banks led a broad advance in the Stoxx Europe 600 index as Purchasing Managers’ Indexes showed activity in France unexpectedly returned to growth in May, while gauges for Germany and the single-currency region beat economists’ expectations. The euro strengthened and yields ticked higher on core European bonds. Shares rose across Asia.Investors are betting that trillions of dollars in stimulus by central banks and governments around the globe will shield economies from a resurgence in virus breakouts and not return countries to lockdowns. While the economic reports fueled a risk-on mood already underway, they also underlined some of the pressures that a long and slow recovery would impose on companies struggling with weak demand.Elsewhere, emerging-market stocks rallied, while high-yielding currencies including Mexico’s peso and South Africa’s rand strengthened against the dollar.Here are some key events coming up:MSCI Inc. on Tuesday announces its market classification review for 2020.The IMF will release new 2020 growth projections on Wednesday.U.S. jobless claims, durable goods and GDP data are due Thursday.A rebalance of Russell indexes is due on Friday.These are the main moves in markets:StocksThe Euro Stoxx 600 Index climbed 1.4% as off 6:27 a.m. in New York.S&P 500 futures gained 0.9%, after having dropped as much as 1.6% earlier.MSCI Asia Pacific Index rose 0.8%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.2%.The Japanese yen fell 0.2% to 107.07 per dollar.The euro gained 0.3% to $1.1292.BondsThe yield on 10-year Treasuries rose one basis point to 0.72% after dropping as much as three basis points earlier.Germany’s 10-year yield climbed two basis points to -0.42%CommoditiesWest Texas Intermediate crude gained 1.7% to $41.44 a barrel.Gold gained 0.1% to $1,757 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
