20 Jan
by Vitaliy Dadalyan
(Bloomberg) — Crude oil rose on Monday following supply disruptions in Libya and Iraq, while European stocks edged lower and U.S. equity futures drifted as investors awaited this week’s fresh batch of corporate earnings. Gold climbed.The Stoxx Europe 600 Index nudged down, dragged lower by media and utilities companies. Contracts on the main American equity benchmarks were little changed, with U.S. markets closed Monday for the Martin Luther King Jr. holiday. Equities advanced in most Asian markets, though several saw thin volumes thanks to the American holiday. European bonds were mixed and range-bound, while the pound slipped ahead of U.K. jobs data due tomorrow.Brent crude jumped back above $65 a barrel as unrest hit key production regions. Iraq temporarily stopped output at an oil field on Sunday, while Libyan production almost ground to a halt after armed forces shut down a pipeline.Despite jitters in the oil market, traders are kicking off the week on a relatively calm note, with the initial Sino-American trade deal signed, and economic indicators from China and the U.S. last week providing signs the global outlook is improving. Investors now turn their attention back to corporate earnings after solid results from the biggest banks on Wall Street boosted sentiment.“We are entering 2020 on a more stable footing with economies globally stabilizing and looking like they’re turning up, and the phase one trade deal” Anne Anderson, head of fixed income for Australia at UBS Asset Management, told Bloomberg TV in Sydney. “So it’s a bit more positive with regard to the economic fundamentals.”Here are some events to watch out for this week:Companies including Netflix, IBM, UBS, Procter & Gamble and Hyundai will post results.Policy decisions are due from central banks including Japan, Canada, Indonesia and the European Central Bank.The World Economic Forum, the annual gathering of global leaders in politics, business and culture, opens in Davos, Switzerland.These are the main moves in markets:StocksFutures on the S&P 500 Index declined 0.1% as of 8:07 a.m. London time.The Stoxx Europe 600 Index dipped 0.1%.The MSCI Asia Pacific Index was little changed.The MSCI Emerging Market Index fell 0.1%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro was little changed at $1.1093.The British pound sank 0.3% to $1.2977.The onshore yuan was little changed at 6.861 per dollar.The Japanese yen was little changed at 110.13 per dollar.BondsGermany’s 10-year yield declined less than one basis point to -0.22%.Britain’s 10-year yield decreased two basis points to 0.613%.Japan’s 10-year yield advanced one basis point to 0.01%.CommoditiesWest Texas Intermediate crude climbed 1% to $59.11 a barrel.Iron ore was unchanged at $94.57 per metric ton.Gold advanced 0.2% to $1,560.96 an ounce.\–With assistance from Cormac Mullen and Haidi Lun.To contact the reporters on this story: Adam Haigh in Sydney at [email protected];Yakob Peterseil in London at [email protected] contact the editor responsible for this story: Sam Potter at [email protected] 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.
