(Bloomberg) — The September rebound in global equities reversed as investors assessed a scaled-back fiscal-stimulus proposal in the U.S. against the rising toll of the pandemic.European share declines were led by banks and other cyclical stocks. The pound added to gains from Monday amid speculation that successful Brexit trade talks could help shield Britain from a messy rupture with the European Union. Earlier in Asia, NTT Docomo Inc. jumped after its parent offered $40 billion for the remaining shares in its wireless carrier unit.S&P 500 futures slipped after the U.S. gauge climbed the most in more than two weeks Monday. Stocks sensitive to the pandemic fell in premarket trading including Norwegian Cruise Line Holdings. With the September selloff, the index is set for its worst month relative to global peers since 2018.As the global death toll from the pandemic exceeds one million, investors are looking for direction. They’re reviewing a $2.2 trillion proposal by Democrats and are awaiting the first presidential debate Tuesday, where Democratic presidential candidate Joe Biden may face tough questions on how he would approach China if he wins in November.“We definitely need another round of stimulus here, not only for confidence for the American public and workers, but also for the markets,” Michelle Connell, owner and president of Portia Capital Management, said on Bloomberg Television. “Going into this election, that would definitely help.”Here are some key events coming up:On Tuesday, the first U.S. presidential debate will take place between President Donald Trump and Democratic opponent Joe Biden.China purchasing manager indexes are due Wednesday, and expected to show September manufacturing improved slightly while non-manufacturing moderated from August’s level.The EIA crude oil inventory report comes out Wednesday.The September U.S. employment report on Friday will be the last before the November election.These are the main moves in markets:StocksThe Stoxx Europe 600 Index declined 0.3% as of 9:36 a.m. London time.Futures on the S&P 500 Index decreased 0.1%.Nasdaq 100 Index futures dipped 0.3%.The MSCI Asia Pacific Index fell 0.1%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.Sterling strengthened 0.2% to 90.73 pence per euro.The Japanese yen weakened 0.2% to 105.73 per dollar.South Africa’s rand weakened 0.7% to 17.1836 per dollar.BondsThe yield on 10-year Treasuries fell less than one basis point to 0.65%.Germany’s 10-year yield dipped one basis point to -0.54%.Britain’s 10-year yield decreased less than one basis point to 0.198%.Italy’s 10-year yield declined two basis points to 0.863%.CommoditiesWest Texas Intermediate crude declined 0.9% to $40.23 a barrel.Gold was little changed at $1,880.95 an ounce.Silver weakened 0.3% to $23.61 per ounce.Iron ore increased 1.9% to $116.60 per metric ton.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.
