Europe’s Stocks Continue Their Streak While US Futures Hold – Europe Market Wrap
European equities rose for the fourth straight day as investors bought mining stocks. US stock futures have stalled after the S&P 500 ended just short of an all-time high.
Anglo American, Rio Tinto, and Glencore all rose more than 4%, boosted by commodity prices and hints that China is taking moves to reduce industrial overcapacity. The equities drove gains in Europe’s Stoxx 600 index, which rose 0.6% and was on course for its longest winning streak in a month.
In the US, S&P 500 contracts edged up 0.1%. Treasuries and the Dollar remained stable. Bitcoin dropped to almost $111,000. Nvidia gained 0.5% in premarket trade. Kellogg surged almost 50% as Ferrero approached a $3 billion buyout of the cereal maker.
On Wednesday, Trump made a new round of tariff demands, including a 50% rate on Brazil, which sent the Real plunging. He also indicated that the US would impose a 50% tariff on copper next month.
The yield on 10-year Treasuries increased 2 bps to 4.35%. The Treasury will offer $22 billion in 30-year bonds on Thursday, following a strong auction of 10-year notes. Initial unemployment claims are projected to remain unchanged from the prior week.
