Global Stocks Steady as Ukraine Talks Progress, Retail Earnings Eyed – Europe Market Wrap
Global stocks held steady as investors watched earnings from the biggest US retailers and diplomatic talks over the war in Ukraine made further headway.
Europe’s Stoxx 600 rose 0.5% as signs of progress toward a peace settlement in Ukraine lifted sentiment. Contracts for the S&P 500 were little changed. Intel Corp. advanced more than 6% in premarket trading, with the Trump administration said to be in talks to take a stake of about 10%.
The dollar nudged lower. Treasuries eked out gains after S&P Global Ratings affirmed its AA+ long-term rating for the US, with the 10-year rate falling one basis point to 4.32%.
Investors are turning their attention to earnings from US consumer giants for clues on the impact of tariffs and lingering inflation concerns. Home Depot Inc. shares fell more than 2% in early trading after a closely watched sales measure missed estimates last quarter, suggesting consumers are holding back on major purchases. Target Corp. and Walmart Inc. are due to report in the next few days.
Markets will also turn their gaze on the Federal Reserve later this week, with Chair Jerome Powell set to unveil a new policy framework at the Jackson Hole gathering on achieving the central bank’s inflation and employment goals. Money markets are currently betting the Fed will deliver its first rate cut for the year in September, as labor-market weakness outweighs inflation risks, with another move expected before year-end.
Oil slipped as traders weighed the outlook for an end to the conflict in Ukraine and a potential future supply increase of Russian crude. Brent fell below $66 a barrel, extending a decline for the month to around 9%.
