Stocks Edge Higher With Treasuries; Dollar Steady: Markets Wrap

uropean stocks and U.S. equity futures edged higher on Wednesday after a lackluster Asian session, with investors largely treading water as they await the next developments on trade. The euro slipped and the pound drifted.

The Stoxx Europe 600 Index climbed as most major national gauges in the region advanced, though equities in the U.K., Italy and Spain underperformed. After a choppy session for the underlying gauge on Tuesday, futures for the S&P 500 Index pointed to a slight gain at the open. Shares in Japan and Australia set the pace as the MSCI Asia Pacific Index climbed, though stocks in Shanghai dropped for a second day.

The pound was little changed as traders weighed news that the deadline for a Brexit deal may slip. Gilts were range-bound along with most European bonds as 10-year Treasury yields retreated further below 2.9 percent. The euro weakened after the Italian government was reported to be hoping for a new program of European Central Bank bond purchases to help protect the country’s debt.

Markets appear to lack some conviction as the Northern hemisphere’s traditional vacation period grinds to a close. U.S. stocks remain at an all-time high, while the rest of the world has been playing a gradual game of catch-up. However risks abound, from legal threats to President Trump’s administration and turmoil in emerging markets to ongoing trade tension between the world’s major economies.

“We don’t know where China is on this,” David Ader, chief market strategist at Informa Financial Intelligence, said on Bloomberg Television. “I tend to be more pessimistic that we are going to come away with trade deals that are going to make everybody satisfied, but we are trading headlines, we are trading the sensitivity to those headlines, so for the moment it looks good.”

Elsewhere, the Australian dollar dropped with bond yields as expectations for central bank interest-rate increases were slashed. Emerging-market currencies retreated as Turkey’s lira fell a third day.

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