(Bloomberg) — Bonds rose after data showed that France’s snap election had damaged a rebound in eurozone private sector business activity. Stocks in the region were lower.
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Benchmark German yields fell below 2.4%, down six basis points, after data highlighted the impact of France’s snap election on the recovery in manufacturing. The S&P Global composite purchasing managers’ index fell to 50.8 in June, its worst month of the year and compared with forecasts for an advance to 52.5.
U.S. futures were slightly lower ahead of the triple-witch derivatives expiration day. The AI-led rally showed signs of easing as inflows into tech funds hit a weekly record of $8.7 billion, according to Bank of America strategists citing EPFR Global data.
The Stoxx 600 index extended declines and the dollar remained close to 2024 highs after the PMI data. The pound briefly traded stronger against the dollar after UK retail sales rose at the strongest pace since January.
Wall Street is bracing for the triple whammy — in which derivatives contracts linked to stocks, index options and futures contracts mature — forcing traders en masse to roll over their existing positions or start new ones. About $5.5 trillion will expire on Friday, according to an estimate by options platform SpotGamma.
This week’s highlights:
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S&P Global Services PMI, Friday
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US Existing Home Sales, Conf. The main index of the board, Friday
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Fed Thomas Barkin of the Fed on Friday
Some of the main movements in the markets:
INVENTORY
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The Stoxx Europe 600 was down 0.4% at 9:29 a.m. London time
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S&P 500 futures fell 0.2%
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Nasdaq 100 futures fell 0.3%
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Dow Jones Industrial Average futures fell 0.1%
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MSCI Asia Pacific index fell 0.5%
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MSCI Emerging Markets Index fell 0.7%
currencies
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The Bloomberg Dollar Spot Index is little changed
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The euro fell 0.2% to $1.0684
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The Japanese yen rose 0.1% to 158.72 per dollar
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The offshore yuan was little changed at 7.2884 per dollar
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The British pound was little changed at $1.2648
Cryptocurrencies
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Bitcoin fell 1.3% to $64,211.64
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Ether fell 1.3% to $3,479.11
BONDS
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The 10-year Treasury yield fell three basis points to 4.23%
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Germany’s 10-year yield fell six basis points to 2.37%
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Britain’s 10-year yield fell three basis points to 4.02%
wares
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Brent crude fell 0.3% to $85.47 a barrel
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Spot gold rose 0.3% to $2,367.72 an ounce
This story was produced with the help of Bloomberg Automation.
–With assistance from Mark Andrew Burgess and Divya Patil.
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