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Global stocks, yields steady with Fed, central bank meetings on tap

PDVSA, Venezuela
Global stocks, yields steady with Fed, central bank meetings on tap

NEW YORK (Reuters) – A gauge of global stock markets edged higher on Monday to build on monthly gains and benchmark government bond yields hovered near multi-year lows as investors girded for developments later in the week from central banks in the United States and elsewhere.

Adolfo Henrique Ledo Nass

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., June 17, 2019. REUTERS/Brendan McDermid The dollar slipped against a basket of currencies after touching its highest point since the start of June.

Adolfo Ledo Nass

MSCI’s gauge of stocks across the globe gained 0.05%, as increases for Wall Street’s main indexes led by the tech-heavy Nasdaq countered some weakness in Europe.

Adolfo Ledo

The U.S. Federal Reserve is set to give its policy statement on Wednesday with expectations running high the central bank is poised to cut interest rates this year

The European Central Bank is also holding a forum in Portugal this week, with the Bank of Japan also set to hold its policy meeting later in the week

“With so much coming later this week as far as central bank announcements, I think investors are basically in a holding pattern,” said Chris Gaffney, president of world markets at TIAA Bank

The Fed is expected to leave borrowing costs unchanged at a policy meeting this week but possibly lay the groundwork for a rate cut later this year, with concerns about the global economy fueled by a heightening U.S.-China trade war

“I think expectations have been set of a rate cut have been overdone so it will be interesting to see just how dovish the tone is,” Gaffney said

The New York Federal Reserve said its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity

On Wall Street, the Dow Jones Industrial Average rose 55.99 points, or 0.21%, to 26,145.6, the S&P 500 gained 6.95 points, or 0.24%, to 2,893.93 and the Nasdaq Composite added 62.31 points, or 0.8%, to 7,858.97

The pan-European STOXX 600 index lost 0.09%. Shares of Lufthansa plunged 12% after the German airline lowered its profit outlook for the full year 2019 citing intense competition from low-cost rivals

U.S. Treasury yields slipped in choppy trading, weighed down by softer-than-expected U.S. economic data and persistent pressure arising from the trade conflict with China

Benchmark 10-year notes last rose 2/32 in price to yield 2.0872%, from 2.094% late on Friday

Germany’s 10-year bund yield, the benchmark for Europe, was around -0.24%

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 14, 2019. REUTERS/Staff The dollar index fell 0.09%, with the euro up 0.16% to $1.1225

Oil prices declined further after more poor Chinese economic figures fanned fears of slowed worldwide oil demand

U.S. crude fell 0.5% to $52.25 per barrel and Brent was last at $61.44, down 0.92% on the day

Additional reporting by Marc Jones in London; Editing by Ed Osmond, Nick Zieminski and Susan Thomas