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US Futures Are Steady as Traders Await Fed Minutes: Markets Wrap

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(Bloomberg) — US equity futures and European stocks were steady as investors looked forward to the release of policy minutes from the Federal Reserve’s latest meeting for potential signs that the pace of rate hikes may slow.

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Contracts on the S&P 500 edged higher after the underlying gauge closed at its highest level since Mid-September on Tuesday, while those on the Nasdaq 100 gained 0.2%. The Stoxx Europe 600 crept to a fresh three-month high as travel and leisure and mining stocks gained. Credit Suisse Group AG shares dropped below their record closing low after the bank warned of a fourth-quarter loss.

Manchester United Plc shares jumped in US premarket trading after the owners of the historic English football club said they were exploring options that could lead to a sale. Tesla Inc. gained after Citigroup Inc. upgraded the electric vehicle maker to neutral from sell. Market trading volumes are expected to be lighter, given the US Thanksgiving holiday on Thursday.

Oil fell as the EU discussed imposing a price cap on Russian oil between $65 and $70 a barrel. A gauge of dollar strength erased earlier declines. Ten-year US Treasury yields rose by one basis point.

The publication of minutes from the Fed’s Nov. 1-2 meeting — due at 2 p.m. in Washington — will be studied for how united policymakers were over a higher peak for interest rates than previously signaled in their inflation fight. Some investors anticipate that lower-than-estimated inflation figures could prompt the Fed to temper the size of its rate hikes as early as at next month’s gathering.

“Investors may be on the hunt for clues that they’ve acted prematurely, or that there’s actually more support for such a slowdown in tightening and less for a higher terminal rate than they previously thought,” said Craig Erlam, senior market analyst at Oanda Europe Ltd.

European investors digested data showing that private-sector activity in Germany and France — the euro area’s top two economies — contracted in November, painting a bleak picture for a region that may already be in recession. A separate survey showed that the UK economy is in recession, with the downturn expected to worsen into 2023.

Meanwhile, a gauge measuring Euro-area activity in manufacturing and services unexpectedly rose in November, signaling that businesses see tentative signs that the region’s economic slump may be easing as record inflation cools and expectations for future production improve.

Bitcoin extended its rebound into a second session, topping the $16,000 level and prompting gains in cryptocurrency-exposed stocks in US premarket trading. Investors were still keeping an eye out for signs of any contagion from the collapse of Sam Bankman-Fried’s FTX empire.

Key events this week:

  • S&P Global PMIs: US, Euro area, UK, Wednesday

  • US MBA mortgage applications, durable goods, initial jobless claims, University of Michigan sentiment, new home sales, Wednesday

  • Minutes of the Federal Reserve’s Nov. 1-2 meeting, Wednesday

  • ECB publishes account of its October policy meeting, Thursday

  • US stock and bond markets are closed for the Thanksgiving holiday, Thursday

  • US stock and bond markets close early, Friday

Some of the main moves in markets:

Stocks

  • Futures on the S&P 500 rose 0.1% as of 7:15 a.m. New York time

  • Futures on the Nasdaq 100 rose 0.2%

  • Futures on the Dow Jones Industrial Average were little changed

  • The Stoxx Europe 600 rose 0.1%

  • The MSCI World index rose 0.1%

Currencies

  • The Bloomberg Dollar Spot Index was little changed

  • The euro rose 0.2% to $1.0324

  • The British pound rose 0.4% to $1.1931

  • The Japanese yen fell 0.1% to 141.43 per dollar

Cryptocurrencies

  • Bitcoin rose 2.7% to $16,560.28

  • Ether rose 4% to $1,174.95

Bonds

  • The yield on 10-year Treasuries advanced one basis point to 3.77%

  • Germany’s 10-year yield advanced two basis points to 2.00%

  • Britain’s 10-year yield declined three basis points to 3.11%

Commodities

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Richard Henderson.

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©2022 Bloomberg L.P.

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