United States stock futures, Asian shares gain as Mexico tariffs averted

12 Juin, 2019, 08:54 | Auteur: Auguste Feret
  • Mexican Peso At 10-day High Versus U.S. Dollar On U.S.-Mexico Trade Deal

In the stock market, European futures pointed to a higher open. Benchmark 10-year Treasury yields jumped back 3 basis points to 2.114% after hitting a 21-month low of 2.053% on Friday after soft U.S.jobs data.

Against the safe-haven yen, the dollar gained 0.2 per cent to 108.425 yen.

Exports, however, unexpectedly rose 1.1% last month, though many suspect the uptick is linked to front-loading of shipments by firms to avoid higher USA tariffs.

U.S. stock futures and Asian shares rose today after the United States dropped its threat to impose tariffs on Mexico in a deal to combat illegal migration from Central America, while weak USA jobs data raised hopes for U.S. interest rate cuts.

Goldman Sachs analysts noted that trade tensions had generally pushed the dollar higher this year and last.

That cautionary note was driven home by Chinese data on Monday morning showing imports contracted 8.5% in May from a year-earlier, a much worse than expected outcome that signaled weak domestic consumption.

In the United States, expectations the Federal Reserve will cut rates kept the dollar on the defensive after a weak jobs report from the U.S. Labor Department.

Those views were bolstered on Friday when data showed nonfarm payrolls increased by 75,000 jobs last month, much smaller than the 185,000 additions estimated by economists in a Reuters poll, suggesting the loss of momentum in economic activity was spreading to the labour market.

Against a basket of six peers, the dollar rose 0.2 per cent to 96.716, recovering slightly after ending with a 1.2 per cent loss last week, its worst weekly performance since the week of February 16 past year. Just three months earlier, wages had been rising at their fastest rate in a decade.

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Fed funds rate futures prices, down on Monday after the Mexico deal, were still pricing in more than two 25-basis point rate cuts by the end of this year, with one nearly fully priced in by July.

The U.S. dollar gained against a basket of major currencies while the Mexican peso was on track for its biggest gain against the dollar since July 2018.

The euro pulled back from 2-1/2 month highs hit on Friday in the wake of an European Central Bank meeting that investors viewed as less dovish than expected.

Gold slipped 0.2% but stood not far from Friday's 14-month high of US$1,348.1 per ounce, near a major resistance around US$1,350.

The onshore yuan fell as much as 0.35% to as low as 6.9366 per dollar, its weakest since early December, when Trump last met Chinese President Xi Jinping for trade talks. The offshore yuan traded at 6.9385 yuan per dollar, having hit a seven-month low of 6.9616 on Friday.

"The yuan would weaken further should there be no summit meetings between the two countries at an upcoming G20 meeting in Osaka", Nomura's Kaku said.

Group of 20 finance leaders said on Sunday that trade and geopolitical tensions have "intensified", raising risks to improving global growth, but they stopped short of calling for a resolution of the deepening U.S.

-China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russian Federation had yet to agree on extending an output-cutting deal.

Brent crude futures rose 2 cents to $63.31 a barrel by 11:02 a.m. EDT (1529 GMT).

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