Live Markets: Micro gain, new record high

Corbion NV

10/08/2021 08:50

Aug 10 - Welcome to the home for real-time coverage of
markets brought to you by Reuters reporters. You can share your
thoughts with us at markets.research@thomsonreuters.com
    
    MICRO GAIN, NEW RECORD HIGH (0729 GMT)
    Confounding earlier stock futures indications for a weaker
start, European equities have managed to post small gains at the
open, just enough to lift the STOXX 600  .STOXX  to a fresh
record high.    
    In early deals the pan-regional index was up 0.3% although
there was not clear sectoral preference, while earning updates
drove bigger moves in stocks. 
    A margin outlook cut at Corbion  CORB.AS  sent the Dutch
food ingredients group down over 8% to the bottom of the STOXX.
Flutter  FLTRF.I  rallied 5% on better than expected H1 numbers.
    Banks  .SX7P  were a weak spot, down 0.2% as bond yields
steadied after Friday's surge on bets the Fed will soon start
tapering bond purchases.
     Here's your opening snapshot:       
    (Danilo Masoni)
    ****
    
    
    "NO FLOOD-LIKE STIMULUS" (0648 GMT)
    China's central bank has set the record straight by ruling
out "flood-like" stimulus. That dented hopes for more aggressive
policy easing just as Wall Street banks cut their growth
forecasts on the world's No. 2 economy.
    That stance and rising COVID-19 cases curbed risk appetite
in Asia, and the cautious mood looks set to spill over to Europe
and Wall Street with stock futures pointing to a directionless
start, while the stellar Q2 season winds down.
    Gold bounced back after crashing on Monday to four-month
lows while dollar remains buoyant on bets the Fed could soon
start tapering its massive bond purchases. 
    More insight may come later today from regional Fed
presidents Mester and Evans. Their views will be keenly
monitored after the Atlanta Fed's Bostic said he is eyeing Q4
for the start of a taper but is open to an even earlier move.
Treasury yields rose further above 1.3%.
    However, as America prepares for less central bank support,
more fiscal stimulus is making its way through Congress. The
Senate will vote today on a $1 trillion bipartisan
infrastructure bill before starting debate on a more
far-reaching $3.5 trillion bill.  urn:newsml:reuters.com:*:nL1N2PG0QO
    In corporate news, heavily indebted Chinese property
developer Evergrande rallied over 7% on reports it could sell
its EV and property management business. Eyes also on crypto
exchange Coinbase which posts results, one day after Bitcoin
climbed back above $46,000 for the first time since May.
    In European earnings, duty free retailer Dufry hiked on its
2021 savings guidance on better-than-expected cash consumption. 
      
 
    Key developments that should provide more direction to
markets on Tuesday:
    * Japan's SoftBank reports 39% fall in Q1 net profit
    * British consumer spending rises in July,
    * Munich Re says to meet 2021 profit goal as COVID-related
costs
rise
    * German ZEW
    * Fed speakers expected: Chicago Fed's Evans and Cleveland
Fed's
Mester 
    * Auctions: U.S. 12-month t-bills, 3-year Treasury note
    * U.S. earnings: Coinbase
    * European earnings: Holiday Inn owner IHG Plc swung to an
H1
profit but scrapped its interim dividend.  urn:newsml:reuters.com:*:nL4N2PH1AP

    (Danilo Masoni)
    *****


    EUROPEAN STOCK FUTURES DIP (0621 GMT) 
    European shares look set to open a touch lower today after
hitting fresh record highs in the previous session with futures
pointing to losses of around 0.1%.
    Over in Asia, shares were mixed as concerns over the spread
of the Delta variant and expectations of earlier tapering by the
Federal Reserve offset strong corporate earnings.  urn:newsml:reuters.com:*:nL1N2PH08B
    S&P 500 futures also dipped and were last down 0.1%. 
    
    (Danilo Masoni)
    ***** 

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open    https://tmsnrt.rs/3lNioxw
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