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(Bloomberg) -- U.S. stocks rebounded from the first retreat of the year, while Treasuries held steady after wholesale-price data cooled inflation expectations. The dollar fell and oil charged toward $64 a barrel.
The S&P 500 Index edged higher as bank shares paced gains ahead of Friday’s earnings reports. The 10-year Treasury yield fluctuated near 2.56 percent as bonds halted a selloff sparked by rising concerns on inflation and the potential for fewer purchases by China. The euro jumped after minutes from the European Central Bank’s December meeting showed guidance on future actions will change slowly. The Stoxx Europe 600 Index fell.
While traders have tried to shake off some of the concerns that led to Wednesday’s declines, they’re still struggling to find fresh reasons to extend a rally that took global stocks to or near record highs earlier this week. A string of earnings releases starting with JPMorgan Chase & Co. and Wells Fargo & Co. on Friday might offer them more direction.
Here are some of the main events to watch for in the rest of the week:
- The U.S Treasury will auction $12 billion of 30-year bonds on Thursday.
- U.S. inflation data are forecast to show price pressures remain muted for now, giving hawks little reason to argue for faster tightening.
- Outgoing New York Federal Reserve Bank President Bill Dudley is scheduled to speak later this week.
Terminal users can read more in our markets blog.
And these are the main moves in markets:
- The S&P 500 rose 0.2 percent to 2,753.43 at 9:31 a.m. in New York.
- The Stoxx Europe 600 Index sank 0.4 percent, the most in more than three weeks.
- The MSCI All-Country World Index declined 0.1 percent.
- The U.K.’s FTSE 100 Index dipped less than 0.05 percent.
- The Bloomberg Dollar Spot Index fell 0.2 percent, the largest fall in a week.
- The euro climbed 0.7 percent to $1.2029, the strongest in a week on the biggest increase in more than four weeks.
- The British pound dipped less than 0.05 percent to $1.3506, the weakest in more than a week.
- The yield on 10-year Treasuries fell one basis point to 2.55 percent.
- Germany’s 10-year yield rose two basis points to 0.56 percent, the highest in almost six months.
- Britain’s 10-year yield dipped one basis point to 1.278 percent, the largest decrease in more than a week.
- The Bloomberg Commodity Index increased 0.2 percent to the highest in a week.
- West Texas Intermediate crude rose 0.5 percent to $63.87 a barrel.
- LME copper gained 0.2 percent to $7,170.50 per metric ton, the highest in a week.
- Gold rose 0.4 percent to $1,321.75 an ounce, the highest in a week on the biggest advance in a week.
--With assistance from Adam Haigh and Christopher Anstey
To contact the reporters on this story: Eddie van der Walt in London at firstname.lastname@example.org, Jeremy Herron in New York at email@example.com.
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