(Bloomberg) — Stocks traded mixed ahead of key data in Europe and the US, while Treasuries fell amid lingering concern President-elect Donald Trump’s policies will lead to accelerating inflation.
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Europe’s Stoxx 600 climbed 0.3%, led by technology shares as ASML Holding NV, the Dutch maker of advanced chip-making machines, reaffirmed its bullish 2030 outlook. US futures were little changed as Treasury yields and the dollar ticked higher.
Traders are looking to European GDP statistics later Thursday for clues on the state of the region’s economy and the path of interest rates. In the US, PPI numbers are expected to show headline and core producer prices for October rose year-over-year.
While US inflation data yesterday fueled hopes of a potential Fed cut in mid-December, there’s concern Trump’s policies on tax and tariffs will reignite price growth. The Republicans’ unified control of the elected branches of government limits potential curbs on the incoming president’s power.
Asian assets have slumped since the US election as investors assess the impact of Trump’s proposed tariff policies on the region’s growth. The MSCI Asia Pacific Index is on pace for its worst week since April, while the surging dollar has pushed a Bloomberg gauge of Asian currencies to decline over 1% so far this week.
The yen fell further against the dollar to the weakest level since July. The drop has taken the yen near levels when Japanese authorities last intervened to prop up the currency, with the nation’s top foreign exchange official warning about the one-sided, sudden moves.
In commodities, oil edged higher while gold traded firmly lower for a fifth session.
Key events this week:
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Eurozone GDP, Thursday
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US PPI, jobless claims, Thursday
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Fed speakers include Jerome Powell, John Williams and Adriana Kugler, Thursday
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China retail sales, industrial production, Friday
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US retail sales, Empire manufacturing, industrial production, Friday
Some of the main moves in markets:
Stocks
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The Stoxx Europe 600 rose 0.2% as of 8:57 a.m. London time
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S&P 500 futures were little changed
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Nasdaq 100 futures were little changed
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Futures on the Dow Jones Industrial Average were little changed
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The MSCI Asia Pacific Index fell 0.8%
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The MSCI Emerging Markets Index fell 0.8%
