Stocks Pause With Earnings, US Election in Focus: Markets Wrap

Meanwhile, just days before Fed policy makers gather to reflect on the appropriate tempo of rate cuts, data is set to show underlying resilience in the US economy and a temporary hiccup in jobs growth.

Among individual stock moves in Europe, HSBC Holdings Plc led banking stocks higher after announcing a multibillion-dollar stock buyback as it reported better-than-estimated earnings. Novartis AG declined after an earnings beat, with analysts disappointed by a lack of clarity on the drugmaker’s outlook for 2025.

Benchmark gauges in Tokyo, Australia, Hong Kong and South Korea climbed, while stocks in China retreated.

In currency markets, the yen strengthened after Japanese Prime Minister Shigeru Ishiba promised to restore political stability in a bid to maintain power, following his ruling coalition’s failure to win a majority in the lower house.

Traders are also awaiting a BOJ policy decision which is due later this week. Data showed that Japan’s labor market tightened in September, indicating sustained pressure on companies to raise wages ahead of the BOJ meeting.

Key events this week:

• US job openings, Conference Board consumer confidence, Tuesday

• Alphabet earnings, Tuesday

• Eurozone consumer confidence, GDP, Wednesday

• US GDP, ADP employment, pending home sales, Wednesday

• Meta Platforms, Microsoft earnings, Wednesday

• US Treasury Department holds quarterly refunding announcement of bond-auction plans, Wednesday

• China Manufacturing and non-manufacturing PMI, Thursday

• Bank of Japan rate decision, Thursday

• Eurozone CPI, unemployment, Thursday

• US personal income, spending and PCE inflation data, initial jobless claims, Thursday

• Amazon, Apple earnings, Thursday

• China Caixin manufacturing PMI, Friday

• US employment, ISM manufacturing, Friday

Some of the main moves in markets:

Stocks

• The Stoxx Europe 600 rose 0.2% as of 8:14 a.m. London time

• S&P 500 futures were little changed

• Nasdaq 100 futures were little changed

• Futures on the Dow Jones Industrial Average were little changed

• The MSCI Asia Pacific Index rose 0.1%

• The MSCI Emerging Markets Index fell 0.3%

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro was little changed at $1.0815

• The Japanese yen was little changed at 153.23 per dollar

• The offshore yuan fell 0.2% to 7.1612 per dollar

• The British pound was little changed at $1.2979

Cryptocurrencies

• Bitcoin rose 2% to $70,974.12

• Ether rose 4% to $2,616.27

Bonds

• The yield on 10-year Treasuries was little changed at 4.29%

• Germany’s 10-year yield advanced two basis points to 2.30%

• Britain’s 10-year yield advanced two basis points to 4.27%

Commodities

• Brent crude rose 0.5% to $71.75 a barrel

• Spot gold rose 0.3% to $2,751.22 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Jason Scott.

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