Stocks Rebound as Dollar Dips on Trump Revelations: Markets Wrap

European equities rebounded with oil while the dollar slipped as a fresh bout of political uncertainty in Washington damped optimism about rebounding global growth.

The pound erased losses after U.K. payrolls data beat estimates and unemployment fell to a 42-year low.

The release of emails by Donald Trump Jr. about his controversial meeting with a Russian lawyer may be an unwelcome distraction for the Fed seeking to dismantle a decade of monetary stimulus. The scandal could delay fiscal stimulus initiatives in the U.S., keeping companies hesitant to deploy spending plans, commentators from Pimco to UBS warn.

These are the main moves in markets:

Stocks

The Euro Stoxx 50 gained 0.8 percent, led by automakers and energy companies, as of 11:06 a.m. in London. The FTSE 100 rose 1 percent.

S&P 500 futures added 0.1 percent.

Currencies

The Bloomberg Dollar Spot Index fell 0.1 percent.

The pound erased losses on employment data, but remained muted following a report a key Bank of England policy maker isn’t in favor of higher rates. Sterling traded little changed at $1.2853.

The yen gained 0.4 percent at 113.44 per dollar.

The euro lost 0.1 percent.

Commodities

WTI crude climbed 1.7 percent to $45.80 a barrel.

Gold was little changed at $1,218.77 an ounce.

Source: Bloomberg Pro Terminal

Junior Trader Stefan Panteleev

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