Stocks advanced as a commodity rally buoyed shares of raw-material producers. The dollar slipped against most major peers and bonds declined across Europe before Janet Yellen and Mario Draghi speak in Jackson Hole.
The Stoxx Europe 600 Index headed for a second week of gains, led by miners and financial-services companies. S&P index futures jumped after President Donald Trump’s top economic adviser Gary Cohn said he expected a U.S. tax overhaul to pass through Congress this year.
The Bloomberg Commodity Index was in the green for a third day.
In a week when traders have had little to go on and the Northern Hemisphere summer has suppressed volumes, equity markets have struggled for traction as investors await the forum in Jackson Hole, Wyoming. Though European Central Bank President Draghi isn’t expected to offer a fresh policy message, his speech and that of Federal Reserve Chair Yellen will be parsed for clues on the timing of reductions in stimulus.
Here are the main moves in markets:
Stocks
The Stoxx Europe 600 Index increased 0.3 percent as of 8:30 p.m. in New York.
The MSCI World Index of developed countries advanced 0.1 percent.
Futures on the S&P 500 Index climbed 0.3 percent.
Currencies
The euro advanced less than 0.05 percent to $1.1803.
The Bloomberg Dollar Spot Index decreased 0.1 percent.
The British pound increased 0.2 percent to $1.2821.
The Japanese yen decreased 0.2 percent to 109.73 per dollar.
Commodities
West Texas Intermediate crude climbed 0.5 percent to $47.66 a barrel.
Gold fell 0.1 percent to $1,285.71 an ounce.
Copper increased 0.8 percent to $6,739.50 per metric ton, the highest in almost three years.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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