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(Bloomberg) — The rally in US stocks was set to continue at the start of a week when investors will lean on a run of private data for direction on interest rates after cautious signals from the Federal Reserve.
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S&P 500 futures edged higher as November trading began after the benchmark extended its record on artificial-intelligence-driven earnings optimism. European stocks also rose as firmer crude prices lifted energy shares. Global bonds softened, with 10-year US Treasury yields up one basis point to 4.09%. Gold rebounded and the dollar was steady.
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Stocks’ bull run extended in October, brushing aside concerns over trade and stretched valuations as tech heavyweights including Amazon.com Inc. and Microsoft Corp. topped expectations. Private-sector reports this week — amid the ongoing US government shutdown — will offer clues on the labor market after Fed Chair Jerome Powell cautioned against assuming a December rate cut.
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“There was some disappointment following the words of the Federal Reserve chairman, but the market will digest this and reposition itself,” said Guillermo Hernandez Sampere, head of trading at asset manager MPPM. “Further developments in the labor market will then take center stage.”
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What Bloomberg strategists say…
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After three months of relative calm, FX markets will reclaim some attention this week, amid a quieter earnings schedule. The Bloomberg Dollar Spot Index will very likely reach a six-month high this week, with major FX ranges breaking across the board. The yen will remain under pressure.
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— Mark Cudmore, MLIV Executive Editor. For full analysis, click here.
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Corporate News:
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- Berkshire Hathaway Inc.’s cash pile soared to $381.7 billion in the third quarter, a fresh record, and operating earnings surged 34% at Chief Executive Officer Warren Buffett’s conglomerate.
- Ryanair Holdings Plc expects to exceed its passenger growth target for the full year as the airline receives aircraft early from Boeing Co. and demand for travel remains strong.
- Distressed Hong Kong builder New World Development Co. has launched an exchange offer for its outstanding perpetual notes, issuing up to $1.9 billion worth of new securities, according to an exchange filing.
- Two Singapore property asset managers are mulling a merger that could create one of Asia’s largest real estate firms with more than $150 billion under management, Dow Jones reported on Monday.
- The US auto safety regulator investigating whether certain Tesla Inc. door handles are defective received more complaints within days of initiating its probe from consumers who were unable to get into or out of their vehicles after battery failures.
- Italian prosecutors ordered the seizure of around €1.3 billion ($1.5 billion) in shares from the holding company that controls the drinks maker Davide Campari-Milano NV, as part of an alleged tax-fraud probe.
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