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Dow Milestone Nudges Global Stocks Higher

U.S. futures and European and Asian stocks rose at the end of a week that saw central banks in the U.S. and Europe setting the stage for looser monetary policy.

Shares of biotech firm Illumina fell by 16.7% in U.S. premarket trading after the company lowered expectations for its second-quarter revenue.

The Stoxx Europe 600 was up 0.2% led by gains in the chemicals and auto sectors, but German car maker Daimler bucked the trend to fall 0.3% after it issued a profit warning. Shares of Anheuser-Busch InBev slipped 1.8% after the company’s Asian unit said its IPO would price in the lower half of its range.

Data Friday morning showed that eurozone industrial production rose sharply in May, raising hopes that the long slowdown in the region’s manufacturing sector could be leveling off.

In Asia, the Shanghai Composite Index gained 0.4% and Japan’s Nikkei ticked up 0.2%. Investors were digesting an official report from China that showed its exports gained by 6.1% in the first half of the year.

Futures for the S&P 500 and the Dow Jones Industrial Average were up by 0.2% and 0.3% respectively. The contracts don’t necessarily predict market moves after the opening bell.

The yield on 10-year Treasurys on Friday edged up to 2.126%, from 2.122% Thursday. Yields rise when bond prices fall.

Minutes from the European Central Bank’s recent meeting released on Thursday signaled fresh stimulus was under consideration. Earlier in the week, Federal Reserve Chairman Jerome Powell said the economic outlook hadn’t improved, hinting at a coming interest-rate cut.

“Interest rates are low and they probably will remain lower for longer,” said Christopher Peel, chief investment officer at Tavistock Wealth.

Global oil benchmark Brent crude rose by 0.5% to $66.82 a barrel, as traders anticipated supply disruptions from a storm in the Gulf of Mexico and rising tensions in the Middle East. Gold was up by 0.2%.
Source: Dow Jones

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