Stocks Mixed While U.S. Futures Edge Up; Oil Gains: Markets Wrap

European stocks slipped, Asian shares rose and U.S. futures edged higher on Thursday as investors weighed corporate results and signs of progress in treating the coronavirus alongside miserable economic data. Oil futures continued to rebound after an early-week tumble.

The Stoxx Europe 600 Index gave up an early gain to trade in the red after Societe Generale SA posted a surprise first-quarterloss and Royal Dutch Shellcut its dividend for the first time since World War II. Most bonds in the region edged higher ahead of a European Central Bank rate decision later; Bloomberg Economics expects the bank to increase its pandemic bond-buying program in the wake of data showing the French and Spanish economies plunging into recordcontractions and German unemployment surging.

Contracts on the S&P 500 nudged up a day after the benchmark touched a seven-week high, helped in part by Gilead Sciences Inc. saying its experimental drug helped Covid-19 patients recover faster. Nasdaq futures advanced following strong results from Microsoft Corp., Facebook Inc. and Tesla Inc. after the Wednesday close. Oil jumped for a second day onsigns fuel consumption is starting to recover in the world’s biggest economies.

Investors continue to weigh a brutal economic picture against hopes for a coronavirus treatment and an eventual end to lockdown measures across the world. The U.S. government’s top infectious-disease expert, Anthony Fauci, said early results from the Gilead drug trial offered “quite good news,” while results from tech giants show some parts of the economy have remained resilient. That’s even as many firms slash dividends and data shows Europe slumped into a recession last quarter alongside America.

27,327 in U.S.Most new cases today

-14% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23

-1.​122 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23

-0.​5% Global GDP Tracker (annualized), March

Investors still have plenty to chew over today, with the last U.S. unemployment figures and earnings from the likes of Kraft Heinz Co., Twitter Inc. and Gilead all due.

Elsewhere, Japanese and Chinese equities rose over 1% as their Australian peers jumped more than 2%. Hong Kong and South Korea were shut for a holiday. Emerging-market stocks jumped.

These are the main moves in markets:

Stocks

• Futures on the S&P 500 Index climbed 0.1% as of 10:25 a.m. London time.
• The Stoxx Europe 600 Index dipped 0.2%.
• The MSCI Asia Pacific Index rose 1.2%.
• The MSCI Emerging Market Index gained 1.2%.

Currencies

• The Bloomberg Dollar Spot Index dipped 0.1%.
• The euro gained 0.1% to $1.0886.
• The British pound rose 0.2% to $1.2491.
• The onshore yuan strengthened 0.4% to 7.051 per dollar.
• The Japanese yen was little changed at 106.67 per dollar.

Bonds

• The yield on 10-year Treasuries declined two basis points to 0.61%.
• The yield on two-year Treasuries sank one basis point to 0.19%.
• Germany’s 10-year yield fell two basis points to -0.51%.
• Britain’s 10-year yield declined two basis points to 0.265%.
• Japan’s 10-year yield climbed one basis point to -0.03%.

Commodities

• West Texas Intermediate crude gained 14.9% to $17.31 a barrel.
• Brent crude increased 8.7% to $24.51 a barrel.
• Gold strengthened 0.3% to $1,719.14 an ounce.

— With assistance by Adam Haigh

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