US Futures Lag Peers Ahead of Bank Earnings, CPI: Markets Wrap
(Bloomberg) — US equity futures trail global stocks as the earnings season gets into full swing and investors await December’s inflation data to chart the market’s next move. The yen hit its lowest since 2024.
Contracts on the S&P 500 fell 0.1% ahead of JPMorgan Chase & Co.’s results report. European shares wavered. A gauge for Asian equities rose nearly 1% after Japan’s Nikkei 225 jumped on speculation that Prime Minister Sanae Takaichi might call an election.
The dollar steadied after recording its biggest slump since the Christmas break in the previous session. The yen underperformed the most among major peers. A selloff in Japanese bonds pushed global yields higher, with the rate on 10-year US Treasuries climbing two basis points to 4.19%. Brent crude rose past $64 a barrel.
The stock rally faces key risks this week from US inflation and a possible Supreme Court ruling on Trump’s tariffs. The momentum in global stocks also suggests investors are looking beyond the US, where renewed attacks by the Trump administration on the Federal Reserve have raised concerns over central-bank independence.
On inflation, “there’s always a chance that we get a big surprise above or below consensus,” said Roland Kaloyan, head of European equity strategy at Societe Generale SA. “For the US earnings season, expectations are high but companies have delivered so far. What investors really want is to be reassured in terms of guidance for 2026.”
The US core consumer price index, regarded as a measure of underlying inflation because it strips out volatile food and energy costs, is seen rising 2.7% in December from a year earlier.
Corporate News:
UBS Group AG’s Chief Executive Officer Sergio Ermotti is planning to step down in April 2027, the Financial Times reports Tuesday, citing unnamed people. In an interview with Bloomberg, Ermotti said the proposed new banking reforms in Switzerland go “too far.” A US judge ruled Orsted A/S can resume building a wind farm project off the coast of Rhode Island while it challenges the government’s latest stop-work order. SK Hynix Inc. plans to spend 19 trillion won ($12.9 billion) building a new advanced chip packaging facility. GigaDevice Semiconductor Inc. shares rose as much as 54% in its Hong Kong debut. UK retail sales growth slowed for a fourth consecutive month in December, with customers thought to be waiting for post-Christmas discounts before loosening their purse strings. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 was little changed as of 8:34 a.m. London time S&P 500 futures fell 0.1% Nasdaq 100 futures fell 0.2% Futures on the Dow Jones Industrial Average fell 0.1% The MSCI Asia Pacific Index rose 0.9% The MSCI Emerging Markets Index rose 0.3% Currencies
The Bloomberg Dollar Spot Index rose 0.1% The euro was little changed at $1.1659 The Japanese yen fell 0.5% to 158.98 per dollar The offshore yuan was little changed at 6.9740 per dollar The British pound was unchanged at $1.3465 Cryptocurrencies
Bitcoin rose 1% to $91,916.56 Ether rose 1.1% to $3,123.64 Bonds
The yield on 10-year Treasuries advanced two basis points to 4.19% Germany’s 10-year yield advanced two basis points to 2.86% Britain’s 10-year yield advanced one basis point to 4.39% Commodities
Brent crude rose 0.5% to $64.19 a barrel Spot gold fell 0.1% to $4,591.04 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Anand Krishnamoorthy.
©2026 Bloomberg L.P.
