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Trucks transport shipping containers at the Port of Los Angeles in Los Angeles, California, U.S., on Wednesday, March 28, 2018. Long-only exchange-traded funds (ETFs) linked to broad baskets of energy, metals and agricultural products attracted $2.66 billion this quarter, Bloomberg Intelligence estimates show. While that's the largest quarterly inflow in data going back to 2005, the stream of money slowed in March as the U.S.-China trade row clouded the outlook for economic growth.

(bloomberg)

(Bloomberg) -- U.S. stock futures advanced alongside equities in both Europe and Asia, as concerns over a trade dispute between the world’s two biggest economies continued to ease. Gold declined and bonds dropped in most developed markets.

The S&P 500 Index was poised to extend gains from Wednesday’s trading session, when it managed to reverse a big early loss. The Stoxx Europe 600 Index jumped the most in two months as every sector rallied. Asia’s major stock gauges all rose, although markets in China and Hong Kong were closed for holidays. The dollar strengthened a third day out of four while safe-haven assets including the yen slipped. The pound fell after purchasing managers’ data for February disappointed.

Stocks regained a measure of poise after representatives from the U.S. and China left the door open for a negotiated solution to avoid tariff proposals that aren’t set to take effect for several months. Federal Reserve officials said it’s premature to fully assess the impact of the trade dispute, which is adding uncertainty to an otherwise bright economic outlook. A board member, Lael Brainard, said trade policy is “certainly something that I take into account, in thinking about risks.”

Meanwhile, Facebook Inc. climbed in pre-market trading as traders took in their stride a company disclosure that data on most of its 2 billion users could have been harvested improperly by third parties. Investors are cautiously returning to technology shares after a selloff last month gave momentum to a global equity correction.

Elsewhere, Australia’s dollar led declines against the greenback after the country’s money-market rate fell for the first time in almost two months. Oil reversed a gain and Bitcoin held below $7,000.

Terminal users can read more in our markets live blog.

Here are some key events for the remainder of this week:

  • On Friday, America publishes non-farm payrolls and an employment report; the jobless rate was forecast to have fallen in March after holding at 4.1 percent for five straight months.

And these are the main moves in markets:

Stocks

  • The Stoxx Europe 600 Index surged 1.8 percent as of 8:32 a.m. New York time, hitting the highest in more than two weeks.
  • Futures on the S&P 500 Index increased 0.5 percent to the highest in more than a week.
  • The MSCI All-Country World Index climbed 0.4 percent to the highest in more than a week.
  • The U.K.’s FTSE 100 Index increased 1.6 percent to the highest in almost three weeks on the biggest climb in more than a week.
  • Germany’s DAX Index surged 2.2 percent and the largest jump in more than 11 months.
  • The MSCI Emerging Market Index jumped 0.8 percent, the biggest increase in more than a week.
  • The MSCI Asia Pacific Index increased 0.6 percent, the largest climb in more than a week.

Currencies

  • The Bloomberg Dollar Spot Index rose 0.3 percent on the biggest advance in more than a week.
  • The euro decreased 0.2 percent to $1.2248, the weakest in more than two weeks.
  • The British pound fell 0.4 percent to $1.4016, the biggest fall in more than a week.
  • The Japanese yen declined 0.3 percent to 107.08 per dollar, the weakest in more than five weeks.

Bonds

  • The yield on 10-year Treasuries climbed one basis point to 2.81 percent, the highest in more than a week.
  • Germany’s 10-year yield climbed two basis points to 0.52 percent on the largest surge in more than two weeks.
  • Britain’s 10-year yield climbed three basis points to 1.401 percent on its fifth straight advance.

Commodities

  • West Texas Intermediate crude decreased 0.3 percent to $63.19 a barrel.
  • Copper surged 1.4 percent to $3.05 a pound, the biggest jump in almost four weeks.
  • Gold dipped 0.5 percent to $1,327.15 an ounce.

--With assistance from Lu Wang Sarah Ponczek and Adam Haigh

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net.

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Samuel Potter

©2018 Bloomberg L.P.

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