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A pedestrian is reflected in an electronic stock board outside a securities firm in Tokyo, Japan, on Tuesday, Feb. 6, 2018. Japan’s blue-chip Nikkei 225 Stock Average entered a correction as the nation’s shares posted the biggest decline since November 2016, following U.S. peers lower amid rising concern that inflation will force interest rates higher.

(bloomberg)

(Bloomberg) -- U.S. stocks futures climbed with equities in Asia as investors looked to China’s Xi Jinping to calm a trade dispute between the world’s two largest economies. Treasuries fell and the dollar stabilized.

European stocks pared their gains, after earlier hitting a three-week high, while a measure of global shares advanced. Commodities rebounded after their worst weekly drop since mid-March, with oil and industrial metals rallying. The yuan pared its gains as the country’s leaders were said to evaluate the impact of gradually depreciating the currency. Safe-haven assets showed little reaction to a missile attack on a Syrian airbase that Russia blamed on Israel.

Traders are anticipating a statesman-like performance from President Xi in a speech Tuesday at the Boao Forum for Asia. While senior officials are examining options in case matters get worse, he was expected to deliver a strong warning about the consequences of an escalation to a full trade war. Currency moves, including a recovery in emerging markets and weaker gold prices, bore out the returning sense of calm.

“What the market will now want to hopefully see is some form of negotiation starting between the Chinese and the Americans,” James Barty, Bank of America Corp.’s head of global cross-asset and European equity strategy, said on Bloomberg TV. “It’s not in anybody’s interest to go down to a full-blown trade war.”

Elsewhere, in Russia the currency plunged and the Moex Russia Index of stocks tumbled the most in four years after the U.S. sanctioned some prominent Kremlin-connected billionaires and their companies. Bitcoin dropped back below $7,000.

Terminal users can read our markets live blog here.

Here’s what is coming up this week:

  • Bank of Japan Governor Haruhiko Kuroda speaks at the start of his second term.
  • President Xi Jinping gives a keynote address at Boao Forum Tuesday.
  • Facebook’s Mark Zuckerberg testifies at two Congressional hearings Tuesday and Wednesday.
  • U.S. CPI data and FOMC minutes due Wednesday.
  • JPMorgan and Citigroup first-quarter earnings Friday.

These are the main moves in markets:

Stocks

  • The Stoxx Europe 600 Index dipped 0.1 percent as of 8:22 a.m. New York time.
  • Futures on the S&P 500 Index rose 0.5 percent.
  • The MSCI All-Country World Index gained 0.1 percent.
  • Hong Kong’s Hang Seng Index gained 1.3 percent to the highest in almost two weeks on the largest rise in four weeks.
  • Germany’s DAX Index climbed 0.1 percent..

Currencies

  • The euro gained 0.2 percent to $1.2304, the strongest in more than a week.
  • The Bloomberg Dollar Spot Index climbed less than 0.05 percent.
  • The Japanese yen dipped 0.1 percent to 106.99 per dollar.
  • The British pound rose 0.3 percent to $1.4128, the strongest in almost two weeks.
  • The Russian ruble declined 3.6 percent to 60.2587 per dollar, the weakest in almost 21 weeks on the biggest decrease in more than two years.

Bonds

  • The yield on 10-year Treasuries gained two basis points to 2.79 percent.
  • Britain’s 10-year yield increased one basis point to 1.396 percent.
  • Germany’s 10-year yield climbed less than one basis point to 0.50 percent.

Commodities

  • West Texas Intermediate crude rose 1 percent to $62.66 a barrel, the biggest advance in more than two weeks.
  • Gold decreased less than 0.05 percent to $1,332.83 an ounce.
  • LME aluminum climbed 4.3 percent to $2,130.50 per metric ton, the highest in almost five weeks on the biggest increase in more than five years.
  • The Bloomberg Commodity Index increased 0.6 percent to the highest in more than a week.

--With assistance from Cormac Mullen Adam Haigh and Francine Lacqua

To contact the reporter on this story: Eddie van der Walt in London at evanderwalt@bloomberg.net.

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

©2018 Bloomberg L.P.

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