Global Markets: Tech leads U.S. stocks higher; oil gains
By Stephen Culp NEW YORK (Reuters) - U.S. stocks gained ground on Monday at the onset of a heavy earnings week, while European shares inched higher as investors took heart from potential progress in U.S.-China trade talks and increasing geopolitical tensions sent oil prices climbing.
By Stephen Culp
NEW YORK (Reuters) - U.S. stocks gained ground on Monday at the onset of a heavy earnings week, while European shares inched higher as investors took heart from potential progress in U.S.-China trade talks and increasing geopolitical tensions sent oil prices climbing.
Tech pushed Wall Street into positive territory as investors girded themselves for a week of second-quarter results from major industrial and technology companies and eyed the U.S. Federal Reserve's expected interest rate cut at the end of the month.
The South China Morning Post reported U.S. trade negotiators will likely visit China next week for their first face-to-face talk with Chinese officials since U.S. President Donald Trump postponed a new round of tariffs on Chinese imports after a meeting with his Chinese counterpart in Japan on June 29.
"I don't give much credence to the (trade) news," said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco. "The chatter will continue, but we won't see anything substantive this year."
The Dow Jones Industrial Average <.DJI> rose 17.7 points, or 0.07%, to 27,171.9, the S&P 500 <.SPX> gained 8.42 points, or 0.28%, to 2,985.03 and the Nasdaq Composite <.IXIC> added 57.65 points, or 0.71%, to 8,204.14.
Growing tensions in the Middle East, coupled with worries about Britain leaving the European Union (Brexit) without a deal held world stocks flat.
"Brexit fears can be somewhat alleviated by a friendly European Central Bank, and it appears that's the way they're trending," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
The pan-European STOXX 600 index <.STOXX> rose 0.13% and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.05%.
Brent crude prices
U.S. crude settled at $56.22 per barrel, up 1.06%, while Brent settled at $63.26, gaining 1.26% on the day.
The dollar and euro were little changed as traders looked to policy decisions from the U.S. Federal Reserve and the European Central Bank regarding the pace at which they will cut interest rates, beginning with the ECB on Thursday.
"Clearly the ECB will loosen as will the Fed," added Massocca. "It's all been very well-telegraphed by the markets."
"It's positive, it's bullish, but as far as what comes out of those meetings I'm not anticipating any surprises."
The dollar index <.DXY> rose 0.14%, with the euro
U.S. Treasury yields fell and the yield curve flattened as dovish Fed bank policy supported demand for government debt.
Benchmark 10-year notes
The 30-year bond
Gold held steady, on the heels of a sharp drop in the previous session on lowered rate cut expectations, but the safe-haven metal still found support in the form of global geopolitical uncertainties.
Shipping prices rose on strong vessel demand, with the Baltic Dry Index <.BADI> jumping to a 5-year high.
(Reporting by Stephen Culp; additional reporting by by Karin Strohecker in London; additional reporting by Sujata Rao in London and Shinichi Saoshiro in Tokyo; Editing by Susan Thomas)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.