U.S. stock futures erase gain, gold advances: Markets wrap

Bloomberg.- U.S. stock futures erased gains on reports of an explosion in midtown Manhattan. The dollar fell and Treasuries rose.

Contracts on the S&P 500 Index wiped out a small advance after the New York Police Department tweeted that it was responding to reports of an explosion at the Port Authority bus terminal on 42nd St. The dollar extended a loss and gold advanced.

Earlier, European shares struggled for direction ahead of week that will be heavily influenced by central bank decisions. Most European bonds rose and the euro climbed. Sterling slipped as some of the promises made to clinch a breakthrough Brexit deal last week started to fray. In Asia, the Nikkei 225 reclaimed a 26-year high as stocks in Tokyo closed firmer although volumes were subdued.

Market focus returns to central banks this week with the Fed expected to raise rates at its meeting on Wednesday and the European Central Bank to reveal details of plans to taper asset purchases on Thursday. The Bank of England and Swiss National Bank also meet. With the world economy heading into its strongest period since 2011, Wall Street economists are telling investors to brace for the biggest tightening of monetary policy in more than a decade.

Elsewhere, oil declined to around $57 a barrel as U.S. drillers expanded the crude rig count to a three-month high. Bitcoin futures began trading in Chicago and at one point jumped as much as 25 percent.

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

Fed policy makers on Wednesday are projected to raise the target range for their benchmark interest rate against a backdrop of continuing robust U.S. economic conditions, a vibrant labor market and forecasts for inflation to pick up.
The European Central Bank, the Bank of England and the Swiss National Bank set monetary policy at their respective meetings on Thursday.
Among top U.S. economic reports are consumer inflation on Wednesday and retail sales on Thursday.
European lawmakers continue to debate Brexit and weigh moves on the next step, while North America Free Trade Agreement negotiators meet again.
And these are the main moves in markets:

Stocks

Futures on the S&P 500 fell less than 0.1 percent at 8:06 a.m. in New York.
The Stoxx Europe 600 Index declined 0.1 percent.
Japan’s Nikkei 225 Stock Average climbed 0.6 percent to the highest in about 26 years.
The MSCI Asia Pacific Index jumped 0.7 percent to the highest in more than a week.
The MSCI Emerging Market Index increased 0.7 percent to the highest in a week.

Currencies

The Bloomberg Dollar Spot Index declined 0.2 percent.
The euro climbed 0.2 percent to $1.1795.
The British pound dipped 0.1 percent to $1.337, the weakest in almost two weeks.
The Japanese yen advanced 0.2 percent to 113.28 per dollar.

Bonds

The yield on 10-year Treasuries declined two basis points to 2.35 percent.
Germany’s 10-year yield fell three basis points to 0.28 percent, the lowest in more than five months.
Britain’s 10-year yield decreased seven basis points to 1.208 percent, the lowest in almost three months.
Japan’s 10-year yield dipped less than one basis point to 0.05 percent.

Commodities

West Texas Intermediate crude advanced 0.3 percent to $57.55 a barrel.
Gold gained 0.2 percent to $1,250.88 an ounce.
Copper increased 0.1 percent to $2.98 a pound, the highest in a week.

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