Stocks, dollar dip as metals rise on Trump jitters: Markets wrap

Bloomberg.- Shares in developed markets fell with the dollar, lifting metals and Treasuries after President Donald Trump offered little more on plans to boost growth and stirred concerns over protectionism in his first days in office.

The Stoxx Europe 600 Index touched its lowest level this year, while U.S. futures slid and the dollar fell against all major peers. The weaker currency pushed aluminum to the highest in more than a year, while 10-year Treasury yields fell a second day.

While the U.S. President’s campaign-trail promises to boost growth and spending helped drive a post-election rally in equities and the dollar, by Monday, investors were calling into question how words would be translated into actions. So far, Trump has focused on a feud with the press over attendance at his inauguration rather than offer concrete plans, leaving investors in limbo.

“There wasn’t enough about fiscal policy, tax cuts and infrastructure spending in President Trump’s inauguration speech on Friday,” said Kit Juckes, global strategist at Societe Generale SA in London. “Instead, the message was combative, protectionist and isolationist.”


Money managers will be dissecting earnings from some of the world’s largest companies this week with Alphabet Inc., Samsung Electronics Co. and Alibaba Group Holding Ltd. all reporting results.

Here are the main moves in markets:


– The Bloomberg Dollar Spot Index slid 0.6 percent as of 7:16 a.m. in New York. It has fallen for four straight weeks, its longest retreat since February. The dollar lost 0.6 percent against the South African rand and 1.4 percent versus the Mexican peso.
– The euro climbed 0.3 percent to $1.0733.
– The yen rose 0.9 percent to 113.56 per dollar.


– Aluminum for delivery in three months gained as much as 1.1 percent on the London Metal Exchange to the highest since May 2015. Copper, lead and zinc all rose more than 1 percent.
– Gold rose 0.3 percent to $1,213.82 an ounce. The metal has increased in 10 of the past 11 sessions.
– West-Texas Intermediate crude oil was down 1.1 percent at $52.65 a barrel after the amount of drilling rigs in the U.S. increased.


– The Stoxx 600 benchmark index headed for the lowest close since December.
– Generali jumped as much as 6 percent on speculation of a takeover bid for the Italian insurer. Spanish lender Banco de Sabadell dropped after disclosing that the maximum amount it might have to repay to clients in the mortgage-floors ruling exceeds the last two quarters of profit. Other Spanish banks also fell as clients prepare to claim back interest payments.
– S&P 500 futures dropped 0.2 percent, while the main gauge closed 0.3 percent higher Friday.


– The yield on the 10-year Treasury declined one basis points to 2.46 percent.
– German yields fell one basis points to 0.41 percent.

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