JPMorgan, Citigroup, Wells Fargo due to report this week
WTI oil fails to break through $45 a barrel before reversing
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Stocks fell in Europe, erasing earlier gains as a reversal in crude prices dragged energy producers lower. Bonds stayed lower, extending a slump triggered by more hawkish rhetoric from central banks.
Oil reversed gains after WTI failed to break through $45 a barrel, casting doubt on an earlier risk-on rally. Scrutiny will now turn to corporate results and the assessments by policy makers of how quickly global growth is recovering. PepsiCo Inc., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. are reporting this week and Federal Reserve Chair Janet Yellen’s semi-annual Monetary Policy Report to Congress is Wednesday. The Bank of Canada announces its interest-rate decision tomorrow, with a hike expected by most analysts.
“With economic growth prospects looking solid, we think earnings can climb,” Bob Doll, senior portfolio manager and chief equity strategist at Nuveen Asset Management LLC, said.
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These are the main moves in markets:
- The Euro Stoxx 600 Index fell 0.2 percent, erasing an earlier gain.
- WTI crude turned down and reversed a gain of 0.7 percent to trade 0.2 percent lower at $44.33 a barrel.
By Adam Haigh and Cecile Gutscher
July 11, 2017, 6:16 PM GMT+10