(Bloomberg) -- The euro fell along with European stock futures after European Union finance chiefs failed to reach a deal over a response to the coronavirus.
U.S. stock futures fluctuated, following a rocky session Tuesday when S&P 500 gains fizzled late in the day. Equities in Asia were mixed, with Japanese shares climbing and Hong Kong sinking. Oil continued to swing ahead of a key meeting of suppliers, and Treasuries were flat.
While the S&P 500 briefly reached a 20% gain from its March low on Tuesday, the highest coronavirus death tolls yet in the U.K. and New York State reminded investors the outbreak is far from contained. Still, New York’s number of new cases slowed and Italy reported its fewest new infections since March 13. Several European nations planned to ease restrictions.
“As the quarter progresses, investors start to understand that everything we’re seeing is in the form of assistance and aid to just tide the economy over,” Bob Michele, global chief investment officer at JPMorgan Asset Management, said on Bloomberg TV. “It’s not stimulus that gets the economy going at a much higher rate than where it is.”
Oil edged up after sinking to the weakest level since the start of the month. Investors are weighing whether the world’s biggest producers will be able to strike a deal that cuts enough output to offset an unprecedented demand loss from the coronavirus outbreak.
Elsewhere, the Australian dollar slipped after S&P Global Ratings cut the country’s credit-rating outlook to negative from stable. The kiwi edged lower after New Zealand’s central bank said it is open to increasing the size and scope of its asset-purchase program.
These are the main moves in markets:
Stocks
Futures on the S&P 500 rose 0.6% as of 6:02 a.m. in London. The index lost 0.2% on Tuesday.Japan’s Topix index added 1.1%.The Shanghai Composite slid 0.3%.Hong Kong’s Hang Seng lost 0.8%.Australia’s S&P/ASX 200 Index gained 0.9%.Kospi Index added 0.3%.Euro Stoxx 50 futures slipped 0.3%.
Currencies
The yen was at 108.90 per dollar, down 0.1%.The offshore yuan traded at 7.0768 per dollar, down 0.1%.The euro slid 0.2% to $1.0866.The kiwi lost 0.4% to 59.51 U.S. cents.The Aussie lost 0.7% to 61.28 U.S. cents.
Bonds
The yield on 10-year Treasuries rose one basis point to 0.72%.Australia’s 10-year yield edged up to 0.95%.
Commodities
West Texas crude rose 5.8% to $25.02 a barrel after tumbling on Tuesday.Gold was flat at $1,648 an ounce.
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