Global Stocks Advance as US Futures Pause and Treasury Yields Climb

The new trading week is off to a positive start overseas and a mixed start in the US. Energy markets are mixed, while Treasury yields are rising again. With a quieter schedule of business news this week, investors appear to be marking time ahead of earnings season, which begins in a couple of weeks.

Overseas Services PMI reports were mixed. Australia exceeded expectations, while Japan, Italy and France disappointed. US ISM Services PMI is due at 10:00 am EDT, with the Street expecting 55.7.

NASDAQ futures are down 0.2%, while Dow futures are steady. Overseas, Japan’s Nikkei gained 2.4% and Hong Kong’s Hang Seng rose 0.3%. In Europe, Germany’s DAX is up 0.3% and the UK’s FTSE is up 0.6%.

Crude Oil is down 0.8%, holding above $90.00/bbl, while Brent Crude is up 0.3%, climbing above $102.50/bbl. Gasoline is down 0.2%, holding above $3.30/gallon. Metals are advancing, with Gold up 0.6% but still below $4,200/oz, Copper up 1.2% and climbing above $6.60/lb, and Silver up 2.5%.

The US 10-year Treasury note yield is climbing towards 5.30%, while the 30-year Treasury note yield is moving above 5.65%. The US Dollar Index is up 0.3%, the Euro is down 0.4%, and the Loonie is steady. Beyond today’s Services PMI report, the week’s scheduled highlights include FOMC meeting minutes on Wednesday afternoon and Canada’s employment report on Friday morning.

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