Energy shares led gains in Europe after oil major BP Plc boosted shareholder returns and reported record profit. Futures on the S&P 500 and Nasdaq 100 contracts were modestly higher, while those on the Dow were flat. Pinterest Inc. fell in premarket trading after posting weaker-than-forecast revenue.
The dollar steadied after weakening against all members of the Group of 10 earlier, while Treasuries clawed back some of the two-day rout that was sparked by traders ramping up bets on future Fed tightening. The recent moves have taken the shine off the best start to a year for cross-asset returns since 1987.
“I expect that Powell will drive home that point that they've done a lot and there'll be a tightening that is going to impact the economy later on this year,” Jack McIntyre, a portfolio manager at Brandywine Global Investment Management LLC, said on Bloomberg Television. The Adani group's stocks climbed, pausing a rout that exceeded US$100 billion, as the conglomerate's founders prepaid some debt and traders covered short positions.
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