Premarket: Stocks, yields rise as traders balance China, oil supply

European stocks edged higher on Monday after a rout last week while government bond yields renewed their rise as oil prices firmed even as China delivered smaller rate cuts than investors expected.

“There is still some expectation that Chinese authorities will step in with a more generous boost, but it appears the weakness of the yen appears to be stemming more immediate action,” Streeter added. In early trading, London’s FTSE index was up 0.7 per cent, Germany’s DAX advanced 0.8 per cent and France’s CAC 40 rose 1.2 per cent.Oil prices edged higher on Monday after snapping a seven-week winning streak last week on concerns about Chinese demand. Brent was last up 36 cents at $85.16 a barrel, while U.S. crude was 41 cents higher to $81.66 per barrel.

The key event for the week is the U.S. Federal Reserve’s Jackson Hole conference, where markets assume chair Jerome Powell will note the jump in yields and the recent run of strong economic data. The Atlanta Fed’s GDP Now tracker is running at a heady 5.8 per cent for this quarter. A majority of polled analysts think the Fed is done hiking, while traders are betting on just under a 40-per-cent chance of a final Fed hike by November.

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