(Bloomberg) -- Asian stocks are poised for modest gains after technology shares led U.S. benchmarks higher as a busy week for corporate earnings began. Oil extended gains amid tensions in the Persian Gulf.
Futures rose in Japan and Australia, and were flat in Hong Kong. Treasuries advanced after traders pared bets the Federal Reserve will slash rates by a half-point this month and the dollar ticked higher. European shares were little changed.
Corporate earnings are in focus this week as investors look for signs of an economic slowdown and any indication that trade strife is affecting profits. On the trade front, the U.S. and China are moving closer to their first face-to-face trade negotiations in months, with a meeting between tech executives and senior White House officials on Monday expected to mark another step toward easing a ban on sales to China’s Huawei Technologies Co.
Meanwhile, President Donald Trump announced a bipartisan deal to suspend the U.S. government’s borrowing limit and boost government spending levels for two years
Elsewhere, the British pound slumped after a forecast showed Brexit may have already pushed the U.K. into a technical recession, and ahead of the annoucement of Prime Minister Theresa May’s replacement.
Here are some key events coming up:
- Earnings season rolls on with companies including: Amazon.com, Alphabet, Unilever, Caterpillar, Coca-Cola, McDonald’s and Boeing.
- U.K. Prime Minister Theresa May’s successor is announced on Tuesday, with Boris Johnson expected to become the new Conservative leader and PM.
- Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.
These are the main moves in markets:
- Futures on the Nikkei 225 rose 0.3% in Singapore.
- Australia’s S&P/ASX 200 Index futures gained 0.2%.
- Hang Seng Index futures were little changed.
- The S&P 500 Index rose 0.3% and the Nasdaq Composite Index gained 0.7%.
- The yen was flat at 107.87 per dollar after falling 0.2% in the previous session.
- The offshore yuan traded at 6.8822 per dollar.
- The Bloomberg Dollar Spot Index rose 0.1%, the second consecutive gain.
- The euro was little changed at $1.1209.
- The British pound was at $1.2477, hanging on to a 0.2% drop.
- The yield on 10-year Treasuries eased 1 basis point to 2.05%.
- West Texas Intermediate rose 0.8% to $56.22 a barrel.
- Gold was little changed at $1,424.85 an ounce.
- The Bloomberg Commodity Index fell 0.3%.
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