Europe Futures Slip With Asia Stocks as Oil Retreats; Yen Rises

Equity-index futures fell with Asian stocks as oil extended this week’s slump. Malaysia’s ringgit weakened, while the yen gained.

Material and energy companies were the biggest decliners on Asia’s benchmark equity gauge as U.S. oil dropped as much as 2.6 percent. Malaysia’s ringgit led a retreat in high-yielding currencies. 

Standard & Poor’s 500 Index futures slipped, while Treasuries advanced. Senator Ted Cruz won the Iowa Republican caucuses in an upset over billionaire Donald Trump, while Democrat Hillary Clinton was clinging to the narrowest edge over Senator Bernie Sanders of Vermont.

Oil has erased last week’s rally as speculation U.S. stockpiles are continuing to expand reinforces concern over the global glut. The link between equity markets and crude had eased briefly as Federal Reserve Vice Chairman Stanley Fischer said the impact on the U.S. of recent market turbulence could factor into decision-making. 

The comments came in the wake of signals from central banks in Europe and Japan that they are ready to do what is needed to spur growth and after factory data underscored anxiety over China’s economy.

India joined Australia in keeping benchmark rates unchanged Tuesday. South Korean consumer prices were flat in January from the previous month, after economists projected a 0.4 percent increase, data showed.