European stock-index futures climbed with Asian stocks as a selloff in the dollar underpinned a resurgence in crude oil.
A
gauge of Asian shares rose for the first time in three days, led by
mining and energy companies, while U.S. index futures advanced.
The euro weakened 0.2 percent after surging 1.7 percent on Wednesday, when the dollar tumbled against a basket of currencies. South Korea’s won rallied the most in three months. U.S. oil extended gains above $32 a barrel after jumping 8 percent in the previous session.
"The selloff in the U.S. dollar is supportive of commodities,” said Scott Schuberg, chief executive officer at Rivkin Securities, a brokerage in Sydney.
The dollar’s retreat was sparked by data showing the U.S. services sector grew at the slowest pace in nearly two years, underscoring the vulnerability of the American economy to unsteadiness abroad.
The report tipped the fixed-income market’s balance closer toward zero rate hikes by the Federal Reserve this year, amid prospects central banks from Asia to Europe will act to quell the turmoil that’s roiled markets in 2016.
The greenback’s drop helped boost the price of crude oil, along with speculation OPEC and other oil producing nations have agreed to an emergency meeting on market volatility.
China set a range for its economic growth target for the first time in 20 years, saying late Wednesday that the economy would likely expand 6.5 percent to 7 percent this year, slower than last year’s goal of about 7 percent.
Gyrations in Chinese equity and currency markets unsettled global trading at the start of the year, with regulators’ response to the volatility fueling anxiety over their ability to manage the slowing economy.
Credit Suisse Group AG swung to a loss in the fourth quarter as it wrote off billions of dollars in goodwill, set aside provisions for litigation and booked a multi-billion-dollar loss in its main trading unit.
The bank gave up 5.83 billion Swiss francs ($5.8 billion), including a 3.8 billion-franc impairment that exacerbated its quarterly loss.
The euro weakened 0.2 percent after surging 1.7 percent on Wednesday, when the dollar tumbled against a basket of currencies. South Korea’s won rallied the most in three months. U.S. oil extended gains above $32 a barrel after jumping 8 percent in the previous session.
"The selloff in the U.S. dollar is supportive of commodities,” said Scott Schuberg, chief executive officer at Rivkin Securities, a brokerage in Sydney.
The dollar’s retreat was sparked by data showing the U.S. services sector grew at the slowest pace in nearly two years, underscoring the vulnerability of the American economy to unsteadiness abroad.
The report tipped the fixed-income market’s balance closer toward zero rate hikes by the Federal Reserve this year, amid prospects central banks from Asia to Europe will act to quell the turmoil that’s roiled markets in 2016.
The greenback’s drop helped boost the price of crude oil, along with speculation OPEC and other oil producing nations have agreed to an emergency meeting on market volatility.
China set a range for its economic growth target for the first time in 20 years, saying late Wednesday that the economy would likely expand 6.5 percent to 7 percent this year, slower than last year’s goal of about 7 percent.
Gyrations in Chinese equity and currency markets unsettled global trading at the start of the year, with regulators’ response to the volatility fueling anxiety over their ability to manage the slowing economy.
Credit Suisse Group AG swung to a loss in the fourth quarter as it wrote off billions of dollars in goodwill, set aside provisions for litigation and booked a multi-billion-dollar loss in its main trading unit.
The bank gave up 5.83 billion Swiss francs ($5.8 billion), including a 3.8 billion-franc impairment that exacerbated its quarterly loss.
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