- Oil Extends Gain as Stocks Struggle; Pound Climbs
Crude extended its advance, standing out amid range-bound global markets as investors await the latest Fed minutes and a meeting between Donald Trump and China’s Xi Jinping. Sterling rose as U.K. services grew faster than expected.
Oil climbed before official data that’s expected to show U.S. inventories retreating from a record, and energy companies helped the Stoxx Europe 600 Index hold onto Tuesday’s gain as it struggled to find fresh momentum. The dollar was little changed, 10-year U.S. Treasuries edged higher and futures for the S&P 500 pointed toward a slightly lower opening. South Africa’s rand reversed gains after President Jacob Zuma survived calls to quit.
Investors and markets are largely in a holding pattern, awaiting the next major catalyst to either end or extend the global rally that pushed stocks to a record last month. A series of major data releases this week — culminating in a payrolls report Friday forecast to show 175,000 jobs added by U.S. employers in March — is offering clues to the strength of the world’s biggest economy.
Minutes from the latest meeting of the Federal Reserve will be parsed for clues on the path of monetary tightening, as well as how the the central bank plans to unwind its $4.5 trillion balance sheet.
Upcoming events of note for investors:
- As well as minutes from the Fed’s March meeting, scheduled to be released Wednesday, an account of the European Central Bank’s latest policy gathering is due Thursday.
- China’s president will meet his U.S. counterpart for two days starting Thursday.
- U.S. non-farm payrolls are due Friday.