US stock futures up, oil down on hopes Syria attack a one-off

US stock futures up, oil down on hopes Syria attack a one-off

SYDNEY (Reuters): US stock futures firmed and oil fell on Monday as investors wagered the latest US-led strike on Syria would not escalate into a wider conflict, though Asian markets turned mixed as selling in bank shares slugged Chinese indexes.

EMini futures for the S&P 500 rose right from the start and were last up 0.4 percent, while Eurostoxx 50 futures added 0.27 percent.

The United States, France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7.

President Donald Trump declaring mission accomplished, investors assumed the worst had been avoided.

Safe-haven assets eased slightly in response, with yields on US 10-year Treasury debt up two basis points at 2.84 percent.

The dollar failed to hold its early gains on the yen and eased to 107.20, though that was still up on last week’s low around 106.62.

Dealers were keeping a wary eye on Japanese politics after a survey showed support for Prime Minister Shinzo Abe had fallen to 26.7 percent, the lowest since he took office in late 2012.

The euro was steady at $1.2330, while the dollar index eased a touch to 89.781.

In commodity markets, gold was steady around $1,345.60 an ounce, still well short of last week’s peak at $1,365.23.

Oil prices slipped with Brent crude futures off 69 cents at $71.89 a barrel, while US crude fell 54 cents to $66.85.

In Asia, China reports its gross domestic product for the first quarter on Tuesday, with market forecasts clustered around growth of 6.7 percent to 6.8 percent.

That pace would suggest China has largely sustained its growth momentum from late last year despite crackdowns on riskier financing and industrial pollution, even as investors fret over the risk of a trade war with the United States.

The United States reports retail sales later on Monday and there are around 15 Federal Reserve speakers in the diary for the week.

 

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