Stocks Rise As Traders Prepare For Data Deluge: Markets Close

Stocks rose for a second day as traders awaited a slew of economic data over the next few days for indications on the outlook for global central bank policies.

The Stoxx Europe 600 index opened 0.6% higher, powered by miners and real estate, after China vowed additional measures to bolster its economy. Treasury yields fell, while the dollar index remained stable. NN Group NV gained over 10% when the financial services company reported results that exceeded analysts’ forecasts. Telecom Italia SpA surged after the Italian government made measures to acquire a share in its network business.

Futures on the S&P 500 and Nasdaq 100 rose slightly. Treasury yields fell, while the dollar index remained stable.

Despite this week’s advances, global stocks are on course for their worst month in over a year as policymakers continue to strive to keep inflation under control. After Federal Reserve Chair Jerome Powell underlined last week in Jackson Hole that the central bank is ready to hike rates further if data suggests tighter policy is justified, economic reports are taking on even more weight than normal.

Traders will be watching consumer confidence data from the United States later Tuesday. This week’s news includes US employment growth, the core PCE deflator, and August’s payrolls and salaries figures. This week’s focus will also be on Eurozone inflation numbers.

Meanwhile, the British pound fell for a second day and the country’s stock index rose as the slowest growth in grocery bills in nearly a year drove down inflation in shops in August, removing some of the pressure on the Bank of England to continue raising interest rates.

Oil traded around $80 a barrel in commodities trading as traders awaited the next set of hints on the future for petroleum demand in the United States and China. Gold gained ground.