U.S. equity-index futures fell as the OPEC+ alliance’s plan to cut oil supply stoked inflation fears and as traders awaited labor-market data to gauge the risk of recession.
Futures on the S&P 500 and Nasdaq 100 each dropped 0.6 per cent, while Europe’s Stoxx 600 erased an advance. U.S. crude futures held on to weekly gains of about 11 per cent after the oil cartel said it would cut daily output by two million barrels. Treasuries were steady, with the two-year rate hovering about the 4.15 per cent level. In New York premarket session, Twitter Inc. traded 7 per cent below Elon Musk’s offer price.
“If you want to preempt the Fed, you are playing a very high-stakes game,” said Kenneth Broux, a strategist at Societe Generale SA. “The Fed do not want financial conditions to loosen; they don’t want equity markets to take off and get too comfortable.” In Europe, the Stoxx 600 drifted lower as losses for energy and insurance stocks offset advances in real estate and travel shares. Shell Plc tumbled 4.6 per cent after the energy giant pointed to a weaker third-quarter performance.
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