FYI: At around 02:10 a.m. ET, Dow futures rose 77 points, indicating a positive open of more than 78 points. Futures on the S&P and Nasdaq were both slightly higher.
Market focus is largely attuned to global trade developments, after President Donald Trump agreed to delay an additional increase in tariffs on Chinese goods by two weeks “as a gesture of good will.”
The move raised hopes of a thaw in trade frictions between the world’s two largest economies.
• Government bond yields fall
• ECB policy statement due
• U.S. inflation data expected
Global stocks climbed ahead of expected stimulus from the European Central Bank and as the White House delayed extra tariffs on Chinese imports.
With trade talks due to be held in Washington next month between the U.S. and China, President Trump postponed new tariffs on $250 billion in goods that were due to take effect on Oct. 1 by two weeks, a conciliatory gesture that could point to easing tensions.
Stocks were broadly higher across Asia, with the Shanghai Composite up 0.6% and Japan’s Nikkei up 0.8%. Hong Kong’s Hang Seng was an outlier, slipping 0.1%.
The offshore yuan was up 0.4% against the U.S. dollar. The yuan’s relative weakness has been a source of tension between the countries in recent weeks, with the U.S. accusing China of currency manipulation after a sharp depreciation in the yuan.
In Europe, the Stoxx Europe 600 edged up 0.2%, with gains across most regional indexes.
Investors were focused on the European Central Bank’s policy decision due later Thursday, where expectations were high for a stimulus package. Analysts anticipate an interest-rate cut of at least a 10 basis points to its key deposit rate. The policy statement is due at 1:45 p.m. in Frankfurt.
Despite the hopes for supportive moves for European banks, the sector’s stocks were down 0.4%. Government bond yields, which had climbed in recent days, were down across the board in Europe. Germany’s 10-year bund fell to minus 0.576%.
The U.S. benchmark 10-year Treasury yield fell to 1.723%, from 1.733% on Wednesday, after posting three straight days of gains.
Figures will also be released on the number of weekly U.S. jobless claims, with an expectation of 216,000, nearly level from last week’s 217,000.
In commodities, Brent crude rose 0.4% to $61.02 a barrel. Gold was flat, after its price climbed following Mr. Trump’s call for the Federal Reserve to reduce interest rates to zero. Lower interest rates tend to support the price of the haven metal by making it more competitive with yield-bearing assets like bonds.
Regards,
Ted
WSJ:
https://www.wsj.com/articles/global-stocks-rise-ahead-of-ecb-decision-11568275743Bloomberg:
https://www.bloomberg.com/news/articles/2019-09-11/asia-stocks-to-track-u-s-gains-treasuries-steady-markets-wrap?srnd=premiumIBD:
https://www.investors.com/market-trend/stock-market-today/trump-delays-china-tariff-hikes-china-trade-war-dow-jones-futures/CNBC::
https://www.cnbc.com/2019/09/12/stock-market-wall-street-in-focus-amid-rising-trade-hopes-central-bank-meetings.htmlReuters:
https://www.reuters.com/article/us-usa-trump-fed-savers/trumps-call-for-negative-rates-threatens-savers-idUSKCN1VW2T5U.K.
https://uk.reuters.com/article/uk-britain-stocks/ftse-100-rises-on-tariff-delay-morrisons-jumps-on-profit-beat-idUKKCN1VX0MNEurope:
https://www.reuters.com/article/europe-stocks/european-shares-touch-new-6-week-highs-on-easing-trade-worries-idUSL3N2631H6Asia:
https://www.marketwatch.com/story/asian-markets-mostly-gain-as-trade-tensions-ease-2019-09-11/printBonds:
https://www.cnbc.com/2019/09/12/bonds-treasury-yields-rise-ahead-of-ecb-decision.htmlCurrencies:
https://www.cnbc.com/2019/09/12/forex-markets-us-china-trade-war-european-central-bank-in-focus.htmlOil:
https://www.cnbc.com/2019/09/12/oil-markets-us-china-trade-war-in-focus.htmlGold:
https://www.cnbc.com/2019/09/12/gold-markets-us-china-trade-war-equities-in-focus.htmlCuirrent Futures:
https://finviz.com/futures.ashx 
