(Bloomberg) — Defensive shares including utilities staged a comeback in Europe while a tech selloff in China deepened following Beijing’s crackdown on Internet and fintech firms. Crude oil rose and bonds slipped.The Stoxx Europe 600 Index climbed to its highest level since late February, led by healthcare and utility stocks. Equities in Japan, Korea and Australia rose more than 1% despite the downdraft in tech. In the U.S. the picture was mixed, with a rebound in the internet-heavy Nasdaq 100 futures of as much as 1.2%.Contracts also rose the S&P 500, whose underlying benchmark pulled back from a two-month closing high Tuesday. The risk-on sentiment buffeted sovereign bonds, which fell in Europe. Treasury futures also slipped, with the cash market closed for a U.S. holiday.Asia’s tech sell-off follows moves this week out of expensive technology stocks that had become synonymous with the stay-at-home trade, and into shares depressed by the economic impact of lockdowns. The promise of an imminent vaccine also helped lift Europe’s cyclical-heavy markets this week.Chinese technology giants from Alibaba Group Holding Ltd. to Tencent Holdings Ltd shed almost $260 billion of market value over two days of frantic selling, as investors scrambled to assess the fallout from Beijing’s broadest attempt to rein in its most powerful private-sector firms.Read how Wall Street is jumping on the value trainThe coronavirus is roaring back in U.S. cities, with hospitalizations in the country reaching a record and cases topping 1 million in the first 10 days of November. A public vaccination campaign could begin by spring, Health and Human Services Secretary Alex Azar said.These are some key events coming up:European Central Bank President Christine Lagarde, Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell are among the speakers Thursday at an online ECB Forum entitled “Central Banks in a Shifting World.”U.S. CPI data for October is due on Thursday.Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.These are some of the main moves in markets:StocksThe Stoxx Europe 600 Index advanced 0.6% as of 9:51 a.m. London time.Nasdaq 100 Index futures gained 1%.Futures on the S&P 500 Index increased 0.7%.The MSCI Asia Pacific Index climbed 0.6%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The British pound decreased 0.1% to $1.3262.The Japanese yen weakened 0.1% to 105.45 per dollar.New Zealand’s dollar gained 0.8% to $0.6887.BondsGermany’s 10-year yield climbed less than one basis point to -0.48%.Britain’s 10-year yield increased two basis points to 0.424%.France’s 10-year yield was unchanged at -0.239%.Australia’s 10-year yield gained seven basis points to 0.999%.CommoditiesWest Texas Intermediate crude jumped 3.7% to $42.87 a barrel.Gold strengthened 0.1% to $1,879.12 an ounce.Soybeans climbed 0.8% to $11.56 a bushel.Iron ore increased 1.6% to $121 per metric ton.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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