No harsh market reaction at US-North Korea summit

The meeting between President Donald Trump and Kim Jong Un was met with a collective shrug by global markets, which appear to be more fixated on a host of macro events and data coming in the next few days. Stocks were little changed, Treasuries steady, and commodities mixed.

The Stoxx Europe 600 Index opened higher, but pared its advance after modest gains for many Asian gauges failed to ignite the MSCI Asia Pacific Index. S&P 500 futures fluctuated in a narrow range after the underlying gauge posted a small increase on Monday. Safe-haven assets including the yen and gold edged lower as Trump and Kim signed a document pledging to work toward peace on the Korean peninsula. The pound reversed a decline before Theresa May’s Brexit legislation goes to Parliament, as data showed a surprise moderation in the pace of U.K. wage growth.

There was never much prospect of the U.S.-North Korea summit triggering a large market reaction, except perhaps in the event of a shock outcome. A seemingly certain Federal Reserve rate increase on Wednesday, plus the prospect of a hawkish European Central Bank tilt on Thursday, tease far more concrete developments for traders. Tuesday’s inflation figures out of the U.S. may even reignite the four-hikesin-2018 debate ahead of the Fed’s decision.

The Stoxx Europe 600 Index declined less than 0.05 percent as of 10:48 a.m. London time. Futures on the S&P 500 Index decreased 0.1 percent. The U.K.’s FTSE 100 Index fell 0.4 percent, the largest fall in a week. Germany’s DAX Index fell 0.1 percent. The MSCI Emerging Market Index dipped less than 0.05 percent. The MSCI Asia Pacific Index climbed 0.1 percent.

West Texas Intermediate crude gained 0.2 percent to $66.24 a barrel, the highest in more than a week. Gold dipped 0.2 percent to $1,298.37 an ounce, the largest decrease in more than a week. Brent crude rose 0.4 percent to $76.73 a barrel.