U.S. equity-index futures dropped with Asian stocks, as Japanese shares dragged the regional index lower and gold rose from a four-year low. The euro climbed prior to the European Central Bank’s decision on monetary policy.
The MSCI Asia Pacific Index slipped 0.4 percent by 2:27 p.m. in Tokyo, as the Topix index retreated 1 percent and futures on the Standard & Poor’s 500 Index fell 0.3 percent. The euro climbed against most major currencies and earlier traded at the strongest level versus the yen since Jan. 2. Gold for immediate delivery climbed 0.5 percent to $1,146.33.
The ECB is expected to hold rates at record lows when it meets for the first time since the Bank of Japan boosted its unprecedented stimulus, a move that stoked a rout in the yen and fueled gains in the nation’s equities. The Bank of England is also seen holding rates today. Private payroll data yesterday showed U.S. companies added more workers in October than in September, with the government’s monthly report due tomorrow.
The S&P 500 rose 0.6 percent to an all-time high of 2,023.57 yesterday while the Dow Jones Industrial Average gained 0.6 percent to a record 17,484.53 after the Republican Party won control of the U.S. Senate. Victory in the mid-term elections positions the Republicans to set the legislative agenda for the last two years of Barack Obama’s presidency.