Stocks Climb, U.S. Futures Rebound After Sell-Off

9 September, 2020

Stocks rose in Europe along with U.S. equity futures as optimism crept into markets that Tuesday’s tumble in America may have drawn a line under the recent sell-off. European shares climbed broadly as investors took in stride news that AstraZeneca Plc had to pause its trials of a leading experimental Covid-19 vaccine when a participant got sick. Contracts on the S&P 500 and Nasdaq 100 advanced in the wake of large declines in America that were led by tech shares.

Global investors are grappling with the recent market turbulence, assessing whether the pullback for equities is a sign of market health or the start of a larger drawdown that has further to go.

The ECB is expected to hold rates steady on Thursday but indicate that downside risks have intensified, suggesting further easing is possible before year-end.The U.S. releases initial jobless claims numbers Thursday.U.S. CPI data is due Friday, with consumer prices expected to have risen in August.

  • Futures on the S&P 500 Index climbed 0.7% as of 8:52 a.m. London time.The Stoxx Europe 600 Index increased 0.7%.Germany’s DAX Index gained 0.8%.The MSCI Asia Pacific Index fell 1%.
  • The Bloomberg Dollar Spot Index was little changed.The euro dipped 0.1% to $1.1771.The Japanese yen strengthened 0.1% to 105.94 per dollar.The British pound fell 0.2% to $1.295.
  • The yield on 10-year Treasuries declined one basis point to 0.67%.Germany’s 10-year yield dipped less than one basis point to -0.50%.Britain’s 10-year yield decreased less than one basis point to 0.187%.
  • West Texas Intermediate crude gained 1.3% to $37.25 a barrel.Gold was little changed at $1,931.53 an ounce.

Source  
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