Stocks, U.S. futures rise as traders mull recovery
BNN Bloomberg
European stocks rose along with U.S. equity futures Thursday as traders took in their stride further signs of the global inflationary pressures building up in the recovery from the pandemic.
European stocks rose along with U.S. equity futures Thursday as traders took in their stride further signs of the global inflationary pressures building up in the recovery from the pandemic.
U.S. futures pushed higher after Wall Street snapped a three-day losing streak, with contracts on the tech-heavy Nasdaq 100 outperforming those on the S&P 500. The Stoxx Europe 600 index reached its highest level in almost three weeks, boosted by gains in tech shares and miners.
Treasuries trimmed an overnight rally, but the 10-year yield remained around 1.5 per cent. A report showed U.S. inflation held above 5 per cent, while the latest Fed minutes signaled a tapering of bond purchases from mid-November or mid-December.
Crude oil stabilized above US$80 a barrel and gold dipped from the highest in nearly a month. The U.S. dollar weakened against all Group of 10 peers except the yen.
Investors continue to evaluate the resilience of economic reopening to supply chain disruptions, a jump in energy prices and the prospect of reduced central bank support. In the earnings season so far, executives at S&P 500 companies mentioned the phrase “supply chain” about 3,000 times on investor calls as of Tuesday -- far higher than last year’s then-record figure.
