Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Europe is leading the recovery of the stock market with stronger business growth than Reuters

Europe is leading the recovery of the stock market with stronger business growth than Reuters



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© Reuters. PHOTO: A man walks past a stock exchange at a broker in Tokyo, Japan, February 26, 2021. REUTERS / Kim Kyung-hoon

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By Tom Arnold and Wayne Cole

LONDON / SYDNEY (Reuters) – Global stocks rose on Wednesday as US futures calmed after the retreat of technology pets, while European markets were stimulated by accelerating business activity and positive profits.

The Euro STOXX index added 1

.3%, heading for its best day in nearly two months, aided by data showing that eurozone business activity picked up last month as the services industry returned to growth.

The best performers were the German Rational and Merck after well-received numbers.

MSCI’s global stock index, which tracks stocks in 49 countries, traded 0.1% higher after a sell-off on Tuesday from nearly record highs.

But it wasn’t all rosy. MSCI’s broadest Asia-Pacific equity index outside Japan sank 0.4 percent for the fourth day in a row, although Asian trade was weak due to holidays in Japan, China and South Korea.

India’s Nifty 50 was 0.8% higher and headed for its best day of the week as the central bank took a series of measures to support the coronavirus-ravaged economy, including allowing some small borrowers more time to repay loans.

Nasdaq futures rose 0.4% after a sharp drop overnight, while adding 0.3%.

The Nasdaq fell 1.9 percent on Tuesday as some big tech names made a profit, including Microsoft Corp (NASDAQ :), Alphabet (NASDAQ 🙂 Inc, Apple Inc (NASDAQ 🙂 and Amazon.com Inc (NASDAQ :). ()

The stretched estimates were tested when US Treasury Secretary Janet Yellen said interest rate hikes might be needed to stop the economy from overheating.

She later returned the comments, but reminded investors that interest rates would have to rise at some point in the future.

“Some of her comments seemed misinterpreted by the markets because she assumed the Fed would have to increase,” said James Atey, investment director at Aberdeen Standard Investments.

“This market is really just as febrile and fragile as this one.”

The next focal point for markets emerges on Friday, when US wage figures are projected to show strong growth of 978,000, while some forecasts reach 2.1 million.

So far, Federal Reserve Chairman Jerome Powell says the job market is still far from needed to start talking about reducing asset purchases.

The president of the Federal Bank of Minneapolis, Neil Kashkari, a remarkable pigeon, said on Tuesday that it could take several years for the economy to return to full employment.

The Fed’s patience has allowed the yield on US 10-year banknotes to return to 1.59% from a peak of 1.69% last week, although the market is struggling to break below 1.53%.

In Europe, Germany’s 10-year yield, the benchmark for the region, rose 1 basis point to -0.23%, albeit below its highest result since March 2020 on Monday.

The mere mention of higher US interest rates was enough to help the dollar recover some of its recent losses.

The euro fell back to $ 1.1999 and threatened to break important support for the chart in the $ 1.1995 / 1.2000 zone. The breakthrough will pave the way for the $ 1.1923 correction target.

The dollar remained at 109.45 yen after deviating from the resistance of 109.61. Against a basket of currencies, the dollar reached an almost two-week high of 91,448.

The New Zealand dollar rose to 0.7173 dollars when data on local jobs turned out to be stronger than expected.

In commodity markets, palladium rose 0.7 percent to $ 3,004, close to a record high on Tuesday due to concerns over short deliveries of the metal used in car emission control devices. [GOL/]

Gold lagged behind at $ 1,777 an ounce.

Oil prices rose to multi-week highs as more countries opened their borders to passengers, improving prospects for gasoline and jet fuel demand. [O/R]

added 1.2% to $ 69.69 a barrel, the highest since mid-March, while rising 1.1% to $ 66.43 a barrel, rising earlier to a maximum of March 8.




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