Equities rise ahead of another week of corporate earnings
Wall Street stocks rose on Friday amid a string of encouraging economic reports and strong corporate earnings that point to an accelerating U.S. economy. The S&P 500 gained 0.4% to close at a new record high, the Dow finished 0.5% higher, while the Nasdaq climbed 0.1%. However, on Monday, e-mini futures for the S&P 500 were down 0.2%, suggesting risk sentiment could deteriorate later in the day.
Asian stocks were higher on Monday, hitting a one-month high as COVID-19 vaccine rollouts help ease fears of another dangerous wave of coronavirus infections. MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.1%. Australia’s S&P/ASX 200 gained just 0.03%, while Hong Kong’s Hang Seng gained 0.47% and the Shanghai Composite surged 1.49%.
In Europe, equities surged to new record highs in early trade, ahead of another week of corporate earnings and the European Central Bank meeting on Thursday. The U.K.’s FTSE 100 rose to a new 52-week high, while the blue-chip Euro Stoxx 50 rose 0.1% to an all-time high.
Meanwhile, the dollar came under renewed selling pressure as positive risk sentiment prevails in the global markets. EURUSD rallied to early-March highs around 1.2030, now targeting the key 100-DMA in the 1.2050 area. A daily close above the 1.2000 figure would be a confirmation of the latest breakout as the safe-haven dollar remains on the defensive.
Elsewhere, bitcoin price has settled below the $60,000 figure following yesterday’s plunge that took the coin below $50,000 for the first time since March 8. Today, the digital currency is trading marginally higher, struggling to overcome the $57,000 figure during the European hours.
