A bit of catch-up play in early trades
- German DAX futures +0.6%
- UK FTSE futures +0.8%
- Spanish IBEX futures +0.4%
European indices close the day near the lows yesterday, down by over 2% across the board, missing out on the late recovery in US equities towards the latter stages.
Hence, the gains here are largely due to some catch-up play and belies the more tepid and cautious risk mood to kick start the session.
US futures aren’t doing a whole lot, with S&P 500 and Nasdaq futures keeping at flat levels at the moment. Major currencies are also mostly little change besides some mild strength in the yen, with AUD/USD seen a little weaker under its 100-day moving average.
Optimistic tones observed in early trades
- German DAX futures +0.9%
- UK FTSE futures +0.9%
- Spanish IBEX futures +0.6%
European indices ended yesterday more mixed in another somewhat disappointing session, but the late gains seen in US stocks is giving risk buyers another shot in trading today.
This sets up a firmer open for equities later but that isn’t quite translating into much for the major currencies space as the focus remains on the dollar, as it meets some key technical crossroads going into the session ahead.
- German DAX futures +1.0%
- UK FTSE futures +2.4%
- Spanish IBEX futures +1.0%
This follows a round of solid gains across the board to start the week yesterday, in which we saw the DAX starting to break out to fresh highs in nearly two months: