European Equity Surge Keeps US Futures at Alltime Highs

European equities press higher from the open, with mainland European indices higher by 1.5-2.2%. German and French markets are outperforming, but gains are pretty widespread this morning.

Energy and materials sectors are the strongest in Europe, with firmer oil prices providing some support, while real estate, consumer staples are posting much shallower gains.

The moves in European markets are running in parallel with the US, with the e-mini S&P hitting new alltime highs today at 3,417.50 and making a clear break of the late February highs.

Moves follow a series of positive catalysts over the weekend including reports that the White House had sought to reassure US firms privately that they could work with China's WeChat app within China, and that Trump is pressing for Coronavirus plasma treatment approval with the FDA.