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Stocks Extend the Bounce, with EuroStoxx50 Testing Friday Close

EQUITIES
  • Equity markets are firmer for a second session, with European indices uniformly positive. Spain's IBEX-35 is leading with gains of over 2%, but the UK's FTSE-100 and Italy's FTSE-MIB are also sharply higher.
  • Energy and financials are the sectors driving the rally across Europe - both of which were the poorest performing sectors earlier in the week. Steepening of government bond yield curves and a stabilisation of the oil price are largely responsible, keeping both these market metrics in focus headed into the NY crossover.
  • US futures are firm and indicate a positive open on Wall Street later today. The e-mini S&P has added over 100 points from the Monday low to trade inside 50 points of the alltime highs posted July 14th.
  • Focus remains on US earnings, with Johnson & Johnson, Verizon Communications and Coca-Cola among the headline reports Wednesday.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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