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Stocks Make Further Progress, EuroStoxx50 Testing 50-dma

EQUITIES
  • Equity markets globally are higher for a third session, with European indices making decent progress on the back of gains in Asia. Hong Kong's Hang Seng closed with gains of just shy of 2% giving sentiment a leg higher from the off.
  • The positivity puts EuroStoxx50 on track to test the 50-dma at 4067.5. A break above here would put June's highs of 4165.6 within range.
  • Across the continent, again financials are leading gains, prompting the EuroStoxx Bank Index to rally 7.5% off the week's lows. Financials are benefiting from a re-steepening of global government bond yield curves and fading concerns over the spread of the Delta COVID-19 variant across Western Europe and the US.
  • Focus in the US again turns to earnings, with Biogen, American Airlines, AT&T, Southwest Airlines, Intel and Twitter all due today.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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