US & European Stock Futures Rise Before PCE Data- Europe Market Wrap
US and European market futures gained on Friday as investors awaited the publication of vital US inflation data ahead of the Fed’s widely anticipated interest rate drop next week.
Contracts for the S&P 500 and Euro Stoxx 50 indexes jumped 0.2%, while those for the Nasdaq 100 rose 0.4%. A barometer of Asian stocks recovered an earlier fall of up to 0.7% and was on track for a second week of gains. The Dollar index dipped lower, heading for its fourth weekly fall in five.
The MSCI All Country Index of global stocks has recovered over the last two weeks, closing within 0.5% of a record high set in late October. These gains have been driven in part by easing concerns about tech valuations and increased confidence among traders that the Fed would drop interest rates by 25 bps at its final meeting of the year.
Meanwhile, Bitcoin stayed around $92,000, while copper climbed to a new high, boosted by Citigroup’s positive price prediction. Silver rose, reversing its earlier fall.
Treasury yields remained stable after government bonds were sold off on Thursday, when data revealed signals of job market strength. Applications for US unemployment benefits decreased last week to their lowest level in more than three years, indicating that firms are still mainly retaining employees despite a recent wave of layoffs.
