Wall Street Set for Boost on Rate-Cut Bets, China – Europe Market Wrap

Following China’s fiscal stimulus plan and speculators’ increased wagers on major central banks cutting interest rates, global markets surged.

S&P 500 futures increased 0.8% after Micron Technology soared in premarket trade and US-listed China equities gained ground. Nasdaq 100 contracts increased by 1.5%, and the European Stoxx 600 index was on track for a record closing. Treasury yields decreased, and the US dollar did too.

Markets are being supported by growing hopes that the Federal Reserve and European Central Bank would continue their easing program. Investors are anticipating jobs statistics later on Thursday as well as a pre-recorded speech by Federal Reserve Chair Jerome Powell.

China’s top leaders pledged on Thursday to support fiscal spending and boost GDP, adding to a series of actions from Beijing this week that have boosted local assets and increased risk appetite.