Sunny start in Europe
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SUNNY START IN EUROPE
European stocks are heading for a perky start to the day, encouraged by yet another strong close on Wall Street overnight that Chris Weston of Pepperstone says brought "better depth and participation". Translated: something other than Nvidia NVDA.O and the rest of the Mag 7 did well.
Sure enough, we've seen gains carry over into Asia, where the Nikkei .N225 is up 1.3%, thanks in part to the seemingly endless weakness of the yen JPY=EBS, which is at its lowest in decades against pretty much any currency of your choice.
Looking towards the open in a little while, Euro Stoxx50 futures STXEc1 are up 0.7%, while DAX FDXc1 and FTSE FFIc1 are up 0.4% and 0.7%, respectively.
On the macro level, investor risk appetite got some pep from Fed Chair Jerome Powell, who said the U.S. is back on a "disinflationary path", although more hard evidence is needed - aka "rate cuts are coming", as far as the markets are concerned.
Minutes from the Fed's last meeting are due today, along with final PMIs out of Europe and the U.S. and ADP private sector employment figures.
On the micro front, shares in GSK GSK.L. could be in focus after the drugmaker said it had bought the rights to develop and manufacture vaccine candidates for influenza and COVID-19 that use messenger RNA (mRNA).
Rivals Novo Nordisk NOVOb.CO and Eli Lilly LLY.N were told by US President Joe Biden and Senator Bernie Sanders to cut the prices of their weight-loss and diabetes drugs.
(Amanda Cooper)
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