Opening Bell: Futures, European Stocks Jump On U.S. Deal To Avoid Shutdown
Investing.com | Sep 30, 2021 08:32AM ET
- Small-cap Russell 2000 outperforms
- Mining stocks in Europe and Asia-Pacific lead on recovery hopes
- Dollar eases
- On Friday the Michigan Consumer Sentiment survey is published.
- US ISM manufacturing PMI is released on Friday.
- Canada publishes its GDP figures on Friday.
- The STOXX 600 rose 0.9%
- Futures on the S&P 500 rose 0.8%
- Futures on the NASDAQ 100 rose 0.9%
- Futures on the Dow Jones Industrial Average rose 0.8%
- The MSCI Asia Pacific was little changed
- The MSCI Emerging Markets was little changed
- The Dollar Index fell 0.2%
- The euro was little changed at $1.1607
- The Japanese yen was little changed at 111.93 per dollar
- The offshore yuan rose 0.1% to 6.4686 per dollar
- The British pound was little changed at $1.3437
- The yield on 10-year Treasuries advanced two basis points to 1.53%
- Germany’s 10-year yield advanced one basis point to -0.20%
- Britain’s 10-yearyield advanced two basis points to 1.01%
- Brent crude rose 0.1% to $78.72 a barrel
- Spot gold rose 0.3% to $1,731.46 an ounce
Key Events
US contracts on the Dow, S&P, NASDAQ and Russell 2000 and stocks in Europe rallied on Thursday following positive political news out of the US yesterday. A deal to avert a US government shutdown in October had been hammered out; as well, Federal Reserve Chair Jerome Powell reiterated his repeated his support for Bitcoin futures ETFs. However, from a technical perspective, this could be a dream short.
The cryptocurrency is testing both a bearish pennant and the neckline of a H&S bottom. From aggressive traders’ point of view this provides an ideal short entry from a risk-reward perspective.
Oil came back from a second daily decline, heading for a monthly advance thanks to tighter supplies. Yet, even with higher prices WTI, US shale producers aren't stepping up production.
Technically, crude must still contend with the likely resistance of the July 6 peak.
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