European stocks may drift lower at open on Tuesday as investors fret about risks emanating from stretched valuations in markets.
Asian stocks are trading mixed, with markets in China, Hong Kong and Japan moving lower, after China’s top banking regulator warned about asset bubbles in overseas financial markets.
The dollar stood firm against rivals while gold prices slumped to their lowest in 8-1/2 months amid some upbeat economic data and positive developments on the vaccine front.
Oil fell over 1 percent to trade below $60 a barrel ahead of a key OPEC+ meeting.
The group meets on Thursday and could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market.
Traders are also bracing for a series of Fed speeches this week, culminating with Powell on Thursday and the February U.S. employment report due on Friday, which will provide an update on the speed and direction of the nation’s labor market recovery.
On the virus front, the number of new coronavirus infections globally rose for the first time in almost two months in the past week due to relaxing of public health measures, circulation of variants and people letting down their guard, the World Health Organization said.
Overnight, U.S. stocks rose the most in months as Treasury yields dropped, the House passed a $1.9 trillion coronavirus relief bill, manufacturers reported strong growth in activity in February and a third Covid-19 vaccine headed to clinics and pharmacies across the country.
The Dow Jones Industrial Average climbed 2 percent, the S&P 500 rallied 2.4 percent and the tech-heavy Nasdaq Composite soared 3 percent.
European markets also ended on a strong note Monday as upbeat U.S. and Euro area economic data bolstered hopes for a speedy economic recovery.
The pan European Stoxx 600 advanced 1.8 percent. The German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 all rose about 1.6 percent.
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