Having suffered during Monday’s trading, global asset markets have recovered during Tuesday’s sessions. The recovery comes off the back of a return to risk-on market sentiment, deriving from a relaxation of investor fears concerning Russia’s involvement in the Ukrainian crisis.
European markets are the day’s biggest gainers. The DAX 30 is currently trading at 9,556.00, 197.11 points (2.11%) up from the day’s open. The index’s biggest winner is financial services giant Commerzbank AG (CBK.DE), currently up more than 4% at 12.84 as the European session heads into its closing two hours.
Similarly, the FTSE is up 1.44% (96.42 points) from the day’s open, currently trading at 6804.77. The index’s biggest winner is investment holding group Ashtead Group plc (AHT.L). The company released better than expected earnings today, which boosted its share price 7.5% (65.50 points) to 941.59.
Across the pond, the major index futures mirror the gains of their European counterparts. S&P 500 futures (March 14) are up 20.45 (1.11%) pre-market open, currently trading at the top of the day’s range just shy of 1,865.00. If the bullish sentiment seen in the European index filters through to the U.S. sessions, the S&P 500 index should break all time highs at 1,867.92.
The NASDAQ 100 futures are also up during pre-market trading. Currently at 3,710.70, the index futures are up 41.95 points (1.14%) for the day. As with the S&P 500, the NASDAQ 100 index will open the day trading just shy of all time highs at 3,722.38.
Looking fundamentally, despite a flurry of U.S. data—including chain store sales (YoY)(WoW), Redbook (MoM)(YoY), ISM New York business conditions and the 4/52 week Treasury bill auctions—scheduled for release throughout the morning session, there are no real market movers in the line up. This suggests that market direction will likely be decided by the macroeconomic input in Eastern Europe, and in turn, the balance between risk-off and risk-on sentiment.
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