Here is what you need to know on Monday, February 1:
European indices started the week in positive territory with the FTSE up 1.8%, EuroStoxx up 2% and Dax up 1.5%.
Overnight, Asian stocks closed in the green with the Nikkei ending 1.55% higher and the Hang Seng closing 2.15% higher.
US markets were pointing towards a higher open with Nasdaq up 1%, Dow futures up 0.7% and S&P futures showing a gain of 1%.
Asian markets shrugged off weak Chinese factory data to end the day strongly with most indices in the region ending Monday on a positive note. Nintendo reported strong earnings which pushed the stock up by nearly 4%.
European markets were also strong on Monday as news of an agreement between the EU and AstraZeneca calmed fears over further vaccine supply problems.
Shares in mining and silver related stocks helped push the FTSE higher, as silver looked to be the next target in the crosshairs of the retail trading phenomenon.
EU unemployment and PMI came in as expected at 8.3% and 54.8 respectively but German retail sales came in well below expectations with a 9.6% fall for December.
Ryanair announced it expects a record loss of $1.2 billion for the year to March 31 but sees a sharp recovery in the second half of 2021.
US stock futures were strong on Monday as investors looked to the next target of retail trading frenzy and worried over stimulus talks in Washington. Deutsche Bank’s Jim Reid worried over the tech sector saying some tech stocks had “eye-watering valuations”.
KeyBanc downgraded Bed Bath & Beyond (BBBY) and Lowe’s, Piper Sandler raised its price target on Tesla (TSLA) and Chipotle (CMG), Citi downgraded ViacomCBS (VIAC), Discovery Bank of America downgraded Moderna (MRNA) and Morgan Stanley downgraded Virgin Galactic (SPCE).
Stocks covered at FXStreet:
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CCIV stock price and news: Churchill Capital Corp IV soars on Lucid Motors SPAC merger hopes
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MRNA Stock Forecast: Moderna Inc dips on concerns of allergic reactions to its COVID-19 vaccine
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AT Stock Price: Atlantic Power Corp soars on news of acquisition by I Squared Capital
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Delta Air Lines (DAL) Stock Price and Forecast: Preparing for take off
NIO Stock Price Forecast: Carmaker weathers comments calling for a correction, a sign of strength
Ideanomics Inc (IDEX) Stock Price and Forecast: Charging ahead with the sector
BNGO Stock Forecast: BioNano Genomics Inc eyes all-time highs after cancer-related progress
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PLTR Stock Price: Palantir Technologies Inc holding onto high ground after analyst boost
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