Wall Street equity futures edged higher and European stocks climbed as traders assessed whether U.S. consumer price data on Thursday will show further softening, bolstering the case for less-aggressive interest-rate hikes.
S&P 500 and Nasdaq contracts both gained about 0.3 per cent. Bath & Beyond Inc. shares surged in US premarket trading, advancing alongside fellow meme stocks, with the troubled home-goods retailer on course for a third day of gains. Miners were among outperformers in the Stoxx Europe 600 Index, boosted by optimism China's economic reopening will spur demand for metals.
“The prospect of a less cloudy economic outlook in both Europe and the US after recession risks in both regions eased back, combined with the reopening of the Chinese economy, is providing strong support toward risk appetite from investors,” said Pierre Veyret, a technical analyst at ActivTrades.
“We do expect an inflection in central bank policy later on this year,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “More risk-tolerant investors can look to anticipate this turn by phasing into markets, seeking early winners from a global improvement in sentiment, and identifying beneficiaries from China's reopening.
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