(Bloomberg) — European stocks rose with U.S. equity futures Thursday after upbeat earnings bolstered the bull case for the economy and markets, dispelling growth fears for now.
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The Stoxx Europe 600 Index rose more than 1% with every industry group in the green. Big individual contributors included TotalEnergies SE, Glencore Plc and Capgemini SE, which all posted gains on buoyant earnings. S&P 500 contracts and those for the technology-heavy Nasdaq 100 jumped more than 1%.
Meta Platforms Inc. jumped 18% in extended trading after Facebook’s main social network added more users than projected. That brightened the mood toward megacap U.S. tech firms and spurred the biggest ETF that tracks the Nasdaq 100.
Thursday’s relief rally punctuates a week of nerves marked by China’s struggle to suppress Covid, Russia’s war in Ukraine and worries that Federal Reserve monetary tightening may tip the U.S. economy into a recession.
In currency markets, a sliding yen spurred wider swings on the Bank of Japan’s decisions to double down on dovish yield curve control through fixed-rate bond buying every business day.
The yen slid to the closely watched level of 130 per dollar while the U.S. currency extended an advance, the offshore yuan sank and the euro retreated along with the pound.
Elsewhere, oil dropped toward $100 a barrel, gold retreated and Bitcoin struggled to break above $40,000.
Treasuries were little changed.
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Events to watch this week:
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Tech earnings include Amazon, Apple
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EIA oil inventory report, Wednesday
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U.S. 1Q GDP, weekly jobless claims, Thursday
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ECB publishes its economic bulletin, Thursday
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