European stock markets recovered ground as a revival on Wall Street and anticipated tech earnings pushed stocks higher.
The FTSE 100 (^FTSE) climbed 0.6% to 7,428.62 after opening, while the CAC (^FCHI) rose 0.3% in Paris. In Germany, the DAX (^GDAXI) was up 0.8%.
The London benchmark rose after a three-day selloff as commodity and homebuilder stocks rose, while shares in HSBC Holdings (HSBA.L) and Associated British Foods (ABF.L) slid after their earnings updates.
Taylor Wimpey (TW.L) jumped 3.3% after the country’s third-largest homebuilder forecast sustained demand in an under-supplied market.
Associated British Foods slid 6.2% after it reported first-half profit nearly doubled, while flagging its Primark clothing business would have to raise prices because of severe inflationary pressure.
HSBC Holdings fell 2.1% after Europe’s biggest bank warned that more share buybacks were unlikely this year as rising inflation and economic weakness had dented its prospects.
European equities are higher as investors expect tech stocks to deliver. Microsoft (MSFT) and Google parent company Alphabet (GOOG) are set to present quarterly results this Tuesday. Amazon (AMZN) and Apple (AAPL) release their quarterly results on 28 April.
S&P 500 futures (ES=F) and Dow futures (YM=F) were muted and Nasdaq futures (NQ=F) were 0. 2% higher as trade began in Europe.
Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 (^N225) gained 0.4% in Tokyo, and Hong Kong’s Hang Seng (^HSI) advanced 0.5%. The Shanghai Composite (000001.SS) lost 1.4% as fears of a new Chinese lockdown sparked panic buying.
The zero tolerance approach has cast doubt on whether China’s government will achieve its 5.5% GDP target for this year.
Meanwhile, crude oil prices remain above the $100 a barrel mark. Brent crude (BZ=F) was trading at $102 a barrel this Tuesday morning.
Across the pond, the S&P 500 (^GSPC) closed 0.5% higher and the tech-heavy Nasdaq (^IXIC) advanced 1.2%. The Dow Jones (^DJI) also made gains, closing 0.7% higher on Monday.
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