US futures are trading higher this morning after a volatile week, which brought the volatility back in the markets. However, the sell off was short lived and investors bought the dip and pushed the stocks higher. This is mainly due to the statements by the officials who downplayed the concerns about the Portuguese banking situation. For now, traders have bought this and this is despite the fact that the weak economies are still far off from being stable and the European banking stress test which will take place in the coming month, will bring more of these banks under the spotlight.
Having said that, the banking sector and the valuations are going to remain the main focus for this week as we will get the earnings from some of the biggest tycoons of Wall Street. The expectations are high and investors are hoping that these earnings will cement the optimism that growth is on track in the US and the revenues are healthy.
On the economic front, we do have the industrial production data due this morning for the Eurozone. The revised forecast is much lower with the final number of 0.3%, while the previous reading was at 0.8%. The ECB president Mario Draghi is also due to speak today at 17:00 GMT.
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.