Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

European Stock Futures Higher; Virus Optimism Grows

Stock MarketsFeb 08, 2021 02:08AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Peter Nurse 

Investing.com - European stock markets are seen posting gains at the open Monday, as optimism grows about an economic recovery as vaccination campaigns continue to make progress.  

At 2:10 AM ET (0710 GMT), the DAX futures contract in Germany traded 0.6% higher, CAC 40 futures in France climbed 0.6%, and the FTSE 100 futures contract in the U.K. rose 0.5%. 

Europe has been hit hard by the second wave of the Covid-19 pandemic, with the region’s GDP falling by 0.7% in the final quarter of 2020 due to lockdowns and other measures. However, most of Europe, and most of the developed world, is now reporting a falling infection rate while they ramp up their vaccination programs, prompting hopes that a degree of normalcy may be just around the corner.

"For the third week in a row, the number of new cases of Covid-19 reported globally fell last week," WHO Director General Tedros Adhanom Ghebreyesus said at a press conference last week. "There are still many countries with increasing numbers of cases, but at the global level, this is encouraging news."

It’s not all good news though as drugmaker AstraZeneca (NASDAQ:AZN) said over the weekend that its vaccine appeared to offer only limited protection against mild disease caused by the South African variant of the virus. South Africa has suspended the rollout of Astra's vaccine, while the company and Oxford University have said they will work on developing a booster shot by the autumn.

Additionally, hopes of more U.S. stimulus have risen after both the Senate and House passed a budget resolution on Friday, starting the process that would allow President Joe Biden’s $1.9 trillion rescue package to be approved.

Back in Europe, there are few major corporate earnings due Monday. On the data front, the latest German industrial production figures showed no growth in December, a hefty drop from growth of 0.9% the previous month. 

In France, a court suspended Veolia's hostile bid for water services rival Suez, while the government insisted that takeover talks must proceed on a friendly basis. U.K. ecommerce names such as ASOS (LON:ASOS) and Boohoo (LON:BOOH) may come under early pressure after weekend reports suggesting the government may overhaul the system of business rates to remove the tax advantage of online-only names.

U.K.-based Dialog Semiconductor (DE:DLGS), meanwhile, said it had accepted a takeover bid from Renesas at 67.50 euros a share, valuing it at some 4.9 billion euros.

Oil prices firmed Friday on growing hopes increased stimulus will hasten an economic revival coupled with supply curbs by primarily Saudi Arabia, but also other members of the Organization of the Petroleum Exporting Countries and its allies, including Russia.

U.S. crude futures traded 1% higher at $57.39 a barrel, after hitting $57.56, the highest since January last year.

The international benchmark Brent contract rose 0.5% to $59.86, after hitting a high of $60.05. The last time front-month Brent traded at $60 was Feb. 20, 2020.

Elsewhere, gold futures rose 0.2% to $1,816.40/oz, while EUR/USD traded 0.1% lower at 1.2033.

 

European Stock Futures Higher; Virus Optimism Grows
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Samy VM
Samy VM Feb 08, 2021 3:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
And HOPES !!! lol
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email