The stock markets fluctuated on Monday. Asian futures tumbled down while U.S. stocks climbed up insignificantly. Investors are waiting for new data before making moves. The EU plans to publish manufacturing and inflation data today. So far, inflation readings from Italy, Spain, and several German states stay lower than the region’s central bank anticipated.
Meanwhile, India is becoming the world’s epicenter for new coronavirus cases, and infections are also surging in the U.S. The worldwide total has already surpassed 25 million, and analysts fear that the pandemic is far from beaten. They are looking out for U.S. job numbers that will be released on Thursday and Friday.
While momentum has slowed in light of surging cases, in the U.S. in July and in Europe in August, the economic rebound continues – noted Esty Dwek, the head of global market strategy at Natixis Investment Managers Solutions. Furthermore, Central banks have declared they would remain accommodative for a long time.
The S&P 500 gained. What about the Nasdaq Composite?
The Nasdaq Composite rallied on Friday, while the S&P 500 ended the session at an all-time high. On Monday, the S&P 500 Index surged forward by 0.2%, but Treasuries tumbled down along with European government bonds. West Texas crude oil climbed up above $43 a barrel.
The Stoxx Europe 600 Index gained 0.3%, and Germany’s DAX Index jumped by 0.5%. On the other hand, the MSCI Asia Pacific Index tumbled down by 0.7%.
Japanese equities rallied in Asia, boosted by Berkshire Hathaway Inc.’s purchase of stakes in five major trading companies. Traders are optimistic as the global economy is reemerging from the pandemic lockdowns.
In Europe, Britain’s stock and bond markets are closed for a public holiday. According to reports, U.K. Treasury officials are pushing for tax increases. Meanwhile, mining shares soared along with utilities, including Suez SA, which rallied after an approach by rival Veolia Environnement SA.