Global equity markets posted renewed gains in today’s session as risk appetite increased. After the long Easter holiday break, the CAC, DAX, IBEX and London equity benchmark indices rallied strongly and climbed higher between 1.2% and 1.95%. The euro came under some pressure hovering around 1.0850 against the US dollar.
In the US, the Dow Jones extended gains towards 17,980 (+0.50%) while the S&P 500 abd NASDAQ climbed higher over 0.35%, at the time of writing. The USD index remained strong holding above 97.50 against a basket of currencies.
On the macroeconomic front, US IBD economic optimism was reported at 51.3 in April versus 49.1 in March, beating analysts’ expectations of 49.0. In Europe, Germany’s Markit services PMI was reported at 55.4 in March, while Eurozone’s Markit services PMI data fell slightly to 54.2 in March, fairly in line with expectations.
In the UK, Markit/CIPS services PMI surged to 58.9 in March beating expectations of 57.0. Sterling came under pressure retreating towards 1.48 against the dollar following the news but rebounded and traded higher towards 1.37 against the euro.
Crude oil prices continue their strong upside momentum as WTI front month futures spiked above $53 per barrel and Brent futures climbed towards $59 per barrel, posting strong gains for second consecutive trading session.