Nasdaq futures are 0.34% higher at 9414 pointing to one more positive start as investors sentiment boosted by news that China will halve tariffs on imports from US from February 14th. Wall Street yesterday hit record highs on better manufacturing and employment data.
On the coronavirus front, the number of confirmed coronavirus cases are more than 28,200, with the death toll at 565, there also 1255 patients who have recovered. Investors sentiment lifted yesterday by headlines that there is substantial progress on the coronavirus cure and vaccine. Human trials have begun for Gilead Sciences’ vaccine for the coronavirus also boosted risky assets.
Investors get some upbeat economic data. The United States Nonfarm Productivity increased to 1.4% in the fourth quarter from previous -0.2%. The U.S. Initial Jobless Claims came in at 202K, below the forecasts of 215K in January 31. The Continuing Jobless Claims in January 24, came in at 1.751M topping the forecasts of 1.72M.
Yesterday, the ADP came in at 291,000 in January, which was much better reading than the expectations. The ISM Non-Manufacturing Index registered at 55.5 for January.
The Dow Jones futures are 0.29% higher at 29328. The S&P 500 futures are 0.27% higher while the Nasdaq futures are 0.31% higher at 9410.
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European Stocks Hold on to Gains
European stocks are trading higher. The FTSE 100 in London is 0.25 higher at 7,501 supported by the weaker pound. The DAX Index is 0.69% higher at 13,571 despite the weaker Germany factory orders reported earlier today. The CAC 40 is 0.67% higher at 6,025 while the FTSE MIB is 0.86% higher at 24,444.
Another Leg Higher for Cryptocurrencies
Cryptocurrencies extending yesterdays gains. Bitcoin price at three-month highs after it managed to break above the recent trading range. BTCUSD is 2.01% higher at 9811. Ethereum (ETHUSD) posts strong gains, is 5.17% higher at 214.17. Litecoin (LTCUSD) is 2.82% higher at 74.41 while the Ripple (XRPUSD) is 1.62% higher at 0.2821.
Crude Oil Pair Gains
Crude oil gives up early gains amid global demand and is 0.10% higher at $50.80, while the Brent crude oil is 0.62% lower at $54.94. Gold price is 0.55% higher at $1564 while Silver is 1.09% higher at $17.77.
In forex markets, AUD rebound continues and is 0.16% higher at 0.6756. The GBPUSD is 0.33% lower while the EURUSD hovers around the 1.10 mark in narrow trading range.
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