Wall Street futures trade sharply higher and point to a gap up to start in the cash markets on hopes for the coronavirus vaccine after Moderna announced positive data from the clinical trials. The partial reopening in major economies has not sparked a second wave of new COVID-19 infections, and that boosts investors sentiment.
Investors continue to ignore the dismal economic data from both sides of the Atlantic. U.S. Retail Sales on Friday came in at -16.4%, a big miss as the expectations were for -12% in April, the Retail Sales ex Autos registered in at -17.2% also below the expectations of -8.6%. The NY Empire State Manufacturing Index dropped to -48.5 but beat the estimates of -63.5 in May.
In Asia, the stocks ended higher despite the Japanese Gross Domestic Product (GDP) for the first quarter came in at -0.9%, above the expectations of -1.2%, while the annual GDP registered in at -3.4%, also above the forecasts of -4.6%. That was the second straight quarter for Japan marking the first recession since 2015.
The Nasdaq futures are 2.03% higher at 9,281, while the S&P 500 futures are 3.04% higher at 2,931.
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European stocks Add Over 3%
European stocks trade at the daily highs on coronavirus lockdown easing in many countries around the continent. UK stocks soar as commodity stocks make a welcome return; FTSE 100 in London is 3.03% higher at 5,975 as the GBPUSD bounced back from two-month lows. Dax is 4.09% higher at 10,895 while the CAC 40 is 3.66% higher at 4,434.
Crude Oil Price At Two Month Highs
WTI crude oil futures add over 8% at $31.97 making fresh two month highs as physical demand recovers as more and more businesses reopen and people are turning back to work. The Brent crude oil price is 5.61% higher at $32.03.
Gold price continues its trip higher at 1,749, making fresh eight-year highs, while the silver price is 3.28% higher at 17.18.