FYI: U.S. stock index futures were higher Thursday morning following a wild ride for Wall that saw the S&P 500 log its biggest intraday comeback of the year.
At around 02:30 a.m. ET, Dow futures rose 121 points, indicating a positive open of more than 106 points. Futures on the S&P and Nasdaq were also higher.
Wall Street ended Wednesday little changed despite earlier falls following a dramatic move in bond yields. The U.S. 10-year Treasury yield briefly dipped below 1.6% to hit a 2016 low, but was back up near 1.7412% by Thursday morning.
Stocks around the world rose as stronger-than-expected Chinese trade data and upbeat indicators in Europe eased concerns about a sharp deterioration in the global economic outlook.
The benchmark Shanghai Composite index climbed 0.9% Thursday, while Hong Kong’s Hang Seng gauge rose 0.5%. Most other major Asian indexes also ticked up.
In Europe, the benchmark Stoxx Europe 600 index rose 0.7%, led by gains in the technology and oil-and-gas sectors. Zurich Insurance Group’s shares rose 4.2% after the Swiss insurer said it is on track to beat its 2019 targets.
Feeding into the positive sentiment was an unexpected turnaround in Chinese exports, which climbed 3.3% in July from a year earlier. In addition, the Bank of France’s July business survey indicated an acceleration in growth in the eurozone’s No. 2 economy. Economists at Daiwa Capital Markets called the report, “arguably as upbeat as might have been hoped.”
Thursday’s stock moves follow a bout of market volatility across the world, highlighting uncertainty about how the trade and currency battle between the U.S. and China will play out. U.S. stocks whipsawed Wednesday, with the Dow Jones Industrial Average swinging more than 600 points at its widest span and closing down just 22.45 points, or 0.1%.
In the U.S., the yield on the 10-year Treasurys rose to 1.734%, from 1.675% on Wednesday. Bond yields and prices move in opposite directions. Federal Reserve officials would need to consider more stimulus aimed at boosting the economy if growing trade tensions lead to a sharper pullback, a senior Fed bank president said Wednesday.
The WSJ Dollar Index, which measures the U.S. currency against a basket of its peers, was down by 0.1%.
In commodities, Brent crude-oil futures rebounded 2.7% following media reports that Saudi Arabia is “discussing options to stop the fall in oil prices,” according to a note from ING’s strategists.
Gold prices nudged down 0.4%.
On the earnings front, investors are likely to be closely watching Uber’s results later in the day.
Regards,
Ted
WSJ:
https://www.wsj.com/articles/global-stocks-rally-after-wild-swings-on-wall-street-11565252968Bloomberg
https://www.bloomberg.com/news/articles/2019-08-07/asia-stocks-face-muted-open-as-global-woes-mount-markets-wrapIBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-rally-china-yuan-roku-lyft-uber-carvana/CNBC:
https://www.cnbc.com/2019/08/08/stock-market-trade-war-concerns-ease-trump-attacks-the-fed.htmlReuters:
https://uk.reuters.com/article/uk-apple-russia/apple-under-investigation-for-unfair-competition-in-russia-idUKKCN1UY0Q3U.K.
https://uk.reuters.com/article/uk-britain-stocks/ftse-tracks-global-recovery-hargreaves-gains-idUKKCN1UY0S1Europe:
https://www.reuters.com/article/us-europe-stocks/china-reprieve-lifts-european-shares-adidas-disappoints-idUSKCN1UY0RUAsia:
https://www.marketwatch.com/story/asian-markets-rise-unfazed-by-yuans-latest-weakening-2019-08-07/printBonds:
https://www.cnbc.com/2019/08/08/us-bonds-treasury-yields-pare-losses-as-global-growth-fears-fade.htmlCurrencies:
https://www.cnbc.com/2019/08/08/forex-markets-japanese-yen-central-banks-in-focus.htmlOil:
https://www.cnbc.com/2019/08/08/oil-markets-us-dollar-in-focus.htmlGold:
https://www.cnbc.com/2019/08/08/gold-markets-global-economy-central-banks-in-focus.htmlCuirrent Futures:
https://finviz.com/futures.ashx 
