European stocks were ready for the third positive session just Wednesday, while U.S. trading futures traded mixed, a day after Wall Street tech stocks bounced back from selling. Banks and oil names formed the basis of Europe’s benefits.
Stoxx Europe Index 600 SXXP,
rose 0.3%, after gaining 0.7% on Tuesday. The German DAX DAX,
rose 0.3%, the French CAC PX1,
received 0.6%, and the FTSE 100 UKX,
it was smooth. DXY dollar strength,
emphasis on the GBPUSD pound,
and euro EURUSD,
US stock futures ES00,
YM00,
NQ00,
marks a mixed start for Wall Street after major benchmarks rallied on Tuesday, with falling bond yields helping drive the tech-heavy Nasdaq Composite COMP,
to the best one-day percentage gain from early November 2020. That came a day after the index fell into a correction area.
Investors will keep an eye on bonds, with the yield on TMUBMUSD10Y 10-year Finance note,
down 3 basis points at 1.55% ahead of a later auction and key U.S. inflation data. The product of the 10-year German bundle TMBMKDE-10Y,
held stable at -0.294%.
A monetary policy decision with the European Central Bank will bind for Thursday, and traders will be looking for comments on the rise in bond yields. Although yields have not risen as much in Europe, the central bank has been more vocal about that.
Read: Euro Zone banks are showing life after a rough 15 years. Will the ECB carve out the rally?
Shares of Inditex ITX,
fell 1.5%, after Spanish fashion chain owner Zara and others reported a drop in profit and sales for 2020, although the company reported sharp growth in e-commerce and said it would pay e allowance for the year.
Shares of Adidas ADS,
it jumped 3%, after the German sporting goods group said e-commerce and retail sales helped it return to small growth in the last quarter of 2020. The company is also seeing strong reversals for high and low lines and margins in 2021.
Excerpts from Just Eat Takeaway.com TKWY,
rose 2%. The Dutch food delivery group reported a broader loss for 2020 due to construction and integration costs, but also expected stronger order growth this year. Just Eat is in the process of getting its US counterpart Grubhub GRUB,
Among the decisive critics are excerpts from Rio Tinto RIO miner,
RIO,
fell 2%. Michael Hewson, chief market analyst at CMC Markets, said shares of Rio and BHP are being hit by weaker iron ore prices.
Elsewhere, Anglo American AAL,
shares rose 1%, after the miner said rough diamond sales with his De Beers unit jumped 52% in the second round of sales of 2021, year on year.
Sections of energy names Total TOT,
FP,
and Royal Dutch Shell RDS.A,
RDS.B,
RDSA,
they were up 1% each, and big banks like BNP Paribas BNP,
and UBS UBS,
UBSG,
they were also up more than 1% each.