Sat. Sep 18th, 2021


The front facade of the New York Stock Exchange.

The front facade of the New York Stock Exchange. Photograph: Brendan McDermid/Reuters

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

The rotation out of fast growing technology companies into undervalued recovery stocks seems to have gone into reverse, with tech back in demand.

Last night the Nasdaq had its best day since November, surging by 3.7% just a day after the index fell into a correction.

Electric carmaker Tesla had a particularly sparkling day, rocketing almost 20%, as traders shrugged off concerns that inflationary pressures and rising borrowing costs could hamper the global recovery.

Sonia Shenoy
(@_soniashenoy)

BULLS MAKE A COMEBACK
Nasdaq rallies 464 points, best day since November
Tech stocks jump , tesla surges 19.6% , biggest one day gain since feb 2020
US bond yields fall to 1.54% after trading as high as 1.62% on Monday
SGX nifty up 61 points


March 10, 2021

Investing.com
(@Investingcom)

⚠️BREAKING:

*U.S. STOCK INDEX FUTURES POINT TO QUIET OPEN AFTER NASDAQ HAS BEST DAY SINCE NOVEMBER https://t.co/c2YtNoxoA3 $DIA $SPY $QQQ $IWM $VIX pic.twitter.com/qL28BzXwAs


March 10, 2021

The rally seemed to be triggered, at least in part, by a recovery in US government bond prices – pulling yields (or interest rates) down again.

Kyle Rodda of IG explains:


A reversal in bond yields and a subsequent surge in US tech stocks turned market sentiment decidedly bullish.

It was the big-tech names that really drove the market higher, with the rotation out of 2020’s much-loved growth names, to stocks set to benefit from the uplift in global economic activity reversing on Wal Street – if only for the time being. The NYSE FANG+ Index added a remarkable 7 per cent, paced by a near 20 per cent surge in Tesla shares, with the likes of Apple, Amazon and Facebook all recording solid rallies in their own right.

But, given the recent pressure on bond yields, it’s not clear that this recovery in tech stocks really has staying power. But we shall see!

In the short term, European stock markets are heading for a more muted open, a day after hitting a one-year high.

IGSquawk
(@IGSquawk)

European Opening Calls:#FTSE 6696 -0.52%#DAX 14414 -0.16%#CAC 5918 -0.13%#AEX 675 -0.02%#MIB 23788 -0.12%#IBEX 8474 -0.26%#OMX 2118 -0.34%#STOXX 3781 -0.13%#IGOpeningCall


March 10, 2021

Asia-Pacific markets have nudged higher, bouncing back from a two-month low on Tuesday,

Investors are particularly keen to see the latest US inflation data, due later today, as it will show whether price pressures were building in February.

Inflation could give policymakers a headache as economies reopen this year, although central bankers have insisted that the recovery will be a long haul….

The agenda

  • 7.45am GMT: French industrial production
  • Noon GMT: US weekly mortgage applications
  • 1.30pm GMT: US inflation for February
  • 3.30pm GMT: US weekly oil inventory figure

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