Banks and commodity stocks led gains in European equities. Contracts on the S&P 500 were little changed, while those on the Nasdaq 100 fell. First Republic Bank climbed in premarket trading, set to extend Monday's 12 per cent advance. Asian shares also rose, with financial firms among the best performers as traders caught up with gains on Wall Street
The US 2-year Treasury yield rose further after surging above 4 per cent on Monday. A gauge of dollar strength fell for a second day. Hugh Gimber, global market strategist at JPMorgan Asset Management, also doesn't foresee rate cuts anytime soon, even if hikes pause, and cautions against stock-market optimism on it.
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