The Stoxx 600 Index rose more than one per cent, with technology firms and retailers pacing gains and all industry groups in the green. Futures on the tech-heavy Nasdaq 100 and S&P 500 added at least 0.5 per cent. Among single name stocks, Hennes & Mauritz shares jumped as much as 4.2 per cent after Bank of America upgraded its rating. In the US premarket, Seagen Inc. rose about 12 per cent on a report that Pfizer Inc. is in early-stage talks to acquire the cancer therapy developer.
“Given our view that the earnings recession is far from over, we think March is a high risk month for the next leg lower in stocks” Wilson wrote in a note Monday. In Europe, traders are betting the European Central Bank will extend its tightening cycle beyond this year with rates peaking at 3.9 per cent in February 2024.
May?....