European stocks rebound along with U.S. equity futures as bond yields stabilize

Investors were getting a breather from a recent selloff driven by concerns that a pandemic resurgence could complicate a global recovery, with European stocks rebounding along with U.S. equity futures, as bond yields stabilized on Friday.

Concerns about a slower recovery and fading fears of sticky inflation drove a sharp drop in bond yields, with the 10-year U.S. Treasury yield TMUBMUSD10Y, 1.328% hitting 1.25% at one point on Thursday, its lowest since February. But that yield was back up to 1.33% on Friday. G-20 finance ministers and central bank governors will meet in Venice, Italy on Friday and Saturday to discuss tax reform and progress on recoveries amid the pandemic.

Luxury goods makers were on the rise, with LVMH Moët Hennessy Louis Vuitton LVMH, +2.73% up 2.8%, Burberry BRBY, +3.42% 3.4% higher, Swatch Group UHR, +2.65% up 3% each, and Hermès International RMS, +2.37% rising more than 2%.

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