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Stocks, U.S. futures rise as China tech buoys mood - BNN Bloomberg

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Stocks rose with U.S. index futures as a rally in Chinese tech shares boosted sentiment and concern about contagion from banking turmoil continued to wane.

Tech shares led gains in European equities, while banks also outperformed. UBS Group AG rose after the Swiss lender brought back a former CEO to oversee the acquisition of Credit Suisse Group AG. Contracts on all three major U.S. gauges climbed, with the Nasdaq 100 poised to extend its best quarter since 2020.

Swaps traders have priced in about a 50 per cent probability the Fed will raise rates by a quarter point at its next meeting, with plans to ease thereafter. However, several strategists have joined BlackRock Investment Institute in saying markets are wrong in expecting imminent rate cuts. Investors are assessing risks of recession and the trajectory of central-bank policy after banking turmoil earlier this month sparked fears of wider contagion. An index of dollar strength was steady after ending Tuesday near the lowest level in eight weeks. “The banking crisis and the new tighter standards for banks is equivalent to one to two rate hikes,” said Eva Ados, chief investment strategist for ERShares, in an interview with Bloomberg Television.

 

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