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U.S. stocks set for best month since 2020; Dollar falls - BNN Bloomberg

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Stocks in the US and Europe are set for their biggest monthly advance since November 2020 on positive earnings and expectations of shallower Federal Reserve monetary tightening.

Nasdaq 100 futures added more than 1 per cent after the US stock market hit a seven-week high Thursday. Amazon.com Inc. and Apple Inc. rose in premarket trading after both companies beat revenues estimates.

The tone was more somber in Asia, hampered by a tumble in Chinese tech shares that dragged Hong Kong toward a correction of more than 10 per cent from a June high. US-listed Chinese stocks fell in premarket trading, following a downbeat economic growth assessment from China’s top leaders and a lack of new stimulus policies.

Meanwhile, the euro-zone economy expanded by more than three times the amount economists expected, putting it on a firmer footing as surging inflation and a possible Russian energy cutoff threaten to tip it into a recession. Inflation in the region climbed to another all-time high, supporting calls for the European Central Bank to follow up its first interest-rate hike since 2011 with another big move.

 

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