European stocks started the month in the black, tracking a rally on Wall Street overnight as traders banked on strong US tech earnings to lift a market mood soured by expectations of central bank rate rises.
The regional Stoxx 600 index rose 1.3 per cent in early dealings, with its tech sub-index adding 2.1 per cent, pulled higher by gains for weighty constituents including German software group SAP and semiconductor equipment maker ASML.
This week brings quarterly financial updates from Alphabet, Amazon and Facebook owner Meta, titans of a sector that has come under pressure from the spectre of higher borrowing costs.
On Monday, the S&P 500 added 1.9 per cent, with its information technology sub-index jumping 2.7 per cent. The tech-heavy Nasdaq Composite index rallied 3.4 per cent, marking its best day since March 2021.
In government debt markets, Germany’s 10-year Bund yield held above zero on Tuesday, in a rare sustained move out of negative territory, as high inflation piled pressure on the European Central Bank to rethink its ultra-loose monetary policies.
The yield on the 10-year US Treasury note was steady at 1.78 per cent, having climbed significantly since the start of the year.
In Asia, Hong Kong’s Hang Seng index rose 1.1 per cent and South Korea’s tech-heavy Kospi gained 1.9 per cent.
Futures markets implied the S&P 500 would flatline at the New York open, with the tech-focused Nasdaq 100 gaining 0.1 per cent.
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2022-02-01 09:04:26Z
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