U.S. and European Equities Rebounded on Hopeful Christmas Sales Expectations and Upbeat China’s Stats

U.S. stock futures are rising on the last trading session of the first full Autumn week, following a zigzagging trading session yesterday as investors observed Federal Reserve Chairman Jerome Powell's latest comments on inflation.

The Dow Jones Industrial Average added 0.61% during the regular session on Thursday – eventually eking out a small gain after alternating between gains and losses throughout the previous day. The S&P 500 rose 0.66%, and the Nasdaq Composite advanced 0.60%. Those gains put all three major averages on pace to snap a three-week losing streak. Through Thursday, the Dow was up 1.45%. Meanwhile, the S&P 500 was up 2.09%, and the Nasdaq Composite was 1.99% higher. As of 3:15 p.m. CET, Dow Jones Industrial Average has added 0.61%. S&P 500 and Nasdaq Composite are advancing by 0.76% and 1.05%, respectively.

Cryptocurrency prices are moving sharply higher. The price of Bitcoin (BTCUSD) is up 7.6% above $21,000. The price of Ethereum (ETHUSD) is up 3.4% at about $1,740.

Corporatewise, shares of DocuSign (DOCU) surged more than 17% in extended trading and today’s premarket after the e-doc company reported earnings that beat estimates. The company also issued a Q3 revenue forecast above expectations. Macy's (M) expects another early start to holiday season shopping this year. As supply chain problems show signs of abating, and with store shelves being better stocked, Macy's does not expect the situation to change this year. T-Mobile (TMUS) announced a $14 billion stock buyback plan that could retire some two-thirds of the stocks’ free float by the end of 2025. Shares are up about 2% in premarket trading.

Elsewhere, major stock indexes in Europe extended gains this European afternoon, as the ECB's latest decision on interest rates, although fully in line with expectations, seemingly further beefed up investors' hopes that the European policymakers from now will be firmly committed to fight against the soaring inflation. Let’s recall, that among other statements ECB head Christine Lagarde commented that it is necessary to remain strict in the monetary policy decisions in order to maintain price stability while adding that inflation is expected to hit the 2% target range by 2024. Meanwhile, today, European energy ministers are holding emergency talks on intervening in the energy markets. The move would be aimed at bringing down soaring electricity costs.

At the time of writing, the eurozone’s Stoxx 600 is surging 1.41%, while the German DAX jumped 1.24%, the British FTSE 100 popped up 1.33% and the French CAC 40 soared 1.28%. Across Fx headlines, the euro reversed losses and hit a 3-week-high, trading almost 1% higher against the dollar at 1.0049. The pound sterling grew 0.65% versus the greenback to sell for 1.1577.

Asian markets traded higher earlier this morning. Thus, Japan’s Nikkei 225 rose 0.53%, China’s Shanghai Composite advanced by 0.82%, while Hong Kong’s Hang Seng Index added 2.69%. Australia’s S&P/ASX 200 increased 0.7%, while India’s S&P BSE Sensex rose 0.3%. Car sales in China surged 32.1% YoY to 2.38 million units in August, following a 29.7% growth a month ago. Chinese producer price inflation fell to an 18-month low of 2.3% YoY in August from 4.2% in July, while annual inflation dropped to 2.5% in August from July's 2.7%.