The global equity markets are mixed but EU indices and US futures are off to strong starts. S&P Futures are up about 17 points to trade around the 4265 area. The market saw early pressure, but the 4225 region was successfully defended with the low print coming in at 4222.25. Since then, spoos have been on an upward swing with momentum kicking into high gear when Europe got underway. The S&P is currently trading closer to the high of 4275.00.
In Asia, China closed up on the day while Japan sold off. The Shanghai managed to shake off early losses to witness a late-day rally that ended near the high. In Japan, the Nikkei was led lower by heavyweights. Tech giant SoftBank was a notable loser with a 6% decline, suffering from its exposure to China. Meanwhile, Tokyo Electron sank 3% while Fast Retailing shed 2%.
In Europe, the major bourses are rebounding from Thursday’s sell-off. Better than expected GDP in the UK helped set the tone in the region. The January print saw growth of 0.8%, topping the consensus of 0.2%. Automotive companies are charging forward with names such as Volkswagen, BMW and Renault up 1-2%.