The
October stock rally is back, thanks to some handy comments on stimulus
from Mario Draghi and better-than-expected earnings from Google Inc. and
Amazon. com Inc.
Asian
index futures signaled gains from Japan to Hong Kong, and Australian
equities jumped Friday after Draghi said the European Central Bank will
consider bolstering its bond-buying program before the end of 2015,
sparking a surge in European and U.S. stocks. Nasdaq 100 Index futures
were about 1.6 percent above the gauge’s closing level after shares of
Google parent Alphabet Inc. and Amazon jumped more than 10 percent in
extended U.S. trading. The euro was at a two-month low, while oil headed
for a weekly loss.
The
ECB is the latest central bank to switch to a more dovish tone on
stimulus, with its willingness to bolster support for the euro-area
economy a shot in the arm for risk assets that have benefited from the
wave of global monetary easing. With banks and retailers posting more
mixed results this season, the results from Google and Amazon, which
reported a surprise profit, bolstered optimism over the outlook for U.S.
equities. Stocks in New York returned Thursday to their trading range
from before China’s shock yuan devaluation in August. A gauge of
Japanese manufacturing is due Friday, with Chinese house prices.
The
S&P/ASX 200 Index climbed 1.8 percent by 10:13 a.m. in Sydney,
rising for a third day to be on track for a 1.7 percent advance in the
week. New Zealand’s S&P/NZX 50 Index, the first major stock gauge to
start trading each day in the Asian region rose for an 11th day in its
longest rally since November.
Futures
on the Nasdaq 100 traded at 4,576.75, compared with 4,492.50 at 4 p.m.
Thursday in New York and the index’s closing level of 4,503.22. Shares
of Alphabet, the new holding company that encompasses Google, soared as
much as 13 percent after hours as an increase in advertising sales and
restrained spending underpinned the third-quarter results. Amazon
reported a 17 cents-a-share profit, amid analysts’ expectations for a
loss of 13 cents.
Source: Bloomberg
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