European markets are in positive territory Tuesday as more and more nations are emerging from coronavirus lockdowns that brought the global economy to a standstill.
The FTSE index is 1.3% higher in mid-morning trading, the CAC-40 in Paris is up 1.6%, and the DAX index in Frankfurt is 0.9% higher.
A man wearing face mask walks past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange, May 26, 2020.
The big gains in Europe continues the momentum begun hours earlier in Asia, led by Sydney’s S&P/ASX index, which closed 2.9% higher, while Tokyo’s Nikkei index finished up 2.5%. The Hang Seng in Hong Kong was 1.8% higher, Shanghai gained 1%, Seoul’s KOSPI index was 1.7% higher, and Taiwan’s TSEC index was up 1.1%.
Oil markets are also riding high Tuesday, with U.S. crude selling at $34.00 per barrel, up 2.2%, while Brent crude, the international benchmark, selling at $36.00 per barrel, up 2.4%.
Meanwhile, the Dow Jones, S&P 500 and Nasdaq were all trading near or just above 2% in futures trading, indicating a good opening for Wall Street as it returns from a long Memorial Day holiday weekend.
Investor optimism is on the rise again with Japan lifting a nearly two-month state of emergency for Tokyo, which was briefly extended nationwide, along with a promise from China’s central bank to push down borrowing costs and “support development of the real economy.”