US stock futures shrug off overseas slump #Breaking112
“The rapid rise in long-end US yields has spooked investors again overnight as there appears to be no lasting respite for the fixed income onslaught,” wrote Stephen Innes, chief global market strategist for Sydney-based online broker Axi, in a Friday research note.
Earlier this week, the US Federal Reserve upgraded its outlook for US GDP growth this year to 6.5% from a previous forecast of 4.2%. The Bank of England followed the Fed’s lead, forecasting a slightly stronger outlook for the UK economy on Thursday.
Oil in focus
Oil prices rebounded on the decision by several EU countries to restart AstraZeneca vaccinations after the European Medicines Agency declared the shots safe and effective.
Brent crude futures, the global benchmark, were last up 1.3% to $64.07 a barrel. US oil gained 2.4% to reach nearly $61 a barrel.
Brent and US futures both fell by roughly 7% Thursday on fears that the global economic recovery could be held back by fresh coronavirus outbreaks in Europe and slow vaccine rollouts.
“With the well-telegraphed vaccine distribution problems in Europe already weighing on the bloc’s markets,” news of big lockdowns in France “played no small part in oil’s demise,” wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, in a Friday research note.
— Julia Horowitz and Anneken Tappe contributed to this report.