- Amazon shares in premarket and US futures were up before the biggest American online shopping day of the year.
- Global stocks were bouncing back after a bloody Black Friday trading session battered US equities.
- European Stocks were rebounding on optimism around Italy’s budget progress – the benchmark FTSE MIB was up almost 3%.
Amazon shares were soaring in premarket New York trading early Monday ahead of what was expected to be the biggest online shopping day in US history.
The retail giant and other tech shares are tracking a relief rally in global stock markets after a volatile last week that was capped by the worst Black Friday trading day since 2010. In Europe, optimism around Italy’s budget deal with the European Union helped send indexes higher.
Amazon gained 2.5% – a sign investors were cheery about the retailer’s prospects for so-called Cyber Monday. Retailers had already enjoyed one of the best Black Fridays on record, with total spending hitting about $US60 billion, up approximately 6% from last year.
Investors that day were skittish, though – Friday saw one of the weakest Black Friday trading sessions in eight years, according to Markets.com.
The picture contrasts with weeks of negativity around the so-called FAANG group – consisting of Facebook, Amazon, Apple, Netflix, and Google. Futures on the tech-heavy Nasdaq index pointed to an opening rally of about 1.8% on Monday. Both Apple and Facebook were trading up 1.9% in premarket trading in New York.
In Europe, stock indexes rose amid optimism surrounding potential progress around Italy’s budgetary dispute with the EU. The government is discussing reducing next year’s budget-deficit target to as low as 2% of gross domestic product from the draft budget target of 2.4% of GDP, according to Reuters.
The Euro Stoxx 600 gained 1.2% as of 11:20 a.m. in London (6:20 a.m. EST), while Italy’s FTSE MIB was up 3%, leading gains in other European markets on Monday.
The Italian lenders UniCredit and Intesa Sanpaolo were up 5.8% and 5.3%, leading Italian banks higher.
Asian markets closed flat on Monday. Brent Crude rose above $US60 a barrel and is trading up 1.6%.