As we suggested, the bulls are seizing the moment and the bears are blowing it (again). Markets in Asia and Europe are higher. US futures (above) are solidly in the green.
A major winner so far is SocGen, which solidly surpassed profit expectations.
Bloomberg: Societe Generale rose as much as 4.2 per cent in Paris trading after reporting net income of 426 million euros ($627 million), above the 399 million-euro median estimate of 11 analysts surveyed by Bloomberg.
The Paris-based bank, like Deutsche Bank AG of Germany and Switzerland’s Credit Suisse Group AG, benefited in the quarter as improving stock markets and record low interest rates bolstered revenue from its equity and fixed-income businesses. Societe Generale, led by Chief Executive Officer Frederic Oudea, raised 4.8 billion euros in a capital increase last month to pay back state funds and bolster its capital position.
Gold, meanwhile, continuing its correlation with stocks, is pushing past $1090. At this rate, it could easily pass $1100 today.