The Spanish IBEX 35 and Italian FTSE MIB are leading the way, currently up 1.8%, while the German DAX is up 1.1%, the French CAC 40 is 1.0% higher, and the London FTSE is up 0.8%.
In the United States, S&P 500 futures are rallying, currently up 0.4%.
Meanwhile, the bloodletting in the U.S. Treasury market continues following the release of the minutes yesterday from the Federal Reserve’s July FOMC meeting. Early this morning, the yield on the 10-year Treasury note hit a fresh new multi-year high of 2.94% before retracing a bit to current levels around 2.92%.
Overnight, the release of China’s flash PMI reading revealed that the country’s manufacturing sector unexpectedly stopped contracting and began expanding this month.
The Japanese Nikkei 225 closed down 0.4%, while the Hong Kong Hang Seng advanced 0.4% and the Shanghai Composite fell 0.3%.
The next big market mover is the release of weekly jobless claims figures in the United States, due out at 8:30 AM ET. Economists predict initial claims rose to 330,000 in the week ended August 17 from 320,000 the week before. Continuing claims are expected to have ticked down to 2.965 million in the week ended August 10 from 2.969 million in the previous week.
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