The gains may be gradual but it is slowly shaping up to be a decent showing for equities now in European morning trade. S&P 500 futures are up 0.4% with Nasdaq futures up 0.3%, from being little changed in Asia. This is also helping the mood with European indices, as the DAX is up nearly 1% and CAC 40 up 0.8% currently.
This is mostly a continuation from the mood since last week, as traders shore up bets for a Fed rate cut sooner rather than later. The US data on Friday only served to compound that sentiment. There won't be much on the agenda this week to shake things up. So if anything else, do look out for Fedspeak to perhaps influence things.
Otherwise, we'll have to wait on the US CPI data on 15 May to change the pace settings in markets.
