Global stocks are enjoying a relief rally, led by a tech giants like Amazon, following one of the weakest Black Friday trading sessions this decade.
- Global stocks bounce back after a bloody Black Friday batters US equities. US futures are up, led by a rally in tech shares.
- Amazon is up 2.7% in premarket trading on Cyber Monday.
- European Stocks are rebounding on optimism around Italy's budget progress — the FTSE MIB is up almost 3%.
Global stocks are enjoying a relief rally, led by a tech revival in the US and optimism around Italy's budget deal with the EU, after a volatile week that was capped by the worst Black Friday trading day since 2010.
US futures rallied while shares of Amazon soared in premarket trading, up 2.7%. It's a sign investors are cheery about the retailer's prospects on the biggest American online shopping day of the year. So called Cyber Monday is set to see a spike in sales figures after retail had one of the best Black Fridays on record with total spending hitting around $60 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 so-called FAANG group — consisting of Facebook, Amazon, Apple, Netflix, and Google. Futures on the tech-heavy Nasdaq index point 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, optimism surrounding potential progress around Italy's budgetary dispute with the EU sent stock indexes higher. 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 1.3% as of 10.00 a.m in London (5.00 a.m EST) while Italy's FTSE MIB was up 3%, leading gains in other European markets on Monday.
Italian Lenders UniCredit and Intesa Sanpaolo were up 5.8% and 5.3% respectively, leading Italian banks higher.
Asian markets closed flat on Monday. Brent Crude rose above $60 a barrel and is trading up 1.6%.
Source: BUSINESS INSIDER