Here is what you need to know on Thursday, February 11:
Stock markets set more record highs as the market remains awash with cash and corporate results remain upbeat. Oil traded slightly lower at $61 for Brent crude, the dollar remained subdued and Bitcoin also paused.
European markets are strong with most indices positive on Thursday. Both Dax and EuroStoxx are up 0.6% with the FTSE up a more modest 0.2%.
Asian markets continued their strong trend with the Nikkei closing 0.2% higher and Hang Seng closing early for the Lunar holiday, up 0.45%.
US futures are all currently higher. The Nasdaq is up 0.5%, Dow up 0.3% and S&P up 0.3%.
-637486428659225199.png)
S&P
Asian stocks remained strong overnight, as Chinese markets were boosted by a call between President Biden and Xi Jinping. Hong Kong market is closed until February 16 for the Lunar New Year. Japanese markets were closed on Thursday.
European shares took their lead from overnight gains on Wall Street, with Eurostoxx and Dax posting the biggest gains. AstraZeneca (AZN) unveiled strong results, beating forecasts and boosting 2021 prospects.
Food stocks will be in line today as Kellog (K) and Heinz (KHC) both reporting results and Danone rose 3% on Thursday on demands for governance changes from investors.
Commerzbank suffered as it issued a weak 2021 outlook.
The European Commission downgraded its forecast for EU economic recovery but said the UK will suffer much more from Brexit than EU economies.
The EU was also close to securing a deal with Novavax for its Covid-19 vaccine.
US futures were again in the green. Fed Chairman Powell said on Wednesday that monetary policy is to stay “patiently accommodative” as he pointed to challenges in the labour market.
AstraZeneca said its vaccine "it’s not perfect, but it’s great. Who else is making 100 million doses in February?” AZN released Q4 results ahead of expectations.
Pepsi announced results with revenue up 9% beating estimates.
Uber shares were lower as results were strong but the company said it continues to see challenges from the pandemic.
Mastercard said it plans to expand its cryptocurrency program.
Ups and Downs
Morgan Stanley raised its target for Sonos.
Mizuho increased its Uber target.
Citi says Philip Morris shares have “significant upside”. Citi also upped its target for Western Union and Fox Corp and lowered CME Group.
Citi upped it's Under Armour price target. Under Armour was also raised by Barclays.
Uber saw Wedbush up its price target for the ride-sharing app. Uber also caught an upgrade from BTIG and Barclays.
Bed Bath 7 Beyond (BBBY) was upgraded to Buy at Bank of America.
RBC increased its price target for General Motors after results on Wednesday.
Stocks covered at FXStreet:
The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds above 1.0400 in quiet trading
EUR/USD trades in positive territory above 1.0400 in the American session on Friday. The absence of fundamental drivers and thin trading conditions on the holiday-shortened week make it difficult for the pair to gather directional momentum.
GBP/USD recovers above 1.2550 following earlier decline
GBP/USD regains its traction and trades above 1.2550 after declining toward 1.2500 earlier in the day. Nevertheless, the cautious market mood limits the pair's upside as trading volumes remain low following the Christmas break.
Gold declines below $2,620, erases weekly gains
Gold edges lower in the second half of the day and trades below $2,620, looking to end the week marginally lower. Although the cautious market mood helps XAU/USD hold its ground, growing expectations for a less-dovish Fed policy outlook caps the pair's upside.
Bitcoin misses Santa rally even as on-chain metrics show signs of price recovery
Bitcoin (BTC) price hovers around $97,000 on Friday, erasing most of the gains from earlier this week, as the largest cryptocurrency missed the so-called Santa Claus rally, the increase in prices prior to and immediately following Christmas Day.
2025 outlook: What is next for developed economies and currencies?
As the door closes in 2024, and while the year feels like it has passed in the blink of an eye, a lot has happened. If I had to summarise it all in four words, it would be: ‘a year of surprises’.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.