US financial markets were closed for the Memorial day holiday on Mon. They are set to reopen on later today (Tue).
The bounce in US stocks may have further to run after Wall Street’s best week since Nov 2020. Nasdaq 100 and S&P 500 futures are up slightly at the time of writing.
Canadian equities extended their rally to close higher for the seventh straight day, the longest winning streak in seven months. The S&P/TSX Composite rose 0.8%, or 170.82, to 20,919.40 in Toronto on Mon. That’s the highest closing level since May 4. Canadian Natural Resources (CNQ CN, +3.16%) contributed the most to the index gain.
European equity markets finished higher on Mon, after China relaxed some of the strictest virus controls of the pandemic, fueling risk-on sentiment for economic recovery. The UK FTSE gained 0.19%, France's CAC 40 rose 0.72%, while the German DAX advanced 0.79%.
Shares in theater chain operator Cineworld (CINE LN, +14.85%) soared after the movie “Top Gun: Maverick” topped the Memorial Day weekend box office.
German consumer prices jumped 8.7% yoy in May, accelerating from Apr's 7.8% clip. Consensus was for an 8.1% advance. German bonds declined, with benchmark 10-year yields rising 8 bps to 1.05%. Bond prices and yields trades in opposite directions.
European bonds also tumbled after German inflation hit a record, adding to pressure on central bank policy makers to tame rising prices.
Oil gained after after EU leaders agreed to pursue a partial ban on Russian oil in response to the invasion of Ukraine. The front-month Brent futures closed up $2.24 at US$121.67/bbl on Mon.
Bitcoin (XBTUSD, +7.19%) posted its biggest gain in two weeks, rising above $31,000 for the first time since May 16.