EMEA Morning Briefing: Wall Street Posts Best Month Since 2020
Wall Street posted its best month since 2020, driven by optimism about corporate earnings growth and a rally in semiconductor stocks. The S&P Global Mfg PMI and other economic indicators were among the key events watched for in the coming days.
European stock futures were mixed after Wall Street stocks moved higher despite a divided Federal Reserve and the war in the Middle East. Investors demonstrated optimism about corporate earnings growth, taking the bears by surprise. Money continued to pour into new data centers to power AI, fueling a rally in semiconductor stocks. The U.S. dollar strengthened as investors saw less need to pile into safe-haven assets. Oil prices rose due to concerns about the geopolitical situation in the Middle East and the ongoing closure of the Strait of Hormuz. Treasury yields were flat, but ended April with a rise, as energy prices and inflation boosted yields.
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