US equities had a positive session yesterday, closing at fresh all-time highs. The S&P 500 rose 0.8%, with Technology and Consumer Staples stocks contributing the most gains.
On today’s agenda, the reclassification of the sectors in the US S&P Index, in which companies such as Google, Facebook and Netflix, all currently classified within the Technology sector, are set be to reclassified as Communication Technologies. Amazon, also currently classified as a Technology company, will reclassified within the Consumer Discretionary sector.
European equities also closed higher yesterday amid decreasing concerns over global trade. The Euro Stoxx 50 index gained 1%, the German DAX index rose 0.9% and the French CAC settled 1.1% higher.
On the economic data front, Eurozone, German and French PMI data is set to be released this morning.
A strong end to the week in Asian overnight. Chinese equities gained 1.9%, with gains broad-based across sectors, and Japanese stocks settled 0.8% stronger.