Global Stock Markets Buoyant As US Stimulus Debate Approaches

Positive momentum from Asia carried through to Europe as estimates show eurozone economy contracted less than expected in Q4; Pfizer expects to generate $15b from sale of COVID-19 vaccines

Global stock markets gained for a second day on Tuesday, spurred by increased optimism about economic stimulus and global recovery, while retail investors retreated from GameStop and their new-found interest in silver.

Positive momentum from Asia carried through to Europe, with the pan-European STOXX 600 climbing 1.1%.

Initial European Union estimates showed the eurozone economy contracted less than expected in the fourth quarter of 2020 but is heading for another, probably steeper decline, in the first quarter of 2021.

MSCI’s world equity index, which tracks shares in 49 countries, was up 0.4% after posting its strongest day in three months on Monday.

MSCI’s gauge of Asia-Pacific stocks outside Japan rose 1.4%. China’s benchmark CSI300 Index gained 1.5%, helped by easing concerns about tight liquidity and declining cases of new coronavirus infections. Japan’s Nikkei 225 added 1%.

E-mini futures for the S&P 500 index added 0.8%. US stock indexes were set to open higher on

Tuesday, building on the previous session’s momentum, as investors anticipated strong results from Amazon and Google-parent Alphabet while also looking for signs of progress on a pandemic relief package.

Alphabet, which will report the cost and operating profit of its Google Cloud business for the first time, added 1.3% premarket, while retail behemoth Amazon.com Inc gained 1.2%.