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BMO Markets Wrap

· 02/05/2021 02:38

07:25 AM EST, 02/05/2021 (MT Newswires) -- Bank of Montreal in its morning note on Friday noted global market sentiment remains positive, fanned by receding virus caseloads, potential further U.S. fiscal stimulus, and this week's better-than-expected U.S. economic data. S&P 500 futures were up 0.5%, while WTI oil prices were hovering just below US$57, supporting the loonie at $1.280 versus USD. The 10-year Treasury yield continued to grind higher at 1.15%.

Meanwhile, BMO noted, global equity markets remained upbeat on Friday supported by pandemic-relief package prospects and positive corporate earnings results, though investors will be keeping a keen eye on the U.S. jobs report out later this morning. Asian equities finished the week on an up note with the Nikkei adding 1.5%, while the Hang Seng and CSI 300 were up 0.6% and 0.2%, respectively. European shares were broadly higher by mid-session. Germany's DAX index was up 0.3% after closing at an all-time high on Thursday, while France's CAC 40 (+1.0%) and the UK's FTSE 100 (+0.2%) were still "clawing their way" back toward pre-pandemic levels.

The USD index, BMO also noted, was holding relatively firm with the major currencies split modestly in either direction against the greenback overnight. Commodity prices were higher nearly across the board. After finishing last week around $52.20/bbl, WTI crude oil was up solidly for a fifth-straight session. Meantime, gold stabilized, inching back above US$1800, while COMEX copper was up 1.3%.

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