'Much better-than-expected Netflix subscriber numbers and US private sector activity growth pushed the S&P 500 and Nasdaq 100 to new record highs', says Axel Rudolph, Senior Market Analyst at online trading platform IG.
S&P 500, Nasdaq 100 and DAX 40 surge ahead
"Following the Shanghai Composite's 1.8% rally on the back of rapidly rising Alibaba shares - as its co-founders bought around $200 million of the company's shares - the DAX 40 rallied by a similar amount as its largest constituent SAP's share price advanced by over 7% amid AI induced restructuring."
Eurozone, UK and US flash PMIs closely watched
"Disappointing eurozone January flash PMI data didn't prevent European stock indices from rallying, especially since US private sector activity growth hit a seven-month high and positive Netflix earnings propelled the S&P 500 and Nasdaq 100 to new record highs. In the UK the strongest rate of output growth since last June was counterbalanced by weaker-than-expected factory orders. Despite this China dependent luxury goods and mining stocks helped the FTSE 100 to also perform amid talk of a new China stimulus package and as iron ore prices are rising. The price of crude oil continued its advance but the gold price fell despite the US dollar slipping."
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