Here is what you need to know on Wednesday, February 3:
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European indices were mixed on Wednesday as the FTSE was down 0.3%, Dax up 0.5% and Euro Stoxx up 0.1%.
Overnight, Asian stocks closed higher with the Nikkei up 1% and the HangSeng up 0.2%
US markets were pointing towards a higher opening, the Nasdaq future was 0.6% higher, Dow flat and S&P futures up 0.3%.
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Asian markets took their lead from the strong showing in US markets on Tuesday. Both Nikkei and Hang Seng closed higher despite Chinese and Japanese PMI readings being weak.
European and US markets were buoyed by prospects of US stimulus going ahead despite Republican opposition. Recent fears over the impact of the retail trading frenzy began to ease. Most retail interest shares fell heavily on Tuesday as the power of retail appeared to wane. Treasury Secretary Janet Yellen was set to meet with officials on Thursday to discuss recent developments.
In Italy bond markets were buoyed by the prospect of Mario Draghi becoming prime minister. Italian yields fell on the news as Draghi, a former ECB chief, was seen as a stabilising influence.
US ADP employment change for January was well ahead of economists estimates. 174k jobs added versus 49k estimate.
Earnings season continued to impress with Alphabet (GOOGL) announcing strong results with GOOGL up 7% in pre-market trading on Wednesday.
Amazon (AMZN) shares were up over 2% in the pre-market as investors' initial fears over news of CEO Jeff Bezos stepping down were tempered by the realisation he would still be heavily involved in Amazon (AMZN). Amazon reported record results after the close on Tuesday.
Spotify shares are lower in pre-market trading as revenue beat forecasts but a worse than expected loss hit the shares.
Alibaba (BABA) shares were sharply higher as ANT Group was reported to have reached a deal with Chinese regulators.
Morgan Stanley increased its price target for Alphabet (GOOGL), Barclays and Susquehanna raised Amazon (AMZN) and Raymond James increased their target for Alibaba (BABA).
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Gold eases despite risk-off mood
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