Dow Future Surge, Dollar Retreats After Solid China Data

The Monday Market Minute

  • Global stocks rebound from September losses heading into a busy week for political headline risk and a key reading for the U.S. job market.
  • President Donald Trump and former Vice President Joe Biden meet for their first of two debates this week, while lawmakers in Washington debate ways to avoid a government shutdown and add more stimulus to the sputtering economy.
  • China industrial profits continued to surge in August, helping boost stocks in Europe and Asia and providing an early market lift for Wall Street. 
  • U.S. equity futures suggest a firmer open for U.S. stocks ahead of a week of big data readings, including second quarter GDP on Wednesday and September payrolls on Friday.

U.S. equity futures powered higher Monday, while the dollar retreated from a two-month high and oil prices slipped, as markets look to reverse a full month of losses ahead of a busy week of political headline risk and still-escalating coronavirus infections in major economies around the world.

A stronger-than-expected reading from a key China economic metric — industrial profits earned at state-owned companies over the month of August — provided an early boost to European markets, as did a mini-rebound in bank stocks following a weekend move by China’s Ping An insurance group to increase its stake in HSBC Plc.

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