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U.S. and European Stock Futures Rise amidst Hopes of New Relief Packages

The U.S. and European stock futures have coursed on an upward trajectory following hopes of a new relief package both in the United States and the European Union. They defied the impending lockdowns currently being stirred by the resurging cases of COVID-19.

The STOXX Europe 600 (INDEXSTOXX: SXXP) rallied by 0.35% on Monday at 371.64. The France CAC 40 index which measures the weighted market cap of 40 of France’s 100 large stocks also jumped by 0.38% while The German DAX saw a gain similar to that of the SXXP at 0.35%.

U.S. stock futures also modeled those from the other side of the Atlantic with charging upward of 0.47%. The S&P 500 index (INDEXSP: .INX) advanced 0.88% gaining 30.30 to hit 3,477.13. The Dow Jones Industry Average (INDEXDJX: .DJI) also bounced back from its last week dip following the news of President Trump halting the stimulus negotiations. The Dow rose by 0.57% adding 161.39 to hit its Monday value of 28,586.90. The Nasdaq Composite also surged 1.39%.

The complimentary growth across the board begs the question of whether what is fueling the surge which is the hopes of a robust stimulus package is feasible. A need many analysts hopes is pertinent particularly in the United States considering the forthcoming general elections.

The chances for both the U.S. and the European stock futures to dip after recording surge are high as stimulus packages in the two nations are not going as intended.

In Europe, MarketWatch reported a confirmation from the European Central Bank’s Chief Economist Philip Lane that the region might close down by about 5% as against last year as no further stimulus package is currently being considered.

“It really is a unique period of uncertainty. But along some dimensions the uncertainty will diminish in the autumn because we’ll know more about the outlook for 2021,” Lane said to The Wall Street Journal.

The coronavirus stimulus negotiations have once again reached an impasse between the Democrat-led Congress and the Republican-controlled Senate. It was reported that President Donald Trump’s current $1.8 trillion stimulus package has been rejected by both the Democrats and Republicans alike. The former apparently faulted the proposition as it falls short of its earlier proposed $2.2 trillion packages while the latter’s issues are in the fact that the new bill is above its budget.

While the President is hopeful that a deal will be agreed to by both parties to the benefit of Americans, Treasury Secretary Steve Mnuchinand White House Chief of Staff Mark Meadows have called for a separate passage of the Paycheck Protection Program bill to help secure jobs.

“Now is the time for us to come together and immediately vote on a bill to allow us to spend the unused Paycheck Protection Program funds while we continue to work towards a comprehensive package,” they said in their letter to Congress on Sunday.

U.S. and European Stock Futures Rise amidst Hopes of New Relief Packages

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