Hopes for less aggressive Fed rate hikes and and open China borders bolstered investor sentiment.
was closed for a holiday but futures were trading at 26,235, compared with a cash close on Friday of 25,973. S&P 500 futures added 0.2% and Nasdaq futures 0.3%.
"We expect further downward revisions to consensus 2023 EPS forecasts," they added. "China reopening is one upside risk to 2023 EPS, but margin pressures, taxes, and recession present greater downside risks." Fed fund futures now imply around a 25% chance of a half-point hike in February, down from around 50% a month ago.
"We at NatWest have lower than consensus CPI forecasts, and if right that will likely solidify the market pricing of 25bps vs 50bps," said NatWest Markets analyst John Briggs.
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