A premarket rebound in U.S. tech shares lifted global equity sentiment on Thursday, as upbeat earnings guidance from electric carmaker Tesla Inc. and others assuaged recent disappointments.
Contracts on the Nasdaq index rose about half a percent, with Tesla up about eight per cent in premarket New York trading, after the firm beat profit estimates and sales, and chief executive Elon Musk predicted a rise in vehicle sales this year. Its report, alongside those from International Business Machines Corp., relieved some of the sting of Microsoft Corp.'s dire sales warning that had sapped tech shares earlier in the week.
Thompson sees the January stock surge as overdone, given recession risks ahead, but did not discount further short-term gains because “if you do get a five per cent pullback, people who missed the rally may think 'shall we just bite the bullet now rather than wait for another five per cent fall?” The euro retreated after six days of gains versus the greenback, though it is likely to enjoy continued monetary policy support, as several European Central Bank rate-setters spoke in favor of further hefty policy-tightening over coming months.
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