Solid economic data is supporting a relief rally in Europe, although there were more big falls in Asia. U.S. stock futures are slightly higher, after markets sank to their lowest level in nearly two years on Thursday.
1. International markets
European markets jumped by nearly 2% in early trading, while Asian markets had a painful end to the week. The Nikkei fell 4.8% to end a shortened week down 11%, extending this year's slide to 21%, as the yen continued to gain strength against the U.S. dollar.
2. Banks bounce
The jump in European indexes was led by a rebound of sorts for banks. Shares in Germany's Commerzbank (CRZBF) soared 14% after the bank beat expectations with fourth quarter profit and said it would start paying dividends again. BNP Paribas (BNPQF) is up 2.5%, and the yo-yo in Deutsche Bank (DB) shares continued with a 5.5% rise. Standard Chartered (SCBFF)is up 7% and Barclays (BCSPR) 5%.
4. Oil and gold
Crude futures have jumped more than 4% to above $27 dollars a barrel, though it was even higher in Asia overnight. Gold is ticking below $1,240.
4. Earnings, economics and recap
ArcelorMittal (AMSYF) and Brookfield Asset Management (BAM) will post quarterly results ahead of the open.
The latest retail sales report will come from the U.S. Census Bureau at 8:30 am ET. At 10 am, the University of Michigan's Consumer Sentiment Index will get an update.
The Dow Jones industrial average lost another 1.6% on Thursday, while the S&P 500 dropped 1.2% and the Nasdaq fell 0.4%.