Seeking Alpha

Global stocks higher ahead of Yellen testimony

  • European shares and U.S. stock futures track Asia higher as investors await Janet Yellen's first Congressional appearance since becoming Fed Chair earlier this month.
  • At a hearing before a House panel today, Yellen is expected to reiterate the bank's plan to continue tapering its QE program, although investors will be keeping an ear open for any indications of a change of course following disappointing U.S. jobs and other economic data.
  • "Price action suggests that markets are preparing for a dovish commentary (from Yellen), increasing the risk of disappointment," Barclays analysts say.
  • Euro Stoxx 50 +1.1%, London +0.8%, Paris +0.9%, Frankfurt +1.3%, Milan +0.6%, Madrid +0.8%.
  • U.S. stock futures: Dow +0.5%. S&P +0.5%. Nasdaq +0.5%
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