Global shares edge up ahead of key earnings – while concerns simmer over surge in Covid cases

Global shares edge up ahead of key earnings – while concerns simmer over surge in Covid cases

Global shares edged up ahead of key earnings releases in the US and Europe on Wednesday as investors' concerns about surging delta-variant cases faded into the background. US futures inched higher on Wednesday ahead of earnings releases from industry heavyweights including Johnson & Johnson, Verizon, and Coca-Cola. were last up 0.54%, while had risen by 0.39% and had climbed by 0.08% as of 4:13 a.m. ET. The S&P 500 and Nasdaq recovered on Tuesday from Monday's sell-off as cyclicals, led by capital goods, consumer services and banks, moved higher. "Much of Wall Street held onto optimism that the cyclical rotation is not dead, just deferred and that the theme of recurring fresh record highs will eventually continue once this latest wave COVID concerns ease," Edward Moya, senior market analyst at OANDA, commented. "Don't count out cyclical stocks as they could thrive on a lower interest rate environment and an extended economic growth outlook thanks to expectations for more fiscal support from the Biden administration," he continued. The yield on the US 10-year Treasury note was last at 1.24%, up by 1.7 basis points. As concerns about the spread of the delta variant eased, so did investor concern about rising inflation.