World news – Vaccine Boost, Texas Reopening, ADP Payrolls – What’s Going On In The Markets?

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Investing.com – The US will have enough vaccines for all adults by May as Texas ends trade restrictions and lifts its mask mandate. ADP (NASDAQ:

ADP

) releases its private payroll reports for February, stocks are expected to rebound from losses on Tuesday, and the European Central Bank has changed its mind on halting the rise in bond yields. Oil prices are buoyant again ahead of the OPEC meeting, and US inventory data is due later. Here’s what you need to know in the financial markets on Wednesday March 3rd.

The U.S. economy is on its way after a deal between Johnson & Johnson (NYSE:

JNJ

) and Merck (NYSE:

MRK

), significantly expanding production capacity for J&J’s newly approved single vaccine against Covid-19.

President Joe Biden said the deal should ensure that all American adults have the opportunity to be vaccinated by the end of May, two months early than previously assumed. This increases the prospect of an earlier and more extensive reopening of the tourism and hospitality industries in particular.

In a separate but related development, Texas became the largest state to date to lift its mandate to wear masks and end the business restrictions associated with Covid . The move reflects not only a sharp drop in infections and hospital stays in recent weeks, but the need for Governor Greg Abbott to change the local political narrative following last month’s utility disaster during the cold snap.

Australia gave the northern hemisphere a taste of what to expect when the economies reopen for the summer.

The « happy country » reports

GDP growth

from 3.1% in the final quarter of last year, well above expectations of 2.5%, largely due to consumers spending the excess savings they had accumulated in previous quarters. Many policymakers, including Bank of England Governor Andrew Bailey, have forecast a sharp spike in spending on services, particularly as the lockdowns are lifted.

However, the near-term reality remains more worrying. Italy announced plans to tighten restrictions on business and social life in some regions after a surge in cases, and Poland reported that its new infections have doubled since it eased its regulations. Germany will announce a modest relaxation of its Covid rules later this week. The

final PMIs

For the eurozone, overall activity continued to contract in February, albeit at a slower pace.

US stock markets will reopen significantly higher in response to the better prospects for an economic reopening after renewed turmoil, especially on Tuesday led to a strong sale of technology stocks.

Until 6:30 a.m. ET (1130 GMT),

Dow Jones Futures

were up 215 points, or 0.7%, while

S&P 500 futures

had risen by 0.6% and

Nasdaq 100 futures

were also up 0.7%.

 With the end of the profitable season â ???? Brown Forman (NYSE:

BFb

), Marvell (NASDAQ:

MRVL

) and Dollar Tree (NASDAQ:

DLTR

) are the only reports that need attention early – the attention should be paid to the

ADP private payrolls

Report for February due at 8:15 p.m. ET. The

Not manufacturing ISM

Poll will follow at 10 a.m.

According to Bloomberg, the European Central Bank is reportedly concerned about reacting to the recent surge in bond yields.

The news agency reported sources close to the bank that they are not speeding up their bond purchases must, as the recent sell-off reflected a legitimate improvement in sentiment about the economic outlook. Just last week, President Christine Lagarde said that the ECB would closely monitor nominal bond yields, a message that many felt was significant, that it was unwilling to tighten financial conditions under any circumstances.

The central banks were Concerned about the sell-off of bonds to varying degrees over the past week. Federal Reserve Governor Lael Brainard said Tuesday that she found it « eye catching ». but repeats that it will be « someday » ???? before the Fed changes its stance on bond purchases. The Reserve Bank of Australia intervened heavily last week to halt the rise in three- and ten-year bond yields.

Crude oil prices rebounded overnight after a series of optimistic comments from key officials on the state of the world market ahead of the month Key OPEC. Meeting on Thursday where Saudi Arabia, Russia and others will set production quotas for April.

Analysts warn that headlines about unchanged production at OPEC level could mask an actual surge in supply from Saudi Arabia, that unilaterally cut its production by 1 million barrels a day in February and March.

By 6:45 a.m. ET,

US crude oil

Futures rose 1.8% to $ 60.84 a barrel

Brent

Futures rose 1.8% to $ 63.84 a barrel

American Petroleum Institute

on Tuesday.

That

Government data

due at 10:30 a.m. ET as usual.

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