European stocks opened higher Tuesday, with global markets looking to rally after widespread volatility on Monday.
The pan-European Stoxx 600 was last 0.76% higher at 8:05 a.m. London time, with all major bourses across the region and sectors gaining. Travel and leisure stocks led gains and were last 1.67% higher, while banks and tech stocks also gained and recouped some of Monday's losses.
"We think risk assets can recover as recession fears ease and the rapid unwinding of carry trades stabilizes," the firm's Investment Institute wrote said."We keep our overweight to U.S. equities, driven by the AI mega force, and see the selloff presenting buying opportunities. BlackRock added that the main driving force behind the rise in the unemployment is an uptick in labor supply due to immigration as opposed to layoffs, which is a key difference compared to previous recessions.Fed should change communication even if it doesn't cut rates this week, BlackRock's Rieder says
Rieder pointed out that traders are already pricing in aggressive moves from the Federal Reserve and said that the central bank should change its public communication to show that it knows the labor market has weakened and that rate cuts have become increasingly likely.
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