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Wall Street Poised For Robust Opening


Treasury Budget for February is the major focus on Monday. The market seems to be continuing on a rally mood. Asian shares finished higher, while European shares are trading significantly higher.

Early signs from U.S. Futures Index suggest that Wall Street might open strong.

As of 6.45 am ET, the Dow futures were gaining 97.00 points, the S&P 500 futures were adding 9.75 points and the Nasdaq 100 futures were gaining 41.25 points.

U.S. stocks closed higher on Friday. The Dow jumped 440.53 points or 1.8 percent to 25,335.74, the Nasdaq spiked 132.86 points or 1.8 percent to 7,560.81 and the S&P 500 surged up 47.60 points or 1.7 percent to 2,786.57.
On the economic front, the Treasury Budget for February will be published at 2.00 pm ET. The market analysts are looking for consensus of a deficit of $216 billion, compared to profit of $49.2 billion last month.
3-year Note auction will be held at 11.30 am, while 10-year Note auction will be held at 1.00 pm ET.

In the corporate sector, Deutsche Bank AG's management board reportedly will seek to cut as many as 6,000 jobs at the lender's retail unit by the end of 2022, providing the first estimate for the expected staff reductions at the newly formed division.

Asian stocks finished higher on Monday. Chinese stocks rose for a third day. The benchmark Shanghai Composite index rose 19.53 points or 0.59 percent to 3,326.70 while Hong Kong's Hang Seng index was up 588.79 points or 1.83 percent at 33,917.94.

Japanese shares hit a 1-1/2-week high. Also, Japan's business survey index of large manufacturers weakened notably in the three months ended March, the quarterly survey by the Ministry of Finance and the Cabinet Office showed, triggering some profit taking at higher levels. The Nikkei average ended 354.83 points or 1.65 percent higher at 21,824.03, the highest closing level since Feb. 28, after reaching as high as 21,971.16 earlier in the day.
The broader Topix index rose 1.51 percent to 1,741.30, led by exporters, steelmakers and technology stocks. Canon, Panasonic, Sumco, Tokyo Electron, Nippon Steel and Japan Steel Works gained 2-3 percent.

Australian shares gained ground. The benchmark S&P/ASX 200 rose 32.90 points or 0.55 percent to 5,996.10 while the broader All Ordinaries index ended 0.53 percent higher at 6,101.40.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is climbing 15.38 points or 0.30 percent, the German DAX is gaining 90.53 points or 0.73 percent, the U.K. FTSE 100 Index is progressing 1.82 points or 0.02 percent. The Swiss Market Index is adding 45.61 points or 0.51 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.53 percent.

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