July 18, 2024

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European Markets Brace For Positive Opening

2 min read

Renewed expectations of rate cuts by the Federal Reserve and the positive sentiment in Wall Street on Tuesday is seen helping European markets resume trading on Wednesday on a strong note.

Wall Street had closed on a positive note on Tuesday as markets digested the better-than-expected PCE-based inflation readings. Nasdaq Composite rallied 0.54 percent to close at 15,074.57 whereas the Dow Jones Industrial Average added 0.43 percent to finish trading at 37,545.33.

Mixed sentiment had prevailed in the European bourses on Friday ahead of the holiday weekend. Switzerland’s SMI topped with gains of 0.18 percent. Germany’s DAX added 0.11 percent followed by U.K.’s FTSE 100 that edged up 0.04 percent. France’s CAC 40 slipped 0.03 percent whereas the pan-European Stoxx-50 edged down 0.07 percent.

Current indications from the European stock futures indicate a positive sentiment. The DAX Futures (Mar) is trading 0.46 percent higher. The pan-European Stoxx 50 Futures (Mar) has also gained 0.59 percent. The FTSE 100 Futures (Mar) has rallied 0.54 percent. On Friday, the SMI Futures (Mar) had closed 0.01 percent higher whereas CAC 40 Futures (Jan) had closed 0.10 percent lower.

American stock futures indicate mild gains. The US 30 (DJIA) is trading 0.03 percent higher, whereas the US500 (S&P 500) is trading 0.08 percent above the flatline.

Asian stock markets are trading on a mostly positive note, helped by Wall Street’s progress on Tuesday towards record highs. Hong Kong’s Hang Seng has surged 1.6 percent followed by Japan’s Nikkei 225 with gains of more than 1.2 percent. Australia’s S&P ASX 200 has gained 0.80 percent whereas India’s Nifty 50 has gained 0.65 percent. China’s Shanghai Composite and DJ New Zealand, have both rallied more than 0.4 percent. South Korea’s KOSPI has added 0.22 percent.

The Dollar Index (DXY), a measure of the U.S. dollar’s strength relative to six currencies, is trading flat at 101.47. The EUR/USD pair has edged up 0.01 percent to 1.1043…

2023-12-27 01:48:31

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