July 23, 2024

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European Markets Seen Cheering The Fall In Inflation

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Major stock markets in Europe are seen opening on a strong note on Thursday as easing inflation in Germany and Spain as well as dovish comments from Fed officials boosted market sentiment. Headline annual inflation for November from the Euro Area due on Thursday is also expected to show a decline to 2.7 percent, from 2.9 percent in the previous month. Markets also expect the PCE-based inflation readings from the U.S., seen as the Fed’s preferred inflation gauge due on Thursday to reveal lower price pressures.

The more-than-expected GDP readings from the U.S. and an unexpected decline in China’s manufacturing PMI is however seen limiting gains.

Wall Street had closed on a mixed note on Wednesday amidst dovish comments from Fed officials that boosted rate cut hopes and GDP readings that surpassed the previous estimate. Anxiety ahead of the release of the PCE readings also weighed on sentiment. Nasdaq Composite slipped 0.16 percent to close at 14,258.49 whereas the Dow Jones Industrial Average edged up 0.04 percent to finish trading at 35,430.42.

Mostly positive sentiment prevailed in the European bourses on Wednesday amidst a notable easing in inflation in Germany as well as Spain. Markets also cheered the not-so-hawkish comments from Fed officials. Germany’s DAX topped with gains of 1.1 percent. The pan-European Stoxx-50 rallied 0.52 percent. Switzerland’s SMI also added 0.39 percent. France’s CAC 40 gained 0.24 percent. U.K.’s FTSE 100 however declined 0.43 percent as it grappled with hawkish comments from the Bank of England.

Current indications from the European stock futures indicate a positive sentiment. The CAC 40 Futures (Dec) is trading 0.29 percent higher. The pan-European Stoxx 50 Futures (Dec) has gained 0.25 percent. The DAX Futures (Dec) is currently trading 0.22 percent higher. The FTSE 100 Futures (Dec) is trading 0.26 percent higher. The SMI Futures (Dec) is however trading 0.25 percent below the flatline.

American stock futures indicate mild…

2023-11-30 01:32:15

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