June 13, 2024

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European Markets Seen Opening With A Positive Bias

2 min read

European stock markets are seen opening on a positive note on Monday amidst relief at the stable geopolitical conditions in the Middle East. The easing in crude oil prices and the subdued safe-haven demand for gold is also expected to aid equity market sentiment. The rise in bond yields is however expected to cap gains.

Wall Street had closed with deep losses on Friday amidst growing geopolitical tensions in the Middle East, rising bond yields and mixed corporate earnings reports. Nasdaq Composite shed 1.53 percent to close at 12,983.81 whereas the Dow Jones Industrial Average slipped 0.86 percent to finish trading at 33,127.28.

Similar sentiment was reflected in the European bourses as well. Germany’s DAX topped losses with a decline of 1.64 percent. The pan-European Stoxx-50 and France’s CAC 40, both erased more than 1.5 percent. U.K.’s FTSE 100 slipped 1.3 percent followed by Switzerland’s SMI that dropped 0.95 percent.

Current indications from the European stock futures indicate a positive sentiment. The CAC 40 Futures (Nov) traded 0.23 percent higher. The DAX Futures (Dec) is currently trading 0.32 percent higher. The FTSE 100 Futures (Dec) is trading 0.22 percent higher. The pan-European Stoxx 50 Futures (Dec) has gained 0.40 percent. The SMI Futures (Dec) has traded 0.22 percent higher.

American stock futures imply mild gains on opening. The US 30 (DJIA) is trading 0.13 percent higher, whereas the US500 (S&P 500) is trading 0.20 percent higher.

Asian stock markets are trading on an overwhelmingly negative note as geopolitics and the uptick in bond yields weighed. Reports of searches by Chinese tax authorities on Taiwan-based Foxconn Technology Co also weighed on sentiment. China’s Shanghai Composite has slipped 1.1 percent. Australia’s S&P ASX 200 has dropped 0.82 percent. South Korea’s KOSPI has plunged 0.73 percent. Japan’s Nikkei 25 has slipped 0.47 percent. Stock Markets in Hong Kong and New Zealand are closed for a holiday.

The Dollar Index…

2023-10-23 02:12:54

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