European Markets Are Mixed Early on July 14
After losing momentum and closing the day flat on Thursday, the United Kingdom’s FTSE 100 Index continued to trade with subdued momentum. In the morning hours on July 14, the FTSE 100 Index was weak and trading below the opening hours.
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The FTSE 100 Index gained momentum in the middle of the week amid improved global sentiment. Fed Chair Janet Yellen’s not so hawkish stance on interest rate hikes improved the market sentiment. On Friday, the stronger pound is weighing on the markets. The pound gained momentum this week after the stronger-than-expected Claimant Count, unemployment rate, and average earnings data. The pound also gained strength amid expectations about the European Central Bank’s asset purchase program.
The market is looking forward to the United Kingdom’s inflation and retail sales data scheduled to release next week. At 6:50 AM EST on July 14, the FTSE 100 Index was trading at 7,398.75—a fall of 0.2%. The iShares MSCI United Kingdom ETF (EWU) rose 0.57% to $33.6 on July 13.
After gaining for two consecutive trading days, Germany’s DAX Index is stable in the early hours on Friday. The market sentiment improved amid Yellen’s testimony and Germany’s supporting economic data. The DAX Index opened higher this week due to upbeat trade data. It gained momentum as the week progressed due to inflation data. At 6:55 AM EST on July 14, DAX was trading at 12,644—a rise of 0.02%. The iShares MSCI Germany ETF (EWG) rose 0.13% and closed at $30.89 on July 13.
France’s CAC 40 Index opened higher on Friday and traded with strength in the morning session. The CAC 40 Index was stronger this week. So far, it has risen in three out of four trading days. It’s on track to close this week with the highest weekly gains in two months. At 7:00 AM EST, the CAC 40 Index was trading at 5,246.50—a rise of 0.21%.
In the next part, we’ll discuss Wall Street’s performance on July 13.