European Markets Are Mixed Early on July 17
After gaining for two consecutive trading weeks amid improved market sentiment, the United Kingdom’s FTSE 100 Index opened this week on a positive note. The FTSE 100 Index opened higher on Monday and traded with strength in the morning session.
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China’s stronger-than-expected GDP data improved the European market’s sentiment in the opening hours. As the market digested the data, the focus shifted to second quarter earnings and the second round of Brexit talks. The market is looking forward to the release of the United Kingdom’s CPI (consumer price index), which gained importance ahead of the European Central Bank’s monitor decision on July 20. The CPI is expected to rise 2.9% in June. The data will be released on July 18.
At 6:35 AM EST on July 17, the FTSE 100 Index was trading at 7,417.50—a rise of 0.57%. The iShares MSCI United Kingdom ETF (EWU) rose 0.89% to $33.9 on July 14.
Germany’s DAX Index gained for two consecutive trading weeks amid improved global sentiment. On Monday, the DAX Index opened higher due to China’s upbeat data and strong sentiment on Wall Street. However, it traded below opening hours in the morning session. With no major economic data released recently, the German market is looking to the ECB’s monetary decision for direction. At 6:45 AM EST on July 17, DAX was trading at 12,609.00—a fall of 0.18%. The iShares MSCI Germany ETF (EWG) rose 0.13% and closed at $31.09 on July 14.
After rising for two consecutive trading weeks, France’s CAC 40 Index opened this week on a mixed note. Strong mining shares in the early hours supported the CAC 40 Index in the morning session. China’s upbeat economic data improved the demand expectations for metals in 2H17 and supported the mining stocks. At 6:50 AM EST, the CAC 40 Index was trading at 5,240.80—a rise of 0.1%.
In the next part, we’ll discuss Wall Street’s performance on July 14.