European Markets Are Flat in the Morning Session on November 9
After trading with mixed to weak sentiment for three weeks, the United Kingdom’s FTSE 100 Index regained strength last week and rose to record high price levels. However, the FTSE 100 Index started this week on a mixed note and fell as the week progressed. The FTSE 100 Index opened lower on November 9 and traded above opening prices in the morning session.
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Last week, the release of October’s stronger-than-expected services PMI (purchasing managers’ index) data made the FTSE 100 Index reach record high price levels. The pullback of the pound after dovish signals from the Bank of England also strengthened the market. The market is weak despite strong market sentiment in the US and Asian markets due to the decreased risk appetite as Brexit talks resumed. Banks were relatively strong as corporate earnings extended support. The market is looking forward to the release of the United Kingdom’s NIESR GDP estimate at 8:00 AM EST today.
At 4:20 AM EST today, the FTSE 100 Index was trading at 7,523.50 with a fall of 0.08%. The iShares MSCI United Kingdom (EWU) fell 0.06% on November 8.
After a two-week rally to record high price levels, Germany’s DAX Index started this week amid decreased momentum. However, the market lost strength as the week progressed amid the release of the weaker-than-expected services PMI and industrial production data. The DAX Index opened Thursday with mixed sentiment and traded near the opening prices in the morning session. At 4:25 AM EST today, the DAX Index is trading at 13,375.50 with a fall of 0.04%. The iShares MSCI Germany ETF (EWG) rose 0.33% on Wednesday.
After rising for three weeks, the France CAC 40 Index started this week with decreased momentum. The CAC 40 Index fell as the week progressed due to weak market sentiment in European markets. On November 9, the CAC 40 Index started the day flat and consolidating in the morning session. At 4:30 AM EST, the CAC 40 Index is trading at 5,467.50 with a fall of 0.07%. The iShares MSCI France (EWQ) fell 0.03% on November 8.
In the next part of this series, we’ll discuss how US markets traded on November 8.