European Markets Are Strong Early on December 7
Following a weak performance last week, the United Kingdom’s FTSE 100 Index regained strength and moved higher this week. The FTSE 100 Index opened higher on December 7 and traded with strength in the morning session above the opening prices.
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The market sentiment has been strong since the beginning of this week amid the improved global market sentiment and release of stronger-than-expected construction PMI data. The weaker-than-expected services PMI weighed on the market on Tuesday but didn’t change the market direction. On Thursday, the market opened higher amid the improved market sentiment. On the economic data front, according to Halifax Bank of Scotland (HBOS), the U.K. Halifax House Price Index rose 0.5% in November, which is higher than the expectation of 0.2% growth.
At 5:25 AM EST today, the FTSE 100 Index was trading at 7,355.50—a gain of 0.1%. The iShares MSCI United Kingdom (EWU) fell 0.14% on December 6.
Following a pullback last week, Germany’s DAX Index started this week on a mixed note amid improved market stability. On Thursday, the DAX Index started higher and rose to two-week high price levels. The progress in US tax reform plans improved the sentiment in European markets. On the economic data front, according to Destatis, Germany’s industrial production fell 1.4% in October.
At 5:35 AM EST, the DAX Index was trading at 13,077.50—a gain of 0.61%. The iShares MSCI Germany (EWG) fell 0.15% on December 6.
After falling last week, France’s CAC 40 Index started this week on a stronger note and traded on a mixed note. The improved market sentiment along with France’s stronger-than-expected services PMI data added stability to the market. At 5:40 AM EST, the CAC 40 Index was trading at 5,392.75 with a rise of 0.66%. The iShares MSCI France (EWQ) fell 0.13% on December 6.
In the next part, we’ll discuss how US markets performed on December 6.