European markets broadly positive
Critical European markets (DBEU) continued their upward trajectory on April 11, 2016. The European market (HEDJ) overall looked as if it was picking up from where they left off on Friday, April 8, when we saw significant gains. (For more details on what happened on April 8, check out “European Indexes Rebounded, German Trade Surplus Increased.”)
Specifically, the SPDR Euro Stoxx 50 ETF (FEZ) was trading 0.45% higher at the close of the market on April 11. The German DAX and French CAC 40 were trading 0.60% and 0.14% higher, respectively.
Among other major European indexes (IEV), the crude-related economies of Russia (RSX) and Turkey were among the highest gainers, with crude futures (USO) rising by over 1.4% as of 2:30 PM EST. The Russian index MICEX and the Turkish index BIST rose by 1.6% and 1.8%, respectively, as of the same time.
Italian industrial production
Italy’s Istat (National Institute of Statistics) published the latest Italian industrial production numbers on a mixed note. Month-over-month industrial production declined by 0.6% in February as compared to the forecast of a 0.7% decline. YoY (year-over-year) industrial production came in at 1.2%, over forecasts of a rise of 1.6%, and so the Italian index was seen as reacting positively to the data release. FTSE MIB climbed by 1.2%.
Impact on ADRs
Among European ADRs (American depositary receipts), German major SAP (SAP) was trading higher on April 11, rising by 0.40% as of 2:30 PM EST. Other ADRs were also trading on a mixed bias, including Anheuser-Busch Inbev (BUD), which fell by 0.21%. CRH (CRH), the Irish construction company, rose by 1.2%, but Nokia (NOK), out of Finland, was trading 1.6% lower.
For our final part of this series, let’s analyze the latest movements in Asian markets.