7 Apr

European Markets Opened Lower as the US Attacks Syria

WRITTEN BY Val Kensington

United Kingdom

After pulling back on Thursday, the United Kingdom’s FTSE 100 index is stable in the morning session on Friday. The FTSE 100 index opened the day lower amid the US attack on a Syrian airfield. However, it regained strength and recovered the losses.

European Markets Opened Lower as the US Attacks Syria

The rise in oil prices to one-month high price levels is supporting energy companies in the FTSE 100 index. On the other hand, the United Kingdom’s weaker-than-expected economic data are weighing on the market. According to the Office for National Statistics, the United Kingdom’s industrial production in February fell 0.7%. It was weaker than the expected growth of 0.2%. The United Kingdom’s manufacturing production fell 0.1% in February—compared to expected growth of 0.3%. During the same time, the United Kingdom’s trade balance fell more than expected. According to official data, the United Kingdom’ trade balance fell to 12.46 billion. It was weaker than the expected fall of 10.90 billion.

The iShares MSCI United Kingdom ETF (EWU) rose 0.15% on April 4. At 7:00 AM EST on April 7, the FTSE 100 index was trading at 7,313.45—a gain of 0.1%.

Germany

After a brief recovery on Thursday, Germany’s DAX index continued to have a weaker performance. The index opened lower today amid US attacks on Syria. However, it pared some losses amid supporting economic data. According to official data by Destatis, Germany’ industrial production in February grew 2.2%. It was better than the expected forecast of a 0.1% fall. Trade balance data also supported the market. According to official data, Germany’s trade balance in February rose to 21 billion. It was better than the expectation of 18.4 billion.

At 7:10 AM EST, the DAX index is trading at 12,183.5—a fall of 0.39%. The iShares MSCI Germany (EWG) closed the day at $28.51—a fall of 0.04% on April 6.

France

Like other European markets, France’s CAC 40 index opened the day lower amid the US attack on Syria. However, it pared losses and traded higher. At 7:15 AM EST, France’s CAC 40 index moved to 5,118.27—a fall of 0.06%. The iShares MSCI France ETF (EWQ) rose 0.53% on April 6.

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