After falling for two consecutive trading weeks, the United Kingdom’s FTSE 100 Index started this week on a stronger note and gained in the first three trading days of the week. However, the FTSE 100 Index lost strength on Thursday and opened the day lower amid weakened global market sentiment.
Whereas lower risk appetite amid German political uncertainty weakened market sentiment in European markets at the beginning of this week, market sentiment has improved with renewed strength in global markets due to strong corporate earnings. The market opened lower today with weakened Asian markets and US market sentiment after the release of the FOMC’s (Federal Open Market Committee) meeting minutes. The downgrade of five-year growth forecasts by the Office for Budget Responsibility also added weakness to the market.
At 5:30 AM EST (Eastern Standard Time) today, the FTSE 100 Index was trading at 7,401.5—a fall of 0.23%. The iShares MSCI United Kingdom ETF (EWU) rose 0.75% on November 22.
Amid political uncertainty, Germany’s DAX 30 index started this week on a mixed note and gained in the first two trading days of the week. After pulling back from a two-week high on Wednesday, the DAX opened lower on Thursday amid weakened global market sentiment. According to economic data releases, the German manufacturing PMI (purchasing managers’ index) has surged to 62.5 in November, higher than the forecast reading of 60.4.
At 5:35 AM EST today, the DAX was trading 0.14% lower, at 12,994.50. The iShares MSCI Germany ETF (EWG) fell 0.67% on November 22.
After a brief pullback on Wednesday, France’s CAC 40 index started Thursday on a weaker note. However, sentiment has improved in the morning session with the release of stronger-than-expected France Business Survey data, and manufacturing PMI data added strength to the market. At 5:40 AM EST, the CAC 40 was trading 0.35% higher, at 5,372.50. The iShares MSCI France ETF (EWQ) rose 0.45% on November 22. In the next part, we’ll discuss how US markets performed on November 22.