24 Jul

European Markets Rebounded on July 24

WRITTEN BY Val Kensington

The United Kingdom

Last week, the United Kingdom’s FTSE 100 Index closed higher and clocked the second consecutive weekly gain. On July 23, the FTSE 100 Index closed lower and started the week on a weaker note. However, the FTSE 100 Index opened higher on July 24 and was trading at five-week high price levels in the morning session.

European Markets Rebounded on July 24

Market sentiment

The FTSE 100 Index fell on Monday. Central bankers and finance ministers at the G20 summit over the weekend expressed concerns about heightened trade and geopolitical tensions, which could weigh on global economic growth. Weakness in airlines and cyclical stocks also weighed on the market. On Tuesday, the FTSE 100 Index opened higher following US and Asian markets’ strong performance. The improved sentiment after Alphabet and UBS’s strong earnings reports also strengthened the market.

At 4:45 AM EST, the FTSE 100 Index was trading at 7,702.83 with a gain of 0.61%. The iShares MSCI United Kingdom (EWU) fell 0.4% to $34.65 on Monday.

Germany

Germany’s DAX 30 Index closed lower on Monday and clocked the third consecutive daily loss. However, the DAX 30 Index opened higher on July 24 and was trading with strength in the morning session. The improved global market sentiment and the release of stronger-than-expected domestic economic data are supporting the DAX 30 Index. According to Markit Economics, Germany’s manufacturing PMI rose to 57.3 in July, which is better than the forecast of 55.5. The strength in banks and automobile stocks also supported the market’s rally.

At 4:50 AM EST, the DAX 30 Index was trading at 12,697.69—a gain of 1.19%. The iShares MSCI Germany (EWG) rose 0.1% on Monday.

France

France’s CAC 40 Index declined on Monday amid the weak market sentiment. President Trump accused the European Union of manipulating its currency. Weakness in the IT, basic materials, and consumer goods sectors weighed on the CAC 40 Index. On July 24, the CAC 40 Index has been supported by the release of strong manufacturing data. According to Markit Economics, France’s manufacturing PMI rose to 53.1 in July, which is better than the forecast of 52.6.

At 5:00 AM EST on July 24, the CAC 40 Index was trading at 5,424.17—a gain of 0.85%. The iShares MSCI France (EWQ) fell 0.54% on Monday.

Next, we’ll discuss how Asian markets performed on July 24.

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