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Saturday, January 28, 2023

European stock markets trade higher to start holiday week trading

European stock markets trade higher to start holiday week trading
© Reuters

 

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By Daniel Shvartsman

Investing.com – European markets traded higher to kick off a holiday-shortened last week to 2022, as optimism over China’s reopening from Covid restrictions offered support.

At 05:25 ET (10:25 GMT), the DAX was up 0.6%, the CAC 40 was up .9%, and the Euro Stoxx 50 was up 0.8%. The IBEX 35 and the FTSE MIB each traded up .4%.

The big global news came out of China, as officials announced that quarantine requirements for inbound travelers to the country will be dropped on January 8th. The China reopening theme may be the excuse to nudge markets higher. Asian markets closed higher on the day, with the Nikkei 225 rising 0.16% and the Shanghai Composite closing up 1%.

The EUR/USD was also up 0.27%, as the US Dollar Index dipped 0.3%, a potential sign of a risk-on Santa rally to close the year.

Befitting the holiday schedule, there is not much on the economic calendar today, with highlights including the Case-Shiller housing index, U.S. retail inventories, and French bond auctions.

Luxury-related names that might benefit from the return of the Chinese traveler headlined Euro Stoxx 50 movers. LVMH Moët Hennessy Louis Vuitton SE (EPA:LVMH) was up 2.1%, while Hermes International SCA (EPA:HRMS) and Kering SA (EPA:PRTP) were each up 1.8%. Airbus Group SE (EPA:AIR) (+1.2%), TotalEnergies SE (EPA:TTEF) (+1.2%), Eni SpA (BIT:ENI) (+1.1%), and BASF SE (ETR:BASFN) (+1.6%) were among other European gainers. Very few major European stocks were down, with Grifols SA (BME:GRLS) being the most notable decliner, down 2.25%.

In commodity markets, Crude Oil WTI Futures reversed a slow start to jump up 1.1% and Brent Oil Futures rose the same amount. Gold Futures continued its strong year-end momentum, trading 0.67% higher.

U.S. futures seem poised to ride the same tailwind, with Dow Jones Futures and S&P 500 Futures each up .75%.

Read also: EUR/USD 2023 Outlook: The Euro’s reversal vs. a return to parity

(This article was originally posted at 2:50 ET, updated throughout the day).

 

Source: Investing.com

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