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European Markets Shrug Wall Street And Asia Decline As Brexit Deadline Nears

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European Markets Shrug Wall Street And Asia Decline As Brexit Deadline Nears

Most European markets opened lower on Wednesday following Wall Street's Tuesday decline and a muted session in Asia. Most stocks have recovered as the Oct. 15 Brexit deadline nears. European Commissioner for Internal Market Thierry Breton said that he would like a deal, but is also prepared for a scenario where no agreement is reached.

Euro Stoxx 50 index is trading marginally higher by 0.02% at press time. Investors will be watching European Central Bank President Christine Lagarde's speech and industrial production numbers for August, due Wednesday.

London's FTSE 100 index is trading 0.52% higher as Britain nears the Brexit deadline. Pessimistic sentiments on rising coronavirus cases and government restrictions were offset by a weaker pound — lifting banking and exporter company shares. The second quarter's labor productivity data is due Wednesday.

Germany's DAX recovered from a low in early trade to 0.28% at press time. The gains are led by automobile, banks, and retail stocks. No major economic events are scheduled for Germany Wednesday.

France's CAC 40 index is trading 0.11% higher, led by consumer goods and technology names. No major economic events are scheduled for France Wednesday.

Spain's IBEX index is trading 0.43% higher after Spain's September consumer price index rose 0.2% month-over-month, in-line with consensus.

U.S. Dollar Index futures has advanced 0.05% to 93.580 at press time as the dollar gains 0.06% against the Euro to $1.1738 and 0.32% against the Sterling to $1.2891.

ETFs to watch Wednesday: Vanguard FTSE Europe ETF (NYSE: VGK) and SPDR Euro Stoxx 50 ETF (NYSE: FEZ) .

 

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