Market Overview

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

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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