Market Overview

Europe Market Update: Major Indices Gain As They Join US And Asia's Optimism

Europe Market Update: Major Indices Gain As They Join US And Asia's Optimism

European markets are trading higher as they retreat from four-day losses. The upswing follows Wall Street's positive close on Thursday and gains in Asia on Friday. The Dow futures have advanced 0.15%, and the S&P 500 futures are trading 0.12% higher on last check early Friday.

All major indices are trading higher in Europe with several key factors at play. The U.S. seems close to finalizing a stimulus deal, Brexit negotiation talks are continuing, and Friday's economic calendar is busy.

Euro Stoxx 50 benchmark is up 0.97%, trading above the crucial 3,200 mark on Friday after plunging for four days. The consumer confidence index for October declined to minus 15.5, missing the consensus of minus 15.

Europe's preliminary numbers for October's manufacturing PMI show a massive improvement to 54.4, surpassing the consensus of 53.1, and improving from 53.7 last month; the composite PMI at 49.4, inching above the consensus of 49.3; and the services PMI declining to 46.2, missing the consensus of 47.

London's FTSE 100 is trading 1.14% higher at press time after solid retail sales numbers for September. Core retail sales advanced 1.6% month-over-month against a consensus of 0.5% growth and improved 4.7% year-over-year against a consensus of 3.7%. Investors will be watching preliminary PMI data for October, scheduled to release Friday. All sectors are trading in green.

Germany's DAX is trading 0.95% higher at the time of publication, led by gains in all major sectors except retail. Preliminary manufacturing PMI for October improves significantly to 58, versus a consensus of 55.1; Services PMI fell to 48.9 against a consensus of 49.2; and Composite PMI came in at 54.5, better than the consensus of 53.2.

France's CAC 40 index is trading 1.26% higher, with aerospace and financial stocks leading the charge. Preliminary data for October's PMI matched the expectations of 51, while the services PMI of 46.5 missed the consensus of 46.8.

Spain's IBEX index has advanced 1.03% in Friday's trade at last check. All sectors are in green, with financial stocks leading the pack. There are no major economic events scheduled for Friday.

Forex Trading: U.S. Dollar Index futures are trading 0.20% lower to 92.787 at last check Friday. The dollar has weakened 0.20% against the Euro to $1.1839 and 0.13% against the Sterling to $1.3098.

For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España.


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