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European Stocks Rise Despite Today’s Weak Data

by bullnews
November 22, 2024
in FX
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European Stocks Rise Despite Today’s Weak Data
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Despite some underwhelming preliminary European PMI numbers for manufacturing and services, major European indices managed to finish the day with gains. Here’s how they closed:

– German DAX rose by 0.89%
– France’s CAC increased by 0.58%
– UK’s FTSE 100 climbed by 1.38%
– Spain’s Ibex edged up by 0.39%
– Italy’s FTSE MIB gained 0.60%

As for the trading week, there’s been a mixed bag of results. Germany, the UK, and Spain saw rising indices, while France and Italy experienced declines.

– German DAX was up by 0.58%
– France’s CAC slipped by 0.20%
– UK’s FTSE 100 jumped 2.46%
– Spain’s Ibex nudged up by 0.1%, not quite enough to break records
– Italy’s FTSE MIB fell by 2.04%

In terms of European yields, the benchmark 10-year yields fell across the board, reflecting the softer economic data.

– Germany at 2.245%, down by 8.2 basis points
– France at 3.046%, down by 6.7 basis points
– UK at 4.392%, down by 4.0 basis points
– Spain at 2.977%, down by 7.5 basis points
– Italy at 3.508%, down by 5.1 basis points

Over the week, 10-year yields also showed declines:

– Germany decreased by 9.5 basis points
– France fell by 2.7 basis points
– UK lowered by 6.8 basis points
– Spain dropped by 8.0 basis points
– Italy slipped by 3.9 basis points

As traders in London and Europe step away for the weekend, over in the US, stock markets are on the rise:

– Dow Industrial Average is up 0.76%
– S&P Index has risen by 0.26%
– NASDAQ Index increased by 0.05%
– Russell 2000 surged by 1.57%

Meanwhile, in the US debt market, we’re seeing a mixed trend. Short-term yields are increasing, while the longer-term yields have declined:

– 2-year is at 4.362%, up by 1.3 basis points
– 5-year is at 4.289%, down by 1.4 basis points
– 10-year is at 4.402%, down by 3.0 basis points
– 30-year is at 4.584%, down by 3.6 basis points

Taking a glance at other markets:

– Crude oil has risen by $0.86 or 1.24%, currently priced at $70.97
– Gold has climbed by $36.78 or 1.3%, sitting at $2706.15, inching closer to its all-time high closing level of $2787.42 after finding support in mid-November

And making waves in the cryptocurrency scene, Bitcoin is trading at an impressive $99,127, having peaked at $99,500 earlier today. We’re all keeping an eye out as it edges ever closer to the $100K milestone.

Tags: DataEuropeanRiseStocksTodaysweak
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