European Stocks Start Strong
London: 6 December 2023 (TraderMade): European stocks are poised for a strong start on Wednesday, following gains in Asia-Pacific markets, as investors grow more confident that major central banks are nearing the end of their interest rate hikes.
Japan's Nikkei surged 1.15%, rebounding from a three-week low hit in the previous session. The Hang Seng index in Hong Kong also gained ground, driven by a 1.2% jump in its tech subindex.
Australia's stock benchmark climbed 1.25%, continuing to benefit from the Reserve Bank of Australia's recent decision to pause rate hikes.
Recent dovish signals from the Federal Reserve and the European Central Bank have fueled expectations that the tightening cycle is nearing an end. The Bank of Canada is expected to reinforce this view with a widely anticipated rate hold later today.
Market Roundup
(At 07:32 AM GMT, compared to Monday Close)
- Japan's Nikkei jumps 1.15% to 33416.5
- Hong Kong's Hang Seng recovers early wobble
- Australia's ASX 200 gains 1.25% to 7189.8
- UK's FTSE 100 gains 0.0066% to 7522.1
- Germany's DAX 30 gains 0.704% to 16569.8
- France's CAC 40 increases by 0.7% to 7403
- IBEX35 grew by 0.66% to 10271.25.
Economic data from Europe and the United States is also on tap today, including German industrial orders, UK purchasing manager surveys, and Euro area retail sales figures. The US ADP employment report is due later today, followed by a closely watched monthly payroll report on Friday.
