Tue, March 19, 2024

European stocks open higher after the high of the Dow Jones

U.S. stock market in 2020

The main European stock markets have opened the session higher, although with moderate rises, after the historical maximum registered on Monday by the Dow Jones.

The pan-European Stoxx 600 closed the session with gains of about 0.7%, driven by a 3.1% rise for auto shares.

London grew by 0.7%, Paris added 0.6%, and Frankfurt and Milan rose by 0.5%.

Throughout the European session, global markets appeared to be stabilizing. They had been shrugging off the influence of a US hedge fund default on Monday that hit global banking stocks. 

On Monday, on Wall Street, the Dow Jones rose 0.3% and hit a new all-time high. By contrast, the S&P 500 was down 0.09%, and the Nasdaq dropped by 0.6%.

Analysts think investors will be aware of the advanced inflation data in several European countries and the evolution of confidence in the Eurozone and the US.

In the debt market, returns are picking up again. The German bond’s interest considered the safest, rises and stands at -0.294%.

The US bond, which worries investors the most, tightens again and is close to 1.75%.

Economic sentiment in the Eurozone increased by far more than it was anticipated in March. It grew to 101 points from February’s 93.4 points. Analysts had predicted a moderate rise to 96 points.

Hong Kong rises 0.84% ​

The Hong Kong Stock Exchange benchmark index, the Hang Seng, closed with gains of 0.84%. The day was marked by optimism due to the partial relaxation of prevention measures against covid-19. It included reduced quarantines for some travelers.

The selective added 239.2 points to 28,577.5, while the index that measures mainland Chinese companies’ behavior listed on the market, the Hang Seng China Enterprises, rose 0.71%.

Among the sub-indices, only Finance dropped by 0.21% while the rest rose. Services increased by 0.53%, Commerce and Industry gained 1.64%, and Real Estate rose by 1.78%.

Oil and gold prices dropped slightly

In the oil market, prices fell slightly after the increases they registered on Monday after the Suez Canal was unblocked.

Brent, the benchmark crude in Europe, fell by 0.3%. Meanwhile, West Texas Intermediate, the US benchmark, dropped by 0.2% before the market’s formal opening and is trading around 61.4 dollars per barrel.

The price of gold, one of the safe-haven assets, slipped and stood at around $1,703 per ounce.

The euro dropped slightly against the US dollar in the currency market and stood at 1,175 units.

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