European Markets Were Unchanged
European Markets Were Unchanged
After stronger-than-expected economic data from the United States and a slew of rate hike decisions due next week, European markets were flat in early Friday trade. In mid-morning trade, the pan-European Stoxx 600 index was marginally higher, with all major bourses remaining quiet. Oil and gas rose 1.10%, while food and beverage stocks fell 0.50%.
Investors are digesting mixed results from corporate earnings released this week, with the year-to-date rally stuttering.
On Friday, the United States will publish data on core inflation, personal income, spending, and pending home sales. The fourth quarter of the US economy grew by 2.90% yearly, exceeding expectations, though recession fears remain. However, the major indexes on Wall Street rose as investors digested the most recent round of corporate earnings, led by a Tesla-led tech rally.
Data on French consumer confidence and eurozone household loans are due in Europe. The largest economy in Europe is likely to avoid a recession this year, according to predictions made earlier this week by the German government and the Ifo Institute. Every economic indicator and piece of revenue will be closely examined, with central banks taking center stage the following week.
What About Asia-Oceania Markets
Asia-Pacific stocks rose on Friday as traders digested Tokyo’s January core consumer prices, which rose 4.30% faster than expected, approaching the highest for Japan’s capital since mid-1981.
The Nikkei 225 finished slightly above the flatline at 27,382.56, while the Topix gained 0.22% to close at 1,982.66. The 10-year Japanese government bond yield increased by more than 3.00% to 0.48%, approaching the central bank’s upper limit of its yield curve tolerance range.
In Australia, the S&P/ASX 200 rose 0.34% to 7,493.80. As major company earnings were released in the region, the Kospi rose 0.62% to 2,483.01, and the Kosdaq rose 0.31% to 741.25 in South Korea.
After a rally in the first trading session following the New Year holidays, Hong Kong’s Hang Seng index rose 0.24%, and the Hang Seng Tech Index rose 0.62%.
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