european stocks ease as calm descends before data
Last Updated : GMT 05:17:37
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Last Updated : GMT 05:17:37
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European stocks ease as calm descends before data

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Emiratesvoice, emirates voice European stocks ease as calm descends before data

Frankfurt was down 0.2 percent, while London and Paris each lost 0.3 percent in value
Hong Kong - Arab Today

Europe's main stock markets ran out of steam Wednesday as investors paused after recent volatile swings and awaited US data, dealers said. 

"European shares are trading little changed to moderately lower, despite a late rally in US stocks yesterday evening," said analyst Markus Huber at City of London Markets.

"Overall there is very little data in Europe this morning -- instead, focus will be on US industrial production, US producer prices and US leading indicators later this afternoon."

Around 1130 GMT, Frankfurt was down 0.2 percent, while London and Paris each lost 0.3 percent in value. All three had marched higher Tuesday on rising oil prices.

London investors also digested official data showing that Britain's jobless rate dipped to an 11-year low of 4.8 percent in the three months to September.

Energy firms led a rally in many Asian markets on Wednesday after oil prices soared on hopes for a deal by producers to cut output.

Wall Street advanced again Tuesday as the Dow Jones Industrial Average gained for the seventh day -- including four straight record closes -- with energy and tech stocks also following oil higher.

- US fiscal boost? -

Commentators said the cheerful mood in New York was partly an extension of the post-election rally following the surprise victory of Donald Trump, who has pledged to slash taxes and boost spending.

"There is a clear distinction between US and European markets, as the Trump-fuelled excitement evident over the pond is perhaps somewhat lost closer to home," noted IG analyst Joshua Mahoney.

"There is a feeling that the focus upon monetary policy stimulus is now being overtaken by excitement of what a sharp fiscal boost could mean for stocks and US growth."

However, Trump's victory continues to fan uncertainty over the global economic outlook, which also remains clouded also by the prospect of Britain's exit from the European Union.

"It seems that the US election has loosened its grip on the markets a bit this week," noted Spreadex analyst Connor Campbell.

"Of course ... the political situation in the US is still a threat to the market; for the time being, however, things do appear to have calmed down slightly."

- Key figures around 1130 GMT -

London - FTSE 100: DOWN 0.3 percent at 6,775.80

Frankfurt - DAX 30: DOWN 0.2 percent at 10,710

Paris - CAC 40: DOWN 0.3 percent at 4,524.60

EURO STOXX 50: DOWN 0.2 percent at 3,042.40

Tokyo - Nikkei 225: UP 1.1 percent at 17,862.21 (close)

Hong Kong - Hang Seng: DOWN 0.2 percent at 22,280.53 (close)

Shanghai - Composite: DOWN 0.1 percent at 3,205.06 (close)

New York - Dow: UP 0.3 percent at 18,923.06 (close)

Euro/dollar: DOWN at $1.0719 from $1.0725 Tuesday

Dollar/yen: UP at 109.48 yen from 109.16 yen 

Pound/dollar: UP at $1.2466 from $1.2455

Oil - West Texas Intermediate: DOWN 67 cents at $45.14 per barrel

Oil - Brent North Sea: DOWN 51 cents at $46.44 

Source: AFP

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