Global Market News

European Bourses Rally Midday Ahead of US Federal Reserve Announcement

Back

Last updated: 01/26/2022 06:39:38

06:39 AM EST, 01/26/2022 (MT Newswires) -- European bourses tracked higher midday Wednesday as traders awaited the 2 pm ET policy announcement of the US Federal Reserve, and shrugged off Ukraine concerns. Bank and oil issues led gainers.

Market denizens also weighed a pre-bell Wall Street futures market flashing green, but choppy closes overnight on Asian exchanges.

Continental new commercial vehicle sales declined 8.4% in December from November, reported the European Automobile Manufacturers' Association (ACEA), Sales for the whole year 2021 were up 9.6% from 2021, but still down 10.5% from the pre-pandemic year of 2019. In other news, Germany and Russia again reported fresh zeniths for daily COVID-19 infection rates.

The pan-continental Stoxx Europe 600 Index was up 2.0% mid-session.

The Stoxx Europe 600 Technology Index was up 2.7%, and the Stoxx 600 Banks Index was up 3.1%.

The Stoxx Europe Oil and Gas Index was up 3.5%, and the Stoxx Europe Food and Beverage Index was up 0.9%.

The REITE, a European REIT index, was up 1.6%, while the Stoxx Europe 600 Insurance Index was up 2.2%.

On the national market indices, the German DAX was up 2.1%, the FTSE 100 Index in London was up 1.7%, and the CAC 40 in Paris was up 2.1%. Spain's IBEX 35 was up 2.2%.

Yields on benchmark 10-year German bonds were steady, at minus 0.08%.

Front-month Brent crude oil futures were up 0.7% at $87.76 per barrel.

The Euro Stoxx 50 volatility index was down 12.6% to 25.5, but indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests expectations for calmer markets.

http://www.mtnewswires.com
Copyright © 2022 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.




Quotes displayed with 15 minutes delay. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. News provided by MT Newswires, a Division of MidnightTrader, Inc. Events Data provided by Wall Street Horizon. ©2021 Wall Street Horizon, Inc.