European Indices Trade Higher, Seek Two-Week Winning Streak
2022.06.03 11:01
by Daniel Shvartsman
Investing.com — European indices opened higher in trading on Friday morning, picking up where U.S. indices left off in a rally that could cinch a two-week bullish run for European markets.
At 03:30 am ET (0730 GMT), the DAX traded 0.3% higher, while the Euro Stoxx 50 was up 0.25%. The CAC40 (+0.2%), and the IBEX 35 (+0.4%) were also up, while the FTSE MIB dipped 0.2%. The FTSE 100 is closed for trading today due to the Queen’s platinum jubilee.
The big economic news this morning was German exports numbers, which came in ahead of expectations at 4.4%, as did the trade surplus, coming in at €3.5 billion vs. an expectation of €1.6 billion. This came with the backdrop of fears that the Russia-Ukraine war and related sanctions would have slowed the German economy down.
The same broader question is in play for PMI reports which will be released throughout the morning across the Eurozone. These reports come amidst the persistently high inflation numbers, high oil prices, and fears of an economic slowdown. Expectations are for readings above 50, meaning economic activity growth in the given countries.
In individual company names, Adidas AG (ETR:ADSGN) is among the leading gainers in the Euro Stoxx 50 and the DAX, up 1.8% as of 03:30 am ET, while Stellantis NV (EPA:STLA) is among the leading laggards, down .9%.
If indices can maintain gains, it would mark their first two-week winning streak since mid-March.
