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European stock markets open higher to start holiday week trading

Published 2022-12-27, 03:40 a/m
© Reuters

By Daniel Shvartsman

Investing.com - European markets opened higher to kick off trading in the shortened last week of the year.

At 03:10 ET (08:10 GMT), the DAX was up 0.8%, the CAC 40 was up 1.05%, and the Euro Stoxx 50 was up 0.94%.

The big global news came out of China, as officials announced that quarantine requirements for inbound travelers to the country will be dropped on January 8th. The China reopening theme may be the excuse to nudge markets higher. Asian markets closed higher on the day, with the Nikkei 225 rising 0.16% and the Shanghai Composite closing up 1%.

The EUR/USD was also up 0.1% at 03:15 ET (08:15 GMT), as the US Dollar Index dipped 0.2%, a potential sign of a risk-on Santa rally to close the year.

Befitting the holiday schedule, there is not much on the economic calendar today, with highlights including the Case-Shiller housing index, U.S. retail inventories, and French bond auctions.

Top Euro Stoxx 50 movers included LVMH Moët Hennessy Louis Vuitton SE (EPA:LVMH) (+2%), Airbus Group SE (EPA:AIR) (+1.7%), TotalEnergies SE (EPA:TTEF) (+1.5%), Eni SpA (BIT:ENI) (+1.4%), and BASF SE (ETR:BASFN) (+1.3%). Very few major European stocks were down, with Grifols SA (BME:GRLS) being the most notable decliner, down 2%.

In commodity markets, Crude Oil WTI Futures traded down 0.1% and Brent Oil Futures dropped 0.15%. Gold Futures continued its strong year-end momentum, trading 0.65% higher.

Read also: EUR/USD 2023 Outlook: The Euro's reversal vs. a return to parity


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