European stock indices’ futures open flatlined after posting weekly percentage gains
by SOURAV D | VIEW 1055
On Monday, a basket of European stock indices’ futures remained largely tranquilized in mid-day Asia-Pacific trading hours following a robust upsurge last week, as market participants appear to be awaiting solid impetus with key European indices hovering near their record peaks. As of midday Asia-Pacific trading hours, London’s FTSE 100 futures rose 0.04 per cent higher to 7215.4, French CAC futures added 0.06 per cent to 6,743.3 after outperforming major regional indices last week, while Frankfurt’s DAX alongside Madrid’s IBEX 35 futures remained largely dithered.
European stock indices’ futures open dithered after modest weekly gain
In context of a sharp shoot-up in technology stocks coupled with a slew of strong earnings’ reports from a number of European heavy-weights such as L’Oreal had provided European traders a much-required boost on Friday with UK forecasting another Christmas in lockdown.
Apart from that, as the cash-strapped Chinese real estate giant, Evergrande, the world’s most indebted property developer with over $305 billion worth of assets in debts, mostly to retail investors, had proffered a surprise interest payment for one of its US-Dollar denominated bonds, market participants’ angsts over a plausible ripple effect following an ostensible Evergrande collapse had been eased up to some extent, though it remains to be seen whether the debt-laden property developer could lay off three more bond coupon payments within a 30-day grace period which were defaulted earlier this month.
Citing statistics, on Friday’s European market wind-down, the regional pan-European STOXX 600 gained 0.5 per cent, wrapping up the day at a six-week peak while logging its third weekly percentage gain in a row. STOXX 600 rounded off the week 0.5 per cent higher.
Besides, London’s blue-chip FTSE 100 added 0.20 per cent to 7,204.55 and French CAC 40 gained 0.71 per cent to 6,733.69, while Frankfurt’s DAX rose 0.46 per cent to 15,542.98. Elsewhere in the Europe, Italy’s FTSE MIB ended the day 0.18 per cent higher to 26,571.73, while Madrid’s IBEX 35 shed 0.42 per cent to 8,906.40.
Over the week, London’s FTSE 100 faltered 0.41 per cent, French CAC 40 added 0.09 per cent and Frankfurt’s DAX dwindled 0.28 per cent, while Italy’s FTSE MIB gained 0.31 per cent and Madrid’s IBEX 35 had shrugged off 1.01 per cent.
Meanwhile, referring to a raft of strong earnings’ reports, a veteran analyst at Forte Securities, Keith Temperton said, “We’ve lots of earnings beats on lowered expectations, and then you’re getting comments from CEOs suggesting supply chains are damaged - but certain firms have said that they’re on top of it. That’s hopeful for the markets.”