Tech drives European stocks higher as Dollar takes a breather in Thanksgiving holiday

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Tech drives European stocks higher as Dollar takes a breather in Thanksgiving holiday

On Thursday, a basket of European stock indices had closed out the day in an upbeat tenure, while a marginal drawback in American currency assisted major Asian stock indices to wind up higher. In point of fact, in the day’s modest gains in global equity markets were almost entirely catalyzed by media toplines about a latest resurgence in pandemic outbreak across the eurozone, which in effect could add to holocaust on an all-important holiday season.

More importantly, as this year’s holiday season sales were expected to hit a record high, latest pandemic outbreak across the Eurozone had stoked frets of a lockdown over the Christmas shopping, eventually weighing heavily on regional pan-European STOXX 600.

However, the setbacks in retailers and trade-sensitive stocks were offset by a sharp high-tide momentum in growth stocks, as tech recovery had helped Nikkei 225 to wrap up the session 0.7 per cent, while MSCI’s gauge of Asia-Pacific shares outside Japan had concluded flatlined.

European shares end higher as tech stocks rally

Citing statistics, in the day’s European capital market wind-up, regional pan-European STOXX 600 closed 0.42 per cent higher, while Frankfurt’s DAX added 0.25 per cent to 15,917.98, French CAC 40 gained 0.48 per cent to 7,075.87 and London’s FTSE 100 jumped 0.33 per cent higher 7,310.37.

Nonetheless, Italy’s FTSE MIB ended almost flatlined at 27,098.83, while Madrid’s IBEX 35 jumped 0.56 per cent to 8,840.90. Meanwhile, addressing to a meteoric upsurge in American Dollar over recent past which seeming was pressing global equity indices, a senior investment strategist at Standard Chartered Bank Wealth management, Fook-Hien Yap said, “When it comes to regional equities allocation, we're watching the U.S. dollar which is making new highs and that is a headwind for emerging market equities”.