European benchmarks opened without clear direction on Thursday
European benchmarks opened without clear direction on Thursday after mixed macro data failed to bolster market sentiment ahead of a long weekend in the US.
Lower transaction volumes and decreased market volatility traditionally occur during the long Thanksgiving weekend, when US investors stay away from their trading desks.
In addition, the recent batch of mixed macro data with poor PMI figures from France and better-than-anticipated ones from Germany didn’t help lift or drop market sentiment in the region.
The pan European STOXX-50 index opened mixed, with gains in healthcare, basic materials and energy offset by losses in consumer non-cyclicals and tech shares.
The market is trading with muted volumes, close to its major short-term resistance around 4,350.0/4,355.0pts as the bullish momentum keeps cooling.
Despite another slew of incoming European macro data today, with the Eurozone PMI alongside speeches from ECB and Bundesbank officials, we don’t expect the market to register any sharp or directional price action for the end of the week.
Pierre Veyret – Technical analyst, ActivTrades
Lower transaction volumes and decreased market volatility traditionally occur during the long Thanksgiving weekend, when US investors stay away from their trading desks.
In addition, the recent batch of mixed macro data with poor PMI figures from France and better-than-anticipated ones from Germany didn’t help lift or drop market sentiment in the region.
The pan European STOXX-50 index opened mixed, with gains in healthcare, basic materials and energy offset by losses in consumer non-cyclicals and tech shares.
The market is trading with muted volumes, close to its major short-term resistance around 4,350.0/4,355.0pts as the bullish momentum keeps cooling.
Despite another slew of incoming European macro data today, with the Eurozone PMI alongside speeches from ECB and Bundesbank officials, we don’t expect the market to register any sharp or directional price action for the end of the week.
Pierre Veyret – Technical analyst, ActivTrades