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‘Following slowing eurozone inflation European stock indices begin the last month of the year on a positive note’ says Axel Rudolph, Senior Market Analyst at online trading platform IG.
Around 125 basis point ECB rate cut now seen in 2024
“Weaker-than-expected eurozone inflation has led to repricing with European yields dropping to multi-month lows as traders price in around 125 basis point ECB rate cuts in 2024. Since Wednesday’s three month high, the euro has given back around 1.5% versus the greenback and other crosses. The German DAX 40 rallied by close to a percentage point, French and Italy’s indices by around half that with the FTSE 100 for once being the outperformer with gains of over a percent.”
US stock trade lower ahead of Powell speech
“Disappointing US factory activity pushed US equity indices slightly lower ahead of a speech by the Fed Chair Jerome Powell. While the US dollar regained some lost ground, the gold price briefly touched a new seven-month high as the oil price flatlined post Thursday’s OPEC+ meeting.”
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