European stock markets open higher

European stock markets began the day with gains.

Following the opening, the Stoxx Europe 600 benchmark index is trading at 475 points with a 0.6 percent increase, while the DAX 40 index in Germany is trading at 16,650 points with a 0.6 percent premium.

In the UK, the FTSE 100 index is at 7,624 points with a 0.6 percent gain, the MIB 30 index in Italy is at 30,456 points with a 0.7 percent rise, the IBEX 35 index in Spain is at 10,081 points with a 0.8 percent increase, and the CAC 40 index in France is at 7,413 points with a 0.4 percent gain.

The euro/dollar parity is currently hovering at 1.0980, just above the previous close.

Analysts stated that global equity markets are following a mixed trend due to US inflation data released yesterday coming in above expectations and rising geopolitical risks in the Middle East, noting that the Producer Price Index (PPI) in the US will be monitored today.

The fact that US inflation also gave strong signals following the recently released preliminary inflation data in Europe did not dampen risk appetite yesterday.

Yesterday, European Central Bank (ECB) President Christine Lagarde stated that the ECB could begin interest rate cuts once it is confident that inflation is approaching 2 percent.

Today, European stock markets started the day with gains following the growth data released in the UK, which came in above expectations.

While the British economy grew by 0.3 percent in November, exceeding expectations, it contracted by 0.2 percent in the September-November 2023 period compared to the previous three-month period. In the country, industrial production showed a 0.3 percent increase in November.

News Source: AA