BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Stock markets across Europe are expected to open on a positive note on Thursday amidst hopes of a peace deal and further easing in the Middle East tensions. The proposed peace talks between Israel and Lebanon, the potential transit of ships through Strait of Hormuz, and the better-than-expected GDP update from China are all seen lifting sentiment. The steady flow of corporate earning updates is also expected to sway sentiment.
Wall Street had closed on a mixed note on Wednesday amidst renewed hopes of an end to the Middle East war and positive earnings updates from the corporate sector. The tech-heavy Nasdaq Composite jumped 1.6 percent to close trading at a record high of 24,016.02. The S&P 500 also rallied 0.80 percent to finish trading at an all-time high of 7,022.95. The Dow Jones Industrial Average however slipped 0.15 percent to finish trading at 48,463.72.
European markets had closed on a mostly negative note on Wednesday amidst caution ahead of further developments on Middle East peace talks. The pan-European Stoxx-50 slipped 0.73 percent to finish trading at 5,490.95. France's CAC 40 shed 0.64 percent to close at 8.274.57. U.K.'s FTSE 100 erased 0.47 percent and closed at 10,559.58. Switzerland's SMI also recorded a decrease of 0.30 percent in Wednesday's trading to close at 13,229.35. Germany's DAX however edged up 0.09 percent to end the day's trading at 24,066.70.
Current indications from the European stock futures indicate a mostly positive sentiment. The pan-European Stoxx 50 Futures (Jun) is trading 0.38 percent higher. The DAX Futures (Jun) is trading 0.33 percent higher. The SMI Futures (June) is trading 0.27 percent higher. The CAC 40 Futures (May) is trading 0.04 percent higher. The FTSE 100 Futures (Jun) is however trading 0.13 percent lower.
American stock futures are trading in mildly positive territory implying positive expectations surrounding the Middle East peace efforts as well as the quarterly earnings reporting. The US 30 (DJIA) is trading 0.16 percent higher, whereas the US500 (S&P 500) is trading 0.19 percent above the flatline.
Tracking Wall Street's gains on Wednesday, Asian stock markets are trading on a mostly positive note. Upbeat economic data from China, progress towards peace efforts in the Middle East, the tech rally in Wall Street, all spurred buying. Japan's Nikkei 225 has jumped 2.4 percent followed by South Korea's KOSPI that has rallied 1.85 percent. Hong Kong's Hang Seng has surged 1.5 percent whereas DJ New Zealand has gained 1.2 percent. China's Shanghai Composite has added 0.34 percent. India's Nifty 50 is trading 0.32 percent above the flatline. Australia's S&P ASX 200 has however dropped 0.4 percent.
The Dollar Index, a measure of the U.S. dollar's strength relative to six currencies, is currently trading at 97.97, slipping 0.09 percent from 98.06 at the previous close. Fading safe haven bids amid U.S.-Iran peace efforts aided the dollar's retreat. The EUR/USD pair has edged up 0.06 percent to trade at 1.1808 whereas the GBP/USD pair has gained 0.04 percent to trade at 1.3573. The USD/CHF pair has slipped 0.20 percent to trade at 0.7808. The EUR/GBP pair is trading 0.05 percent higher at 0.8700. The EUR/JPY pair has slipped 0.12 percent to 187.42 and the GBP/JPY pair has slipped 0.10 percent to 215.44 as the Japanese yen firmed up on expected government intervention in the currency markets.
Gold prices have rallied 0.70 percent from Wednesday's closing level of $4,823.60 and are currently trading at $4,857.55.
Both the crude oil benchmarks are trading slightly above the flatline as markets assessed the likelihood of positive U.S.-Iran peace talks. Brent Crude Futures for June settlement is trading at $94.98, around 0.05 percent higher than $94.93 at close on Wednesday. WTI Crude Futures for May settlement is currently at $91.68, around 0.43 percent higher than $91.29 at the previous close.
Among economic data releases due from the region are GDP readings for February from the U.K. Minutes of the recent monetary policy meetings are also due from Switzerland as well as the Euro Area.
Major updates to earnings due from the region on Thursday include Netflix, PepsiCo, Abbott Laboratories, Lonza Group, Tesco, VAT Group, Pernod Ricard, Kinnevik etc.
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