FTSE and European markets rose on Thursday as global markets search for new record highs to close out the year and the pound surges against the dollar amid interest rate cut hopes.
The FTSE 100 (^FTSE) rose 0.2% to 7,740 points at the open, while the CAC 40 (^FCHI) in Paris rose 0.2% to 7,589 points. In Germany, the DAX (^GDAXI) advanced 0.2% to 16,781. Europe’s Stoxx 600 (^STOXX) was up 0.4% in early as most sectors and major bourses edged into positive territory.
Trading volumes are expected to be thin during the last days of the trading year, with fewer data points on the economic calendar and all major central bank meetings out of the way.
Across the pond, S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were mostly higher as trading began in Europe.
Read more: How AI boom will benefit these nine chipmakers in 2024
On Wall Street, US stocks finished higher Wednesday as traders kept an eye on the S&P 500′s march toward record levels.
The Dow Jones (^DJI) rose 0.3% to close at 37,656 points. The S&P 500 (^GSPC) gained 0.1% to 4,781 points and the tech-heavy NASDAQ (^IXIC) advanced 0.2% to 15,099.
In Asia, Tokyo’s Nikkei 225 (^N225) slipped 0.4% to 33,539 points, while the Hang Seng (^HSI) in Hong Kong outperformed Asian equities for the second day by rising 2.52% to 17,044 points. The Shanghai Composite (000001.SS) climbed 1.4% to 2,954 points.
Retail sales data from Japan showed a 5.3% growth in November, higher than a Reuters poll forecast of 5%.
Meanwhile, the pound has hit its highest level against the US dollar since the beginning of August, as investors continue to bet on falling US interest rates in 2024.
Read more: What is a recession and what does it mean for me?
The pound’s (GBPUSD=X) was stronger against the dollar and at its highest point since August 10, with sterling trading at $1.2812. The sterling (GBPEUR=X) was muted against the euro, trading at €1.1531.
Brent crude (BZ=F) was hovering around $80/barrel as concerns eased about shipping disruptions along the Red Sea route in spite of rising tension in the Middle East.
Watch: Gold nears $2100, biotech stocks on the move: Trending tickers
Download the Yahoo Finance app, available for Apple and Android.
