Markets

European stocks hit 2-week high on improved sentiment

2021-10-13 12:24:42 GMT (Economies.com)

European stocks rose on Wednesday, and hit a 2-week high while on track for the second daily gain in 3 days thanks to improved market sentiment after a drop in the US T-bond yields, ahead of key US inflation data, and the release of the US Fed meeting minutes.

 

The Stoxx Europe 600 index rose 0.5% as of 11:17 GMT, and the highest level since September 28 at 459.88 points, after closing lower by 0.1% yesterday due to weak data on confidence levels in the European and German economy during October

 

The tech sector saw the largest gains in Europe today, with a rise of more than 2%, following a drop in the US bond market.

 

The 10-year US Treasury yield fell 0.5% today, deepening losses for the second straight day, and pulled back further from a 4-month high of 1.636%, which improved the risk appetite in global stock markets.

 

This comes ahead of key US inflation data, and the release of the US Fed meeting minutes, which is expected to provide insight about the timing the Fed will start to taper its bond-buying program, which is an essential step before an interest rate hike.

 

S&P 500 futures rose 0.4% today, after the index closed lower by 0.25% on Friday, in its third straight daily loss.

 

Back to Europe, the Euro Stoxx 50 index rose 0.5%, France's CAC 40 rose 0.2%, Germany's DAX index rose 0.7%, and the UK's FTSE 100 rose 0.1%.

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