The European market opened green on Wednesday, while investors are still concerned and focused on China over the credit crunch.
European Euro Stoxx 50 rose 0.46% at 2,555.47 as of 7:29am GMT, while in Germany; the DAX index gained 0.44% to 7,846.15 at the same time. The French CAC 40 gained 0.13% to 3,645.68 and the British FTSE 100 added 0.14% to 6,110.50.
Jonathan Sudria, trader at Capital Spreads Jonathan said “The vicious moves lower on fears of Fed tapering and a Chinese credit crunch seem to have abated for now and tentative buyers are feeling a little confidence about dipping their toes back into the market.”
The US Consumer Confidence Index advanced to 81.4 in June, from previous month of 76.2, while durable goods booking in the US rose 3.6% in May to $231 billion, according to reports released from the department of commerce.
Earlier, the central bank said it would put in cash into the economy to support growth, however changing its tune; the People’s Bank of China (PBOC) stated in a statement released on Tuesday, that it would the support liquidity in the financial markets in order to keep the system stable where necessary.
The French final gross domestic product (GDP) fell by 0.2% in the first quarter, while the year-on-year dropped 0.4%, according to the National Institute for Statistics and Economic studies.
Germany’s consumer climate increased by 6.8 points in July from previous record of 6.5 in June, GFK reported. While in Italy, the roman government will auction Treasury bills with maturity in 186 days, the country’s target is eight billion euros.
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