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MENAFN - ecPulse - 12/09/2013

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(menafn – ecpulse)

Most European stocks were trading higher early Thursday extending recent rallies as Syria tension eased. Focus remains on US and Syria talks on the Russian proposal Thursday, in line with the weekly jobless claims as investors turn attention towards next week’s FOMC decision.

The Middle East tension surely eased in markets with the diplomatic developments and after Syria’s acceptance of the Russian proposal that pushed President Obama from backing down on an immediate military action against Syria.

Investors will still keep track of developments in Syria talks as Secretary of State John Kerry meets his Russian counterpart Foreign Minister Sergei Lavrov in Geneva to discuss the proposal for Syria to surrender its chemical weapons to international control.

-STOXX 600 is trading higher by 0.03% at 310.97

-STOXX 50 trading higher by 0.03% at 2864.24

Europe’s main gauge, STOXX 600 is holding onto the gains and extended September’s gains to trade at the highest since nearly June 2008 as the political tension unwinds and the economic outlook for Europe picks up led by positive developments in UK and the euro area which also is supported by support from expansionary monetary policies.

The gains remain at risk of renewed political tension after the meeting between the US and Russia today and as well the bets on Fed tapering as the FOMC prepares to meet next week.

Investors are still betting that the Fed will make the decision on withdrawing some stimulus when they meet even after the major August jobs report was disappointing.

-DAX is trading higher by 0.06% at 8500.66

-CAC 40 us trading lower by 0.07% at 4116.23

-FTSE 100 is trading higher by 0.14% at 6597.63

-IBEX 35 is trading higher by 0.68% at 8935.60

-FTSE MIB is trading lower by 0.07% at 17550.44

Investors remain cautious especially after gains, as they embrace for key two weeks in the coming period, the FOMC next week will have its impact on markets especially if the Fed indeed deliver the expected tapering, and that will be followed the week after with the German elections that might have its impact on euro area policies in combating the debt crisis that risks of which so far seem at bay.

Economic developments are mainly positive from Europe, US and Asia but the debt crisis has not totally elapsed from markets and the results of the election in Germany might spark worries again, especially with headlines are once again capturing Greece’s needs for another bailout!


 






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