(MENAFN- Gulf Times) Europe's STOCK MARKETS rose yesterday in light holiday trade, after US stocks climbed higher following a mixed batch of US economic data and corporate earnings.
Trading was subdued in Europe owing to a public holiday in Germany and France, but the markets remained open.
London's benchmark FTSE 100 index of leading companies closed up 0.34% to 6,973.04 points.
In Paris, the CAC 40 rose 1.36% to 5,029.31 points, while the DAX 30 in Frankfurt climbed 1.84% to 11,559.82 points compared with Wednesday's close.
The EURO meanwhile rallied to a three-month peak at $1.1445, before slipping to $1.1363, which was still up from $1.1354 late in New York on Wednesday, extending gains on bright eurozone economic growth data.
"The US STOCK MARKETS have surged today, tracking gains seen across Europe. It is not clear why sentiment has turned this bullish all of a sudden, but the unexpected drop in the weekly jobless claims to 264,000 may have been a factor," said Fawad Razaqzada, technical analyst at Forex.com.
On Wall Street, the Dow Jones Industrial Average rose 0.87% to 18,217.11 points in mid-day TRADES in New York.
The broad-based S&P 500 gained 0.75% to 2,114.14, while the tech-rich Nasdaq Composite Index won 0.97% to 5,030.03.
US economic data showed a modest decline in weekly jobless claims, but an unexpected 0.4% drop in producer prices in April.
"The US Department of Labor's monthly release of the latest producer price index has badly underperformed, not only failing to meet expectations but showing contraction as well. It will be interesting to see how the markets take this continuingly disappointing US data," said Alastair McCaig, market analyst at IG MARKET.
Yesterday, Asian equities mostly retreated following the set of below-forecast US data on Wednesday.
Tokyo's Nikkei index was the biggest loser of Asia's major markets yesterday as the yen climbed against the DOLLAR.
Tokyo sank 0.98% and Sydney eased 0.33%, while Seoul added 0.29%, Hong Kong climbed 0.14% and Shanghai was slightly higher.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.