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Santa Rally in European Stocks Looking More Likely

Santa Rally in European Stocks Looking More Likely

Martin Essex, MSTA, Analyst

European stock market analysis:

  • Hopes of the usual Santa Rally in European stocks are rising on conciliatory comments by US President Donald Trump about a trade deal with China.
  • The stock-market indexes in London, Frankfurt and Paris are all climbing for a third successive session after their recent weakness.

Santa Rally may have begun

This week has seen a sizeable rally in European stock markets, raising hopes that the traditional Santa Rally has begun. Stocks are now rising Wednesday for the third successive session, although they remain far from the highs reached earlier in the year.

By late morning in the UK, the FTSE 100 index of leading London-listed stocks was up 1.2%, the DAX in Frankfurt was 0.8% higher and the CAC 40 in Paris was 1.5% firmer. That was principally on hopes that the US-China trade war can be settled peacefully.

FTSE 100 Price Chart, Daily Timeframe (Year to Date)

Latest FTSE 100 price chart.

Chart by IG (You can click on it for a larger image)

US President Donald Trump said in an interview with the Reuters news agency that talks were taking place with Beijing by phone and he would not raise tariffs on Chinese imports until he was sure about a deal. He also said he would intervene in the Justice Department’s case against a top executive at China’s Huawei Technologies if it would serve national security interests or help close a trade deal. A Canadian court granted bail Tuesday to the executive in a move that could help placate Chinese officials angered by her arrest.

The rise in the FTSE 100 was particularly notable given that Wednesday also brought news of a challenge to UK Prime Minister Theresa May from within her ruling Conservative Party. That lifted the British Pound, which often moves in the opposite direction to the London stock market.

Clearly, stock indexes could yet fall back again but for now risk appetite in the markets has stabilized and that could bring further gains in the days ahead.

More to read:

How to Measure Volatility

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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