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European Stocks Outlook: Trending Higher on Trade and Virus Hopes

European Stocks Outlook: Trending Higher on Trade and Virus Hopes

2020-02-06 12:00:00
Martin Essex, MSTA, Analyst and Editor
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DAX, CAC 40, FTSE MIB, IBEX 35 prices, news and analysis:

  • Stock market indexes in Germany, France, Italy and Spain are all buoyant on hopes of a coronavirus breakthrough and better news on the US-China trade dispute.
  • Record highs for the S&P 500 and the Nasdaq are helping European stocks too after news that private payrolls in the US surged by 291,000 in January according to ADP and Moody’s Analytics.

European stock markets trending higher

Continental Europe’s main stock market indexes, Germany’s DAX, France’s CAC 40, Italy’s FTSE MIB and Spain’s IBEX 35, are all in strong uptrends that will likely continue, although near-term profit-taking is always possible.

Prices have been helped by news that China is to halve tariffs on some imports from the US, potentially easing trade tensions between the two countries. Moreover, hopes persist of a coronavirus breakthrough even though experts have warned that finding a vaccine could be a long process.

Helped too by record highs for the S&P 500 and Nasdaq 100 in New York, Frankfurt’s DAX is higher for the fifth successive day despite news Thursday of a tumble in German factory orders in December, leaving this week’s uptrend intact.

DAX Price Chart, Hourly Timeframe (January 31 – February 6, 2020)

Latest DAX price chart.

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

Germany 30 BEARISH
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 29% -2% 6%
Weekly 72% -28% -12%
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Similarly, the CAC 40 in Paris is buoyant, helped by news that its third-largest bank, Société Générale, may launch a share buyback after a rise in quarterly revenues.

CAC 40 Price Chart, Hourly Timeframe (January 31 – February 6, 2020)

Latest CAC 40 price chart.

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

Milan’s FTSE MIB and Madrid’s IBEX 35 are both in similar uptrends, with the Italian index at its highest since May 2018 and the Spanish index at its highest since August 2018 as a weak Euro outweighs any caution in European stock markets ahead of Friday’s US non-farm payrolls release.

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--- Written by Martin Essex, Analyst and Editor

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