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STOCKS-EUROPE-OPEN
European stock markets jump at open
LONDON, Dec 28, 2018 (BSS/AFP) – Europe’s top stock markets rebounded at the
open on Friday, after Wall Street enjoyed a late surge to finish with
impressive gains.
Approaching the end of a volatile and holiday-shortened Christmas week,
London’s benchmark FTSE 100 index of major British blue-chip companies
rallied 0.9 percent to 6,646.28 points.
In the eurozone, the Paris CAC 40 also leapt 0.9 percent to 4,641.05 points
and Frankfurt’s DAX 30 gained almost 0.7 percent to 10,452.02, compared with
Thursday’s closing levels.
Volatility has reigned supreme as investors wrestled with worries over
slowing global economic growth, trade wars, Brexit uncertainty and a US
government shutdown, as well as President Donald Trump’s attacks on the
Federal Reserve.
“This rollercoaster ride is unlikely to stop anytime soon as investors
continue to wear emotions on their sleeve,” noted Oanda analyst Stephen
Innes.
“Keep in mind that when markets start trading off the frenzy factor — as
we’ve seen during the last 24 hours — extreme market moves can cut both
ways,” he added.
Asian indices moved with caution on Friday after days of volatility on
global markets failed to boost confidence.
Wall Street, after staging its best rally in nine years the day after
Christmas, opened meekly on Thursday and losses accelerated following
disappointing consumer confidence data.
However, a rally in the last 30 minutes caused the Dow to stage a comeback,
ending up 1.1 percent at the close at 23,138.82 as worries over the economy
gave way to bargain-hunting.
That was an impressive 870-point recovery from the low point of the
session.
“The wild swings on the Wall Street were able to push the Dow Jones back in
green yesterday,” noted ThinkMarkets analyst Naeem Aslam.
BSS/AFP/SR/1830 HRS