This is CNBC’s live blog covering European markets.
European stock markets closed higher on Thursday ahead of the four-day Easter weekend.
The benchmark Stoxx 600 index provisionally closed up 0.5% as it shook off some of the pessimism that has taken it to three straight sessions of marginal losses. It is up 0.25% this week, according to Eikon data.
EUROPEAN MARKETS
| TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| .FTSE | FTSE 100 | 7741.56 | 78.62 | 1.03 |
| .GDAXI | DAX | 15597.89 | 77.72 | 0.5 |
| .FCHI | CAC 40 Index | 7324.75 | 8.45 | 0.12 |
| .FTMIB | FTSE MIB | 27213.86 | 346.47 | 1.29 |
| .IBEX | IBEX 35 Idx | 9312.3 | 57.7 | 0.62 |
Banks climbed 1.8% as they continued their generally positive trend after recent volatility. This week saw UBS and Credit Suisse bosses face shareholders at their annual general meetings after the former controversially acquired the latter in a rushed deal.
The travel and leisure sector gained 1.4%, with tourism group Tui leading European stocks after reporting strong booking demand.
Household goods stocks declined 1.3% while retail fell 0.5%.
Investors are bracing for the release of U.S. non-farm payrolls data on Friday, when U.S. and European markets will be closed.
It follows recent suggestions the U.S. economy is slowing, with growth in private payrolls slowing more than anticipated, job openings dropping to their lowest level in nearly two years, and the ISM Purchasing Managers’ Index for services declining.
This has renewed talk of a U.S. recession, but markets are lacking clear direction on exactly what it will mean for Federal Reserve rate hikes. Financial markets are currently pricing in around a 51% chance of the Fed holding rates steady at its next meeting, according to CME’s FedWatch tool.
The dollar made slight gains and stocks were lower through the U.S. morning amid the gloomier economic picture.
However, in Europe, figures published Thursday showed German industrial production increased by 2% in February, more than forecast, and U.K. house prices rose unexpectedly.
Meanwhile, a speech by the European Central Bank’s chief economist, Philip Lane, on Wednesday added to expectations of another rate hike in May, as he stressed that food price inflation in the bloc was still rising.
Europe’s Stoxx 600 provisionally closed 0.5% higher on Thursday ahead of the four-day Easter break, taking it to a gain for the week despite narrow losses in the prior sessions.
The U.K.’s FTSE 100 closed up 1% after a rise in house prices boosted the economic picture and as financial, insurance and energy stocks gained.
Germany’s DAX rose 0.5%, while France’s CAC 40 was up 0.1%.
Europe Stoxx 600
*Data is delayed | Exchange | EUR
458.94
+2.35 (+0.51%)
Last | 3:50 PM GMT
WATCHLIST+
Stoxx 600 index.
— Jenni Reid
U.S. stocks open lower
The major U.S. averages slid to start Thursday’s session, with the Dow losing 02%. The S&P 500 and Nasdaq dipped 0.3% and 0.7%, respectively.
— Fred Imbert
Sweden has long had one of Europe’s hottest housing markets, but prices have tumbled and are not set to recover for a long time, according to Danske Bank. Economists are also warning of a “false dawn,” as recent housing data suggests a slight uptick in prices.
Danske previously projected a 20% drop, peak to trough, in Swedish house prices. It has since revised that figure to a 25% dip, meaning prices are currently “still only half-way to the bottom,” according to Danske Bank’s Nordic Outlook report.
Prices are currently down by 12% from the peak recorded in February last year, according to the bank’s data.
Source: CNBC
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