Europe: Stock markets steady at open
[LONDON] European stock markets steadied at the start of trading on Wednesday after rallying the previous session, as easing lockdown measures offset extremely weak business data caused by the coronavirus fallout.
London's benchmark FTSE 100 index gained 0.1 per cent to 5,852.10 points, compared with Tuesday's closing level.
In the eurozone, Frankfurt's DAX 30 index eased 0.2 per cent to 10,712.70 points and the Paris CAC 40 dipped 0.1 per cent to 4,477.35.
German manufacturers saw new orders plunge by a record 15.6 per cent in March, official data showed Wednesday.
The release came as a draft agreement revealed that Germany, Europe's biggest economy, will take new steps towards normalisation in May, including reopening shops and schools after weeks of shutdown imposed to control the spread of Covid-19.
"Currently the markets have been pricing in the expectation that economies will be able to pick up reasonably well from where they left off pre-coronavirus crisis," said Fiona Cincotta, analyst at City Index trading group.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
"However, with growing job losses and a change in dynamic in certain industries, such as aviation, and potentially many other sectors such as retail, restaurants, gyms and bars, it's becoming increasingly clear that this will be a rocky road to recovery," she added.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results
Mixed trading in Asia as investors watch for further macro data; STI down 0.2%
Vietnam delays launch of new stock trading system
Hong Kong bourse regains favour on hopes of a market revival
Asia: Markets rise as strong US tech earnings offset poor data