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European markets start higher

Pierre Veyret - Technical Analyst, ActivTrades
June 16, 2023

EUROPEAN SHARES 


European benchmarks opened higher on Friday, extending the bullish sentiment in Asia overnight, as investors cheered dovish messages from China.


Risk appetite grew higher for the last trading session of a busy week on the macro front. Despite lingering hawkish stances from the ECB and the Fed, market sentiment has improved towards equity markets after China was said to be discussing a batch of measures, including rate cuts and property support, to sustain its economy.

With that in mind, many investors and analysts already anticipate these measures should provide a demand boost to many areas, such as consumer spending, energy, rare earth and other industrial metals, explaining this growing appetite for stocks today.


The STOXX650 index edged higher following the opening bell, with all sectors in the green while the top performances brought by healthcare and utility shares. However, the market remains in its 30-points wide trading range between 3,450.0pts and 3,480.0pts. Investors are likely to wait for further confirmed catalysts to assess if the dovish measures from China could offset the monetary pressure brought by the ECB before bringing more directionality to prices.


Pierre Veyret– Technical analyst, ActivTrades


Source: ActivTrader


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