The major European indices are closing higher on the day. A snapshot of the provisional closes are showing:
- German DAX, +0.7%
- France's CAC, +0.25%
- UK's FTSE 100, +0.4%
- Spain's Ibex, +0.9%
- Italy's FTSE MIB +0.75%
For the trading week, the major indices are down modestly lower with the exception of the UK FTSE 100 :
- German DAX, -0.4%
- France's CAC, -0.75%
- UK's FTSE 100 +0.3%
- Spain's Ibex, -0.75%
- Italy's FTSE MIB, -0.2%
Relatively speaking, the European stock indices are faring better than the US counterparts. While indices like the S&P index and a NASDAQ index are nearer there year lows (the NASDAQ index traded to the lowest level since March 2021 this week), the German Dax is 13.3% off of its March lows. France's CAC is 13.5% off of it's lows. The UK FTSE 100 is 11.15% off it's year low and less than 2% from its high from 2022.
The lower EUR is a tailwind for European companies as are the expectations the ECB will keep rates lower longer due to the Ukraine war.
