Ger30, UK100 and SP500 are CFD’s, written over the Dax30, Footsie100 and S&P500 Index futures:
Despite continued fears about global trade, European markets have soared today, boosted by economic data and published business results. Most sectors traded higher, despite the relative underperformance of telecommunications companies and producers of raw materials. Insurers were among the best performers: Italian Generali rose 2.91%, favored by the announcement of an increase in its dividend and a record operating profit. Also Munich Re presented a valuation after having raised its profit forecasts for this year and announced a plan to repurchase its own shares in the amount of 1000 M.€. Lufthansa was penalized for saying that high fuel prices are expected to have an impact on profits for 2018, although it has subsequently recovered to a positive ground. Retailer H & M again failed to meet forecasts when reporting lower sales for the first quarter of the year. Its shares fell 3.47%.
The US market was trading higher in a session marked by the release of economic indicators. According to Reuters, investors remain somewhat reticent about the possibility of a trade war between the US and China, due to Donald Trump’s intention to apply customs duties in the order of 60,000 M.USD on Chinese imports. Data from the Labor Department showed that the number of Americans applying for unemployment benefits last week fell by 4,000 to a total of 226,000, a level in line with that expected by economists. The Philadelphia Fed’s economic activity index hit 22.30 in March, compared to the expected 23.00. Regarding the real estate market, the NAHB Housing Market Index fell to 70 in March, below the expected 72.