Overseas Trading: European Stocks Brush Off Sliding Oil Prices

Economic activity in the eurozone ramped up in August, according to the latest PMI

Aug 23, 2016 at 8:46 AM
facebook twitter linkedin

Asian markets were mixed amid a low-volume session, as traders took a cautious stance ahead of this Friday's speech from U.S. Fed Chair Janet Yellen -- as recent indications suggest the central bank is taking a more hawkish tone toward interest rates. In Japan, a stronger yen weighed on exporters, pressuring the Nikkei to a 0.6% loss. Elsewhere in the region, South Korea's Kospi tacked on 0.4%, China's Shanghai Composite added 0.2%, and Hong Kong's Hang Seng finished about a point higher.

European benchmarks are trading higher at midday, even as oil prices continue to retreat. Stocks are reacting to a fresh batch of economic data, as well as a rally in mining and financial shares. The IHS Markit flash purchasing managers index (PMI) hit a seven-month peak in August, as economic growth gained traction across the eurozone. At last check, the French CAC 40 and the German DAX were both flirting with 0.7% leads. London's FTSE 100, meanwhile, is up 0.6%.

Overseas Trading August 23

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical  levels, and top economic stories straight to your inbox. 

Begin the New Year With Schaeffer's 7 FREE 2022 Stock Picks!



Special Offers from Schaeffer's Trading Partners