EUROPE MARKETS: European Stocks Waver As Traders Digest Weak Inflation Data
16 Marzo 2018 - 12:05PM
Dow Jones News
By Sara Sjolin, MarketWatch
Germany's DAX reopens after connectivity glitch
European stock markets struggled for direction on Friday, as
traders absorbed reports of another impending prominent departure
from the U.S. administration and disappointing inflation data for
the eurozone.
What are markets doing?
The Stoxx Europe 600 index was up 0.03% at 377.01, setting the
benchmark on track for a 0.3% weekly decline.
Germany's DAX 30 index rose 0.4% to 12,389.66. Trading in
Frankfurt opened about 40 minutes late on Friday
(http://www.marketwatch.com/story/germanys-dax-to-reopen-after-unknown-glitch-2018-03-16)
after a connectivity issue that prevented equal access for market
participants to the trading system.
France's CAC 40 index fell 0.1% to 5,264.24, while the U.K.'s
FTSE 100 was up 0.1% at 7,146.50
(http://www.marketwatch.com/story/ftse-100-trudges-higher-but-home-builders-keep-a-lid-on-bigger-gains-2018-03-16).
What is driving the market?
The indecisive trading action came as investors digested more
turmoil in the U.S. administration. Media reports said President
Donald Trump was planning to sack his national security adviser
H.R. McMaster
(http://www.marketwatch.com/story/trump-poised-to-push-mcmaster-out-of-the-white-house-2018-03-16),
which would be the second high-profile firing from the White House
this week. Secretary of State Rex Tillerson was fired on Tuesday
and replaced with CIA Director Mike Pompeo.
Concerns over a possible trade war between the U.S. and key
trading partners were still weighing on investors' minds as well,
analysts said. The White House said on Wednesday it will seek to
trim the U.S.'s trade deficit with China by $100 billion, using
tariffs. The European Union, meanwhile, was working to get the bloc
exempt from the tariffs.
Closer to home, eurozone inflation data were in focus. Eurostat,
the statistical office of the European Union, said inflation in the
currency union fell to 1.1% in February
(http://www.marketwatch.com/story/eurozone-inflation-falls-misses-forecasts-2018-03-16),
down from an initial estimate of 1.2% and weaker than the 1.3%
recorded in January. The euro slightly pared its gain after the
report, buying $1.2324, compared with as high as $1.2337 ahead of
the data. The euro fetched $1.2306 late Thursday in New York.
Which stocks are in focus?
Shares of Siemens Healthineers AG rose 2.4% as the stock made
its market debut on the Frankfurt Stock Exchange
(http://www.marketwatch.com/story/siemens-healthineers-shares-rise-on-market-debut-2018-03-16-648579).
What are strategists saying?
"Traders are continuing to tread lightly as worries about a
possible trade war are still doing the rounds. Traders are
tip-toeing around this morning as there is talk that President
Trump will target China with tariffs. While no new developments
have taken place, some bargain hunters are stepping in," said David
Madden, market analyst at CMC Markets UK, in a note.
(END) Dow Jones Newswires
March 16, 2018 06:50 ET (10:50 GMT)
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