European Markets Closed Flat Along with US Holiday

European Markets Closed Flat Along with US Holiday

Wall Street is quiet today as the United States celebrates the Thanksgiving Holiday.

The European Markets, as if in one with the stillness of its neighbor, closed the trading day flat.

Most of its major indices are a little changed, making only conservative hikes and falls before settling steadily.

The STOXX 600 steadied with a modest 0.03% drop while Germany’s DAX index shed a little less than 0.1%.

Paris followed the downward trend as Frankfurt after the CAC index fell by roughly 0.1% in stock market close.

In the United Kingdom, the FTSE did not perform any better after recording a 0.4% decline. British citizens are still in the middle of digesting the government’s mandate to adopt further restrictions.

These will take place after the lift of the four-week partial lockdowns set to end in December.

Despite the recent blows, the European stock exchanges are still trading in the green overall after they were buoyed by strong gains on Tuesday.

According to a market expert, there is always weariness in Europe during the Thanksgiving season. This is brought by a directionless session from minimum trading volume and limited movements.

This implies that Wall Street’s whereabouts remain as the biggest determiner on European trading.

This is in contrast to Asia as the continent recorded significant runs and setbacks even when the entire U.S. stock market is shut for the celebration.

For a brief insight, the Nikkei 225 rallied the strongest in the past days, hitting its highest threshold in the last 29 years.

The MSCI broadest index outside Japan also notched multiyear highs after gaining significantly since Monday.

On the other hand, the China stock market remains under pressure. Both of the country’s major indices edged down in successive trading sessions.

U.S. Stock Market Grim Before the Break

The U.S. stock market recorded an impressive rally throughout the week only to fall before the holiday break.

Three of its major indices are on record high in the past trading sessions, supported by positive reports from pharmaceutical companies on vaccine development.

Similarly, the statement from President Trump agreeing on a swifter transition to the Biden administration also provided support.

However, just in time to rain on the parade, the country recorded grim labor data for the previous week. The initial jobless claims are on a steady high, exceeding forecast from analysts.

With this, Wall Street instantaneously retreated, with S&P 500 falling by 0.16% while the Dow Jones Industrial Average shedding off 0.56%.

On the other hand, the Nasdaq managed to settle on the green after a 0.47% hike.

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