European equity markets were fairly mixed in today’s trading session, as renewed concerns about Greece’s economic stability weighed on market sentiment and limited risk appetite, adding further pressure to the euro. The CAC, IBEX and London equity benchmark indices declined between 0.45% and 0.55%, while the DAX bucked the downtrend and edged higher, gaining 0.22%.
The euro remained under pressure hovering around 1.0850 against the US dollar as fairly disappointing German economic data weighed on sentiment. German exports dropped sharply 2.1% in January missing analysts’ estimates of a 1.5% drop, while imports also retreated 0.3% against analysts’ expectations of a 0.5% rise. However, the Eurozone’s Sentix investor confidence index jumped to 18.6 in March compared to 12.4 in February, beating estimates of 15.0.
In the US, the Dow Jones rebounded and gained over 120 points (+0.72%) at the time of writing, as investors digested the recent robust US employment data. The S&P 500 and NASDAQ also climbed higher in today’s session. The USD index continued its strong rally, holding above 97.6 against a basket of currencies.
Crude oil prices rebounded from earlier losses and climbed higher today with WTI front month futures climbing above $50 per barrel. Base metal prices were all up on the day with copper rallying strongly over 1.9% towards $5,900 and Aluminium rising towards $1,800.