European equity markets edged higher in today’s session, as firm Chinese and European economic data improved market sentiment. The CAC, IBEX and the London equity benchmark index gained between 0.3% and 0.85%, while the DAX index consolidated around 9,300, at the time of writing.
On the macroeconomic front, Eurozone’s sentiment investor confidence fell to -11.9 in November compared to -13.7 in October, beating analysts’ expectations. However, the euro gave back earlier strong gains and slid lower within range after previously having hit a high at 1.2509.
In London, supermarkets and retail companies added the most points to the index as Tesco and Morrison gained nearly 1.4% and 0.95%, respectively, while Sainsbury’s missed the uptrend and retreated more than 2.5%. Banks were mixed as RBS and HSBC extended gains, while Lloyds and Standard Chartered remained under pressure.
Tomorrow, market participants will be keeping an eye on the release of the UK BRC retail sales as well as Japan’s consumer confidence index. It is a relatively quiet week in key macroeconomic indicators. Later this week, the main focus will turn to the Bank of England’s quarterly inflation report for clues about when the Bank of England will begin increasing interest rates.
Precious metal prices remain under pressure as both gold and silver retreated more than 1%. Gold spot fell sharply towards $1,160/ounce, while silver plunged to retest $15.50. Platinum and palladium remained in negative territory, while base metal prices were fairly mixed at the time of writing with Copper 3M falling towards $6,670.