Wall Street equities continue the strong upside rally and spread optimism across European markets

Friday, November 22, 2013

European equity markets ended higher on Friday, tracking gains in Wall Street. CAC, DAX and IBEX gained between 0.25% and 0.81%, following solid German IFO economic data that boosted market sentiment. The euro rallied strongly above 1.35 against the US dollar, verifying signs of improvement in the Eurozone.

In the US, Dow Jones rallied further, holding above 16,000 points, while S&P 500 has gained more than 0.3%, at the time of writing.

However, London equities missed the upside trend and finished slightly lower after falling by 0.11% as weaker mining stocks weighed on market sentiment. Vedanta, Fresnillo, BHP Billiton and Rio Tinto retreated heavily between 1.62% and 3.03%.

The London equity market has been under pressure for a third consecutive week, dropping below the 6,700 points.

Next week, the market’s attention will turn to the US pending home sales and the Midwest manufacturing data on Monday, while Tuesday sees housing starts and consumer confidence figures. In the UK, the release of the major GDP data on Wednesday will provide a better insight about the UK economic conditions.

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