European Indexes Finish Higher In Active Trading

Barry Adams
06 Jun, 2022
New York City

European markets traded higher after the U.S. paused tariffs on solar power modules and cells from four countries. 

Monetary policy committee members are scheduled to meet on Thursday June 9 ahead of the rate setting meeting on July 21. 

The DAX index gained 1.4% to 14,655.95, the CAC-40 index rose 1.35% to 6,573.11, and the FTSE 100 index added 1.3% to 7,629.77. 

The indexes in Frankfurt, Paris, and London opened higher and stayed i the positive zone all day on the optimism of increased activities in China. 

Market indexes in Austria, the Netherlands, Portugal, Spain and Turkey also closed higher but indexes in Russia, Norway, and Iceland closed down. 

Investors stepped up buying in London after a four-day weekend. 

Fresnillo, the Mexico-based silver miner jumped 2.7% to 787.23 pence and Persimmon plc, the home builder gained 2.5% to 2,239.00 pence.  

Royal Mail PLC jumped 4.0% to 321,25 pence and the mail service provider is embroiled in a pay dispute with workers union. 

Royal Mail has declined 47.91% in the last 52 weeks of trading. 

The U.K. passenger vehicle registration in May declined 20.6% to 124,394 after manufacturers struggled with chip shortages and supply chain disruptions. 

The automobile registrations were the second weakest May since 1992, according to the data released by the Society of Motor Manufacturers and Traders.  

In Paris trading large cap companies and commodities makers led the gainers. 

ArcelorMittal gained 1.5% to 30.81 euros, Publicis Groupe SA jumped 1.7% to 51.90 euros, and Accor SA jumped 1.8% to 30.64 euros. 

In Frankfurt trading financial and insurance companies led the gainers. 

Hellofresh SE jumped 6.7% to 36.57 euros, Allianz gained 1.6% to 198.30 euros, and Munich Re advanced 1.03% to 226.0 euros.    

Mercedes Benz Group AG increased 1.2% to 68.0 euros. 

Asian markets advanced after China eased mobility restrictions as life returns to normal after two months of severe lockdowns to halt the spreading of coronavirus. 

The Nikkei index jumped 0.5% to 27,915.89, the Hang Seng Index soared 2.7% to 21,653.90, and the Sensex index edged down 0.2%. 

The Reserve Bank of India is set to lift its rate tomorrow by 50 basis points after inflation indexes jumped to eight-year highs. 

The ASX 200 Index dropped 0.5% to 7,206.30 and the broader All Ordinaries Index fell 0.5% lower to 7,433.10.

The Reserve Bank of Australia is also set to lift its benchmark interest rate between 25 and 40 basis points.