There was no sign of a festive Santa Rally on European markets as traders were more focused on the pantone and presents to come than their portfolios.

Despite U.S. stocks climbing to yet another record high on Monday, Christmas Eve trading was flat across the pond in what for many markets will be a short day. There was an absence of many meaningful directional drivers as most traders readied themselves for the holidays. But the benchmark Stoxx Europe 600 index

SXXP, +0.12%

is still on course to end the year with its biggest gain in ten years.

What’s movin g the markets?

Stocks in Asia and Europe have had a strong run recently, thanks to the U.S. and China agreeing to the first part of the trade deal earlier this month.

There was some seasonal joy as the Chinese government took baby steps towards bridging the divide between it and Washington DC after revealing that more than 850 U.S. imports will see their tariffs reduced as of the New Year.

“The Chinese tariff story failed to spark any interest, possibly because many traders are already on holidays, and those whose are working, are content to sit on the fence,” said David Madden, market analyst at CMC Markets U.K.

“The trade story is far from over so Mr. Trump [The U.S. President] can continue the battle next year, and as long as it doesn’t impact U.S. growth, it should play well with voters,” he added.

The Stoxx Europe 600 index

SXXP, +0.12%

 traded little changed at 418.69, after closing Monday down 0.03% to 418.27, which still marked its second-highest close in history. The French CAC 40

PX1, +0.06%

was flat at 6,030.43. Euronext trading will close early Tuesday and reopen on Dec. 27 after an extended holiday break for markets.

The German DAX 30 index

DX, -0.24%

will not trade on Christmas Eve and reopens Dec. 27. The index slipped 0.1% to 13,300.98 on Monday, and is up about 0.5% for the month.

The FTSE 100 index

UKX, +0.06%

was unchanged at 7,630.14. London trading also finishes early Tuesday and won’t reopen until Friday.

Sterling

GBPUSD, +0.0773%

was steady after a sizable fall on Monday, as traders banked recent rises following a three-month rally. Dealers are bracing themselves for the possibility if a no-deal Brexit, but such an event would be at least a year away.

Which stocks are active?

The Dow Jones Industrial Average

DJIA, +0.34%

got a boost Monday from shares of Boeing

BA, +2.91%,

which climbed on news CEO Dennis Muilenburg has resigned amid controversy surrounding its 737 Max jet. Stock futures

YM00, +0.07%

were pointing to a quiet session of trade on Tuesday.

Investors will be watching shares of Germany’s BMW AG

BMW, -0.66%

 later in the week after the automaker said Monday that the Securities and Exchange Commission has opened a probe into its sales practices. A spokesman said the company will cooperate fully, while the SEC could not immediately be reached for comment, The Wall Street Journal reported.

NMC Health

NMC, -0.48%

shares slipped 1.8% after the FTSE-100 hospital operator jumped more than 35% on Monday. Investors took profits after the stock had soared on news it had launched an independent review over allegations of financial mismanagement made by a short seller.

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2019-12-24