Stocks traded higher in Europe on Thursday
Stocks traded higher in Europe on Thursday, extending yesterday's gains as investors' appetite for risk resurges.
The bearish correction that started this week ended on Wednesday, and bull traders are continuing to pile up their exposure in both treasuries and equities as optimism about a peak in monetary tightening remains alive.
Without any significant clues provided by the recent speeches from Fed and ECB officials, the dovish narrative that started with last week's data and FOMC meeting seems to prevail in investors' minds.
The STOXX-50 index registered a sharp rebound from the 4,131.0pts zone and currently challenges the 4,200.0pts level, led higher by utilities and industrial shares. In contrast, energy stocks registered the worst performances so far due to the drop in oil prices.
Today's focus will likely remain on central banks with another batch of speeches, including ECB President Lagarde and Fed Chairman Powell, while the US initial jobless claims looms in the afternoon.
Pierre Veyret – Technical analyst, ActivTrades
The bearish correction that started this week ended on Wednesday, and bull traders are continuing to pile up their exposure in both treasuries and equities as optimism about a peak in monetary tightening remains alive.
Without any significant clues provided by the recent speeches from Fed and ECB officials, the dovish narrative that started with last week's data and FOMC meeting seems to prevail in investors' minds.
The STOXX-50 index registered a sharp rebound from the 4,131.0pts zone and currently challenges the 4,200.0pts level, led higher by utilities and industrial shares. In contrast, energy stocks registered the worst performances so far due to the drop in oil prices.
Today's focus will likely remain on central banks with another batch of speeches, including ECB President Lagarde and Fed Chairman Powell, while the US initial jobless claims looms in the afternoon.
Pierre Veyret – Technical analyst, ActivTrades
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