European markets opened modestly higher on Friday, on what is expected to be a quiet day due to a national holiday in the US.
The FTSE 100 (^FTSE), the DAX (^GDAXI), and the CAC 40 (^FCHI) all rose 0.2% at the open.
Sentiment was tempered by the absence of US market activity. Stock markets are closed due an early national Independence Day holiday.
“Given it’s a holiday in the US, we’d normally say it should be a fairly uneventful day ahead however that could depend on what happens with the latest virus data,” Deutsche Bank strategist Jim Reid wrote in a note to clients.
“Although it was a decent (half) day again for risk yesterday, equities did close well off their highs in the US after the latest virus numbers showed a tick up in deaths in Florida — 67 and the most in a month.”
The US set a new record for daily confirmed COVID-19 cases on Thursday, surpassing the record set just a day before. Over 55,000 new cases were announced on Thursday across the country, according to the Washington Post.
Closer to home, European PMI data will be in focus this morning, giving an idea of how service sectors across the Eurozone and UK have fared over the last month.
Asian markets rallied in overnight. China’s Shanghai Composite (000001.SS) climbed 1.9%, the Shenzen Component (399001.SZ) rose 1.2%, the Hong Kong Hang Seng (^HSI) rose 1.1%, and Japan’s Nikkei (^N225) improved by 0.7%.
Chinese exchanges were boosted by better-than-expected survey data from the country’s service sector. Caixin’s Services PMI came in at 58.4, against a forecast of 53.2. PMIs are given on a scale of 0 to 100, with anything above 50 signalling growth and below marking contraction.
The data marked the strongest growth for the Chinese service sector in a decade and boost hopes of a continued swift rebound for the country’s economy.
Read more from source here…