LONDON: Stock markets were mostly higher Friday, even if activity was subdued owing to the absence of many traders in the United States, dealers said.
In afternoon trading, Frankfurt’s blue-chip DAX index added 0.3 percent and the CAC 40 in Paris gained 0.6 percent, while London’s FTSE 100 eased by 0.4 percent.
In New York, the Dow Jones index showed a gain of 0.4 percent as it bobbed around the historic level of 30,000 points reached earlier in the week.
Many US traders had taken advantage of a national holiday on Thursday to give themselves a long weekend.
“We look set for a quiet end to the week,” said CMC Markets analyst Michael Hewson.
“This end-of-week caution appears to be predicated on concern over the short-term economic outlook, as the extension of tighter restrictions on economic activity in France, Germany and the UK creates further uncertainty over the potential for permanent economic scarring as we head into 2021.”
Nevertheless, Asian markets maintained their upward momentum Friday, as investors continued to take heart from the prospect of vaccines being rolled out in the next few weeks.
Hopes are high that, with at least three in the pipeline, life can begin to get back to normal next year and give a much-needed boost to the battered global economy.
“The vaccine story is undoubtedly good news; however, there is some concern as to what the economic landscape will look like when we come out of the other side of winter,” cautioned Hewson.
Adding to the upbeat mood are easing US political uncertainty after Joe Biden’s election win and Donald Trump’s announcement Thursday that while he thinks the vote was rigged he will step aside if the Electoral College hands him defeat next month.
However, the rally has been kept in check by a frightening surge in virus infections across the United States and Europe, with some other countries including Japan and South Korea now seeing spikes.
There are also worries about a further acceleration in the pandemic in the US after millions ignored official advice and travelled across the country to celebrate Thanksgiving, with top infectious disease expert Anthony Fauci saying he expected to see “a surge superimposed upon a surge” after the holiday.
London – FTSE 100: DOWN 0.4 percent at 6,337.77 points
Frankfurt – DAX 30: UP 0.3 percent at 13,319.47
Paris – CAC 40: UP 0.6 percent at 5,600.69
EURO STOXX 50: UP 0.4 percent at 3,524.73
New York – Dow: UP 0.4 percent at 29,978.28
Tokyo – Nikkei 225: UP 0.4 percent at 26,644.71 (close)
Hong Kong – Hang Seng: UP 0.3 percent at 26,894.68 (close)
Shanghai – Composite: UP 1.1 percent at 3,408.31 (close)
Euro/dollar: UP at $1.1945 from $1.1913 at 2200 GMT
Pound/dollar: UP at $1.3359 from $1.3358
Dollar/yen: DOWN at 104.04 yen from 104.26 yen
Euro/pound: UP at 89.42 pence from 89.19 pence
West Texas Intermediate: DOWN 0.9 percent at $45.28 per barrel
Brent North Sea crude: UP 0.4 percent at $48.01
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