FLIY - European markets gain; traders brace for manufacturing PMI reports

2023-12-01 03:29:28 ET

London ( UKX ) +0.6%

Germany ( DAX:IND ) +0.6%

France ( CAC:IND ) +0.5%

Spain November manufacturing PMI 46.3 vs 45.5 expected.

Goldman Sachs has revised its outlook for the European Central Bank, and now expects a rate cut in Q2 of next year vs. prior forecast of Q3.

The pan-European Stoxx 600 ( STOXX ) was up 0.5% on Friday after closing out their best month since January amid a global rally in stocks and bonds. On the data front, traders awaited manufacturing PMIs from countries across Europe for a clearer picture of the region's economy. Citigroup meanwhile said on Friday, it expected the pan-European benchmark index STOXX 600 ( STOXX ) to end 2024 at 510 points, around 10.5% above current levels. Elsewhere, Federal Reserve Chair Jerome Powell is scheduled to speak at an event.

In the bond market, the U.S. 10-year Treasury yield down 1 basis point to 4.34%.

Germany's 10-year yield was up less than 1 basis point to 2.45%.

U.K.'s 10-year yield was up 4 basis points to 4.21%.

Coming up in the session: November final manufacturing PMI data out of France, Germany, Euro Zone, Italy and UK.

Currencies: ( EUR:USD ) ( GBP:USD ) ( CHF:USD )

ETFs: ( EWG ), ( GF ), ( EWI ), ( EWQ ), ( EWGS ), ( FGM ), ( DBGR ), ( HEWG ), ( DAX ), ( FLFR ), ( FLGR ), ( FLIY ), ( FXB ), ( EWU ), ( FKU ), ( EWUS ), ( FLGB ), ( GREK )

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