Thanksgiving holiday keeps markets quiet as Europe nudges higher
Australian futures are pointing to a soft end to the week.
European stock markets nudged higher in quiet trading with Wall Street closed for the Thanksgiving holiday, while Australian futures are pointing to a soft end to the week when trading opens on the ASX.
Germany’s DAX 30 was the pick of major European markets, with merger and acquisition activity spurring some sharp gains as apparel company Puma jumped on reports China’s Anta Sports Products and Li Ning are looking at the sportwear firm, and Allfunds Group posted its biggest single-day gain on record after the funds distribution platform entered exclusive negotiations with stock exchange operator Deutsche Boerse.
Oil prices gained after Russian President Vladimir Putin said the draft peace plan proposed by the US might be the basis for a future agreement for peace in Ukraine, but needs more work.
And locally, Rakon and Trade Window round out the end of the local shoulder earnings season, while Warehouse Group’s annual meeting and the ANZ consumer confidence survey will give an indication on the mood of household budgets.
Gobble, gobble
Global markets were relatively quiet with the US closed for the Thanksgiving holiday, with the UK’s FTSE 100 index and France’s CAC 40 marginally higher, while Germany’s DAX 30 gained 0.2%.
The German bourse was led by semiconductor firm Infineon Technologies, while Deutsche Boerse was among those pacing gains amid news the stock exchange operator entered exclusive talks to buy funds distribution platform Allfunds Group, which surged 22% in its single biggest daily gain
Meanwhile, Puma jumped 19% on news the sportswear firm has a couple of Chinese suitors circling, with Anta Sports Products and Li Ning said to be among firms looking at a potential takeover of the German firm.
Brent crude oil futures increased 0.3% to US$62.79 a barrel at 7am in Auckland after Russian President Vladimir Putin said the draft peace plan put forward by US President Donald Trump’s administration might form the basis of a future deal, but needed more work.
Holding up
The kiwi dollar held its gains following the Reserve Bank’s policy review on Wednesday, with the quarter-point cut seen as the end of the loosening cycle.
The New Zealand dollar traded at 57.24 US cents at 7am from 57.27 cents yesterday.
“The NZ dollar is the best performing since this time yesterday, as it sustained the move higher in the wake of stronger economic data released yesterday and as rates pushed even higher in the aftermath of the RBNZ’s MPS on Wednesday,” Bank of New Zealand senior markets strategist Jason Wong said in a note.
S&P 500 futures were broadly flat with Wall Street closed, while Bitcoin climbed 1.8% to US$91,474.
The muted tone has Australian futures pointing to a 0.4% decline for the S&P/ASX 200 index when trading opens across the Tasman, while New Zealand’s S&P/NZX 50 index is poised to snap six months of gains, with the benchmark down 0.9% so far this month.
The shoulder earnings season is rounded out today with first-half results from high-tech components maker Rakon and trade software developer Trade Window, while Warehouse Group’s annual meeting in Auckland is also on the calendar.
On the data radar, ANZ’s monthly consumer confidence survey is scheduled, while Statistics New Zealand’s October employment indicator report is due.
Reporting by Paul McBeth. Image from Mikkel Bergmann on Unsplash.
