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European financial markets up, boosted by improving Wall Street

2024-08-07 20:00:00, Ekonomi CNA
European financial markets up, boosted by improving Wall Street
Illustrative photo

European shares opened higher on Wednesday, as global financial markets expect to rise after Monday's decline.

The pan-European Stoxx 600 was up 0.7% at 8:55 a.m. London time, and most regional bourses and sectors were in gains. Bank shares were 1.68% higher.

Regional markets have seen big swings since the sharp drop in the global market on Monday; on tuesday, european stock markets opened higher but fell later in a volatile trading session.

However, Wall Street's rebound on Tuesday, after a three-day slide, is helping to improve global confidence. Asia-Pacific markets rose overnight, while US futures were higher on Tuesday evening.

Bank of Japan deputy governor says central bank won't raise rates while markets are volatile

The Bank of Japan will not raise rates while markets are volatile, Deputy Governor Uchida Shinichi said in a speech on Wednesday.

Japanese markets have been down this week, with Monday posting the biggest sell-off since Black Monday in 1987. While Tuesday marked its best day of gains on a Tuesday since October 2008.

Uchida noted that unlike Europe or the United States, "Japan's economy is not in a situation where the bank can fall behind unless it raises the policy interest rate at a certain pace."

"Therefore, the Bank of Japan will not raise its interest rate when financial and capital markets are volatile," he said.

Futures rebound as Asian shares rise

U.S. stock futures were up, trading higher as Asian shares improved in morning trade.

Dow futures rose 219 points, or 0.56%, while S&P 500 futures rose 0.67%. Nasdaq 100 futures rose 0.97%.

Japan's benchmark Nikkei 225 rose 2%, while the broad-based Topix rose 3%. The Japanese yen weakened against the dollar, trading around 146./ Monitor.al





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