Europe stocks set to open higher, China services sector shows slight growth, and Goldman Sachs updates its stock list in Europe, among other news
Europe stocks are expected to open higher today, according to data from IG. The FTSE 100 is projected to open 26 points higher at 7,473, France’s CAC 40 is expected to rise 22 points to 7,085, and Germany’s DAX is set to open 53 points higher at 15,197. These positive market openings indicate a potential boost for European markets.
China’s service sector experienced a slight rebound in October, according to the Caixin services survey. The purchasing managers index came in at 50.4, slightly higher than September’s reading of 50.2. While this points to a sustained rise in service sector business activity, the overall growth rate remains marginal. However, it is worth noting that China’s services sector has remained in expansionary territory for 10 consecutive months.
Goldman Sachs has updated its “conviction list – directors’ cut” stocks to buy in Europe. Despite factors such as a potential recession, high inflation levels, and uncertainty in energy markets, the investment bank remains positive on certain stocks in the region. The updated list includes key stock additions that Goldman Sachs believes have major upside potential.
On Wall Street, investors are faced with the choice between bonds and stocks in the near to medium term. Both markets have experienced volatility recently, making it a difficult decision for traders. The U.S. Federal Reserve’s decision to keep interest rates steady resulted in a stock rally, but Fed Chair Jerome Powell emphasized that a rate cut is not being considered until inflation is under control. Experts on Wall Street share their opinions and insights on which option may be more favorable.
Thursday’s stock market rally demonstrated extensive growth across various sectors. Ninety percent of the total volume of shares traded on the New York Stock Exchange advanced in price, while less than 10% declined. The Nasdaq Stock Market also saw 82% of volume increase in price, with less than 18% experiencing a decrease. Advancing stocks far outnumbered declining issues on both exchanges. Energy and real estate were the leading sectors in terms of gains, followed by financials. Communication services, consumer staples, and healthcare were the laggards. The rally was further fueled by retreating Treasury yields and a weaker dollar.
These are some of the latest updates in the world of finance and markets. Stay tuned for more news and developments in the coming days.