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European Markets Rebound After Thursday's Plunge

Major U.S. indices are trading marginally lower on Friday with Dow Jones trading 0.06% lower and the S&P 500 down 0.02% at press time. Asia is having a mixed session, but European markets have rebounded significantly on Friday after Thursday’s sharp fall. Markets are waiting for clarity on Brexit after the United Kingdom Prime Minister Boris Johnson’s Oct. 15 deadline didn’t reach a conclusion.

Euro Stoxx 50 index is trading 0.86% higher at press time, led by gains in consumer and technology stocks. Investors will be watching September’s Consumer Price Index data which is expected to show 0.2% month-over-month growth on Friday. Trade balance numbers for August will also release at the same time.

London’s FTSE 100 index is trading 1.1% higher at press time led by gains in consumer and auto stocks. September car registrations saw a staggering growth of 276.1% month-over-month but declined 4.4% year-over-year. The Commodity Futures Trading Commission’s weekly report on net speculative positions is scheduled for release Friday.

Germany’s DAX is trading 0.54% higher led by strong gains in automobile stocks. Technology and retail stocks have advanced on Friday. Germany’s car registrations grew 5.6% month-over-month and 8.4% year-over-year in September.

France’s CAC 40 index is up sharply, trading 1.30% higher. Energy and financial names are adding to index gains, partially offset by technology and healthcare stocks. French car registrations grew 62.4% month-over-month but declined 3% year-over-year in September.

Spain’s IBEX index is trading 0.20% lower after opening in positive territory. Financials and services stocks are dragging the index lower, partially offset by gains in materials. No major economic events are scheduled for Friday.

Forex Trading: U.S. Dollar Index futures have declined further on Friday, trading 0.17% lower to 93.707. The dollar has weakened 0.08% against the Euro to $1.1715 and 0.17% against the Sterling Pound to $1.2936.

Currency ETFs to watch Friday: Invesco CurrencyShares Euro Trust ETF (NYSE: FXE) and WisdomTree Bloomberg U.S. Dollar Bullish Fund (NYSE: USDU)

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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