European Stock Markets Climb - Lagarde Observed Favorably by Investors
European and Asian stock markets started midweek with a mix of gains and losses, as investors navigated uncertainty caused by the reaction of US investors to the latest ruling on new US tariffs and the escalation of the US course against China's tech sector.
The Euro Stoxx 50 index opened with gains, starting the day at 5,330 points, up 0.7%. The DAX index in Germany followed suit, opening at 23,615 points, up 0.6% from Tuesday's close. However, the broader Topix in Tokyo lost 0.4% due to this sentiment, while the Shanghai Stock Exchange weakened, down 0.3%. The CSI300 index, which tracks the top companies in Shanghai and Shenzhen, was flat.
The uncertainty on European stock markets was partially attributed to the reaction of US investors to the latest ruling on new US tariffs. Meanwhile, investors are awaiting a speech by ECB President Christine Lagarde, scheduled for Wednesday at the annual meeting of the European Systemic Risk Board.
Salesforce is in focus this week, with its quarterly results generating interest. The company raised its full-year growth targets in May due to favourable exchange rates and continued tailwinds from the AI boom. Salesforce earnings are also a point of focus.
In Japan, reports of the impending resignation of a close aide to Prime Minister Shigeru Ishiba are fueling concerns about snap elections and higher public spending. This sentiment led to the Nikkei index in Tokyo falling 0.3%.
Elsewhere, the yield on 30-year government bonds in Japan jumped eight basis points to a record high of 3.28%.
Later in the day (CET), the US Federal Reserve will publish its Beige Book, providing insights into the economic conditions across the US. Additionally, purchasing managers' indices for European services and US industrial orders are due, which could further influence market sentiment.
As the week progresses, these factors will continue to shape the trajectory of stock markets worldwide.
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