The Spanish IBEX is outperforming as markets buy into dips and start to discount Catalan secession risks, although the situation remains volatile. The DAX is moving sideways at very high levels, with strong production data at the start of the session not sufficient to push the index above the 13000 mark for the first time.

The Euro Stoxx 50 is unchanged and the FTSE 100 down 0.22%, with a stronger pound weighing on U.K. markets. This followed a largely positive session in Asia, where the Hang Seng underperformed as Chinese markets reopen after a week-long holiday and the Shanghai Composite rallied in catch up trade.

Japan, South Korea and Taiwan were closed for holidays. Politics continue to hang over markets, amid uncertain election results in New Zealand, a diplomatic spat between the U.S. and Turkey and Catalonia’s secession bid in Spain, just the tip of the iceberg.

With holidays in Asia and the U.S., trading is quieter than usual, even if U.S. stock markets are open.


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