27 Aug 2015
European stocks to mirror Wall Street rally, China shaves-off gains
FXStreet (Mumbai) - Stocks on the European bourses are set open with solid gains on Thursday, tracking the overnight Wall Street as well as Asian markets rally, amid a data-quiet European calendar ahead.
Stocks in Asia moved higher on Thursday, with the closely-watched Shanghai Composite index (SSEC) jumping about 2% after a huge sell-off recently, boosted by the latest steps from the Chinese central bank. However, the rebound appeared to be short-lived as the Chinese benchmark, the SSEC, fell back in the red, down -0.33% at 2917.
Before the European markets open, futures for Germany's DAX 30 index added 2.01% to 9,758.80, while futures for the UK FTSE 100 index advanced 1.48% to 5,955.30. Among the other indices, French CAC 40 futures gained 2.58% to 4,421.70, while futures for the pan-European Euro Stoxx 50 index increased 1.57% to 3,110.50.
Later in the day, traders will turn their focus to the US growth report that is expected to reveal an annualized 3.2% expansion for the second quarter, measured on a quarterly basis, following the 0.2% contraction in the first quarter. It would be better than the first estimate of a 2.3% rise.
Stocks in Asia moved higher on Thursday, with the closely-watched Shanghai Composite index (SSEC) jumping about 2% after a huge sell-off recently, boosted by the latest steps from the Chinese central bank. However, the rebound appeared to be short-lived as the Chinese benchmark, the SSEC, fell back in the red, down -0.33% at 2917.
Before the European markets open, futures for Germany's DAX 30 index added 2.01% to 9,758.80, while futures for the UK FTSE 100 index advanced 1.48% to 5,955.30. Among the other indices, French CAC 40 futures gained 2.58% to 4,421.70, while futures for the pan-European Euro Stoxx 50 index increased 1.57% to 3,110.50.
Later in the day, traders will turn their focus to the US growth report that is expected to reveal an annualized 3.2% expansion for the second quarter, measured on a quarterly basis, following the 0.2% contraction in the first quarter. It would be better than the first estimate of a 2.3% rise.