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News

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European stocks rise amid strong data from Germany

Friday, January 10, 2025

Today’s headlines

What’s happening: European stock markets settled higher on Thursday, as investors digested economic data releases from Germany.

What happened: Although Germany’s DAX 30 ended the trading day in the red, other markets recorded healthy gains.

Market sentiment for European stocks improved amid concerns around Trumponomics.

Why it matters: Germany’s trade surplus widened to €19.7 billion in November, from €13.4 billion in October. The figure not only surpassed market estimates of €14.8 billion, it marked the largest trade surplus since August.

Germany’s exports grew by 2.1% to €127.3 billion in November, rebounding from a 2.9% decline in the previous month. This too came in higher than market expectations of 2% growth.

Europe’s largest economy also released strong industrial production data, showing growth of 1.5% in November, compared to a decline of 0.4% in October. The figure came in significantly better than expert projections of 0.5% growth. Gains were recorded across various sectors, including energy, construction, and military vehicles.

The Eurozone’s retail sales grew by 0.1% in November. Although this came in less than market expectations of 0.4% growth, it marked a rebound from the 0.3% contraction reported in October.

Larger investors tend to realign their portfolios in the first couple of weeks of the new year. Analysts from leading investment banks, including Barclays and Baird, said that investors seem to be shifting from US stocks to European stocks driven by two reasons.

First, after significantly underperforming their US peers, European stocks appear much more attractive. Secondly, US stocks may be losing favour among some due to “emerging anxiety around Trumponomics” or the economic agenda and policies of Donald Trump when he walks into the White House on January 20.

Market sentiment was also supported by European Central Bank policymaker Francois Villeroy said in a speech on Wednesday that the region’s interest rates could turn neutral by summer, meaning that they would no longer be a drag on economic growth.

The European Stoxx 600 rose by 0.42% to close at 515.84 on Thursday, while France’s CAC 40 climbed 0.51% to 7,490.28 and Spain’s IBEX spiked 0.86% to 3511,899.30. UK’s FTSE 100 also rose sharply by 0.83% to settle at 8,319.69. Germany’s DAX 30 surprisingly bucked the trend, ending lower by 0.06% at 20,317.10.

What to watch: The Eurozone is scheduled to report its Balance of Trade and Industrial Production data next week.

Markets will continue to monitor comments from ECB officials, with the central bank preparing to vote on its interest rate decision on Thursday next week.

The markets today

Bitcoin in focus today after extending losses for three days

Context: Bitcoin climbed passed $93,700 this morning, after declining over the past three trading sessions.

Details: The cryptocurrency market declined sharply on Tuesday morning and continued a downtrend over the next trading sessions. The decline on Tuesday was the steepest in almost a month.

Investors remained cautious amid uncertainties around US President-elect Donald Trump’s policies when his term begins later this month as well as with major central banks gearing up to reevaluate their stance on monetary policy tightening. Any slowdown in interest rate cuts could adversely impact cryptocurrencies, as higher rates make fiat currencies more attractive.

Bitcoin climbed 2.08% at $93,773 this morning, while Ethereum was up 1.55% at $3,257.97. Solana rose by 2.51% to $189.41, while Dogecoin spiked 3.5% to $0.33.

What to watch: Investors will monitor economic data releases from advanced economies, especially the US. Any weakness in economic data supports cryptocurrencies. Traders will also monitor comments from Donald Trump and his administration around tariff threats, as this too lends support of cryptos.

Other Markets: Asian trading indices traded lower this morning, with the Asia Dow, Japan’s Nikkei 225, Hong Kong’s Hang Seng, China’s Shanghai and India’s Sensex down by 0.71%, 0.91%, 0.50%, 0.51% and 0.23%, respectively.

The news shaping the markets

Russian Security Council Deputy Chairman Dmitry Medvedev said that a swift resolution of the Ukraine war is unlikely, despite the mediation efforts offered by US President-elect Donald Trump. The news sent the RUB/USD pair slightly lower in forex trading this morning.


Japan’s household spending shrank by 0.4% year-on-year in November, following a 1.3% decline in the previous month. Although the figure came in better than expectations of a 0.6% decline, it marked the fourth consecutive month of contraction and exerted pressure on the JPY/USD forex pair.


Philippines’ net foreign direct investment (FDI) surged by 50.2% year-on-year to $1.02 billion in October. This being the largest figure since February sent the PHP/USD lower in forex trading this morning.


Mexico’s car output grew by 4.2% to 224,913 units in the 12 months to December. This being lower than the 6.7% growth reported in the previous month exerted pressure on the MXN/USD forex pair.


Brazil’s retail sales grew by 4.7% year-on-year in November, easing from 6.7% in the previous month, which sent the BRL/USD lower in forex trading this morning.

What else to watch today

Spain’s industrial production (1200 UAE Time), Greece’s industrial production (1200 UAE Time), India’s industrial production (1430 UAE Time) and foreign exchange reserves (1530 UAE Time), Brazil’s inflation rate (1600 UAE Time) and car production (1700 UAE Time), Mexico’s industrial production (1600 UAE Time), Canada’s unemployment rate (1730 UAE Time), average hourly wages (1730 UAE Time) and building permits (1730 UAE Time), US nonfarm payrolls (1730 UAE Time), unemployment rate (1730 UAE Time), average hourly wages (1730 UAE Time) and Michigan Consumer Sentiment (1900 UAE Time) and Germany’s current account (1745 UAE Time).


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