European and Asian markets trade higher after a quiet day in the US market

European and Asian markets trade higher after a quiet day in the US market

Bombay: On the back of a quiet day in the US. markets with the ongoing celebration of Martin Luther King Day, European and Asian markets closed higher on Friday after the release of the latest growth data from China.

China posted an 8.1% GDP expansion in 2021, posting growth well above the government’s annual target; However, even with the fastest growth in a decade, China’s GDP appears to be slowing on a quarterly basis with challenges like Omicron and the housing slump proving problematic. Trends in Asian markets were mixed, with the Nikkei climbing 0.74% while Shanghai 0.58%. Asian markets will remain on the lookout for the Bank of Japan’s interest rate decision expected today.

In Europe, the pan-European STOXX 600 closed 0.8% higher than the previous trading session, while the FTSE 100 was up 0.91%. Apart from that, Credit Suisse, recognized as the best private bank in the world, had another scandal where its chairman resigned after breaking coronavirus quarantine rules.

Additionally, GSK rejected an offer from Unilever for its consumer healthcare division, causing Unilever shares to fall nearly 7% while GSK rose 4%.

Additionally, amid tight output from major producers, Brent crude gained 0.1% to $86.15 while U.S. West Texas Intermediate crude hit $84.11 a barrel, the highest since the November 10, 2021. Gold remains stable in the $1,815-$1,830/ounce range with US 10-year Treasury yields jumped more than 7 basis points, approaching the two-year high at 1.748%. Additionally, while the Dollar Index is stable and just above the 95 arch in early trading today, Bitcoin traded lower and hit the 42,000 mark.

SGX Nifty indicated a stable/positive open for Indian markets as US futures are flat in early trading today.