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DAX Dips On Profit Taking After Recent Gains
(RTTNews) - German stocks slipped into the red on Friday as caution set in after recent strong gains on optimism over signs the Federal Reserve might slow down the pace of rate hikes.
Investors also expect smaller rate hikes by the European Central Bank amid lingering worries of a recession in the euro zone.
The benchmark DAX slipped 0.1 percent to 14,469 after rising 0.7 percent in the previous session.
Banks were subdued, with Deutsche Bank falling nearly 1 percent. Tech stocks were rising, with Infineon rising half a percent.
The euro extended gains against the dollar for a third straight session, hitting a six-month high and on track for a second weekly gain in a row.
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U.S. Dollar Weakens After Soft ISM Services PMI Data
The U.S. dollar fell against its major counterparts in the New York session on Friday, following the release of weaker-than-expected ISM services PMI data.
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TSX Continues To Climb Higher; Technology, Energy Stocks Rise
The Canadian market marched on to a new record high on Friday, led by gains in energy, industrials and technology sectors, as the mood remained positive amid optimism surrounding artificial intelligence and hopes of another rate cut by the Federal Reserve outweighed concerns about a government shutdown in the U.S.
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Swiss Market Settles On Firm Note As Alcon, UBS Group Rise Sharply
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European Markets Close On Firm Note On Rate Cut Hopes, AI Optimism
European markets closed higher on Friday as rising hopes of more interest rate cuts from the Federal Reserve, and optimism surrounding artificial intelligence outweighed concerns about any impact of the government shutdown in the U.S.
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U.S. Service Sector Activity Unchanged In September
Service sector activity in the U.S. was unchanged in the month of September, the Institute for Supply Management revealed in a report released on Friday. The ISM said its services PMI fell to 50.0 in September from 52.0 in August, with a reading of 50.0 serving as the breakeven point between expansion and contraction. Economists had expected the index to edge down to 51.7.
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Eurozone Private Sector Maintains Expansion
The euro area economy continued to expand in September, with broad-based growth in Germany, Italy and Spain, while France contracted further due to political uncertainty, final survey data from S&P Global revealed on Friday. The final HCOB composite output index rose moderately to 51.2 in September, in line with flash estimate, from 51.0 in the previous month.
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Bay Street Headed For Positive Start
Higher Canadian and U.S. futures and firm commodity prices point to a positive start for the Canadian market Friday morning. Optimism surrounding artificial intelligence and expectations of a rate cut by the Federal Reserve may help underpin sentiment.
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FTSE 100 Up Firmly In Positive Territory, Set To End Week On Strong Note
The U.K. stock market is up in positive territory Friday afternoon, supported by gains in banking and mining sectors. The benchmark FTSE 100 is well set to end the week with a gain of about 2%.
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