SEOUL, Korea, Republic Of—European stocks were flat after Asian markets finished mostly higher on Thursday in quiet post-Christmas holiday trading. Strong economic data from the region and in the U.S. boosted investor confidence in some markets.
KEEPING SCORE: Britain’s FTSE 100 added 0.1 per cent to 7,626.12 but France’s CAC 40 dipped 0.1 per cent to 5,361.43. Germany’s DAX also edged down 0.1 per cent to 13,052.04. Futures augured a tepid start on Wall Street with S&P futures up 0.1 per cent and Dow futures gaining 0.2 per cent.
ASIA’S DAY: Asian stock market except Japan finished higher. Japan’s Nikkei 225 erased earlier gains to finish 0.6 per cent lower at 22,783.98. South Korea’s Kospi surged 1.3 per cent to 2,467.49 on its final trading day this year. The benchmark index in Seoul gained 22 per cent in 2017. Hong Kong’s Hang Seng index rose 0.9 per cent to 29,863.71. China’s Shanghai Composite Index advanced 0.6 per cent to 3,296.38. In Australia, the S&P/ASX 200 added 0.3 per cent to 6,088.10.
ANALYST’S TAKE: “Recent strength in the U.S. economy was on display in the December consumer confidence index released last night. Although it fell below the stellar readings of November and December, the trend remains strong,” Ric Spooner, chief market analyst at CMC Markets, said in a daily commentary. “This bodes well for a solid base to consumer spending in 2018.”
US CONSUMERS: The Conference Board, a business research group, said Wednesday that its consumer confidence index dipped to 122.1 in December from a revised 128.6 in November. The reading shows consumers’ expectations still remain at historically strong levels that hinted continued economic growth into 2018.
SOUTH KOREA: Government data showed that retail sales jumped 5.6 per cent in November from the previous month, the highest jump in several years, while industrial output at Asia’s fourth-largest economy rebounded last month.
BITCOIN: The price of bitcoin sank 7.6 per cent to $14,209.06 as of 9:18 a.m. GMT, according to the tracking site CoinDesk. South Korea’s government announced Thursday additional measures to curb speculative trading of crypto currency in the country, including a ban on opening anonymous accounts.
OIL: Benchmark U.S. crude added 17 cents to $59.82 per barrel on the New York Mercantile Exchange. The contract dropped 33 cents to settle at $59.64 a barrel on Wednesday. Brent crude, which is used to price international oils, gained 23 cents to $66.22 per barrel in London.
CURRENCIES: The dollar weakened to 112.77 yen from 113.23 yen. The euro strengthened to $1.1935 from $1.1897.