European Stocks Likely To Open On Subdued Note
With most of the markets, including Germany and Switzerland, closed for a holiday for New Year's Eve, and the U.K. and French markets to see early closing, European stocks are likely to remain subdued on Thursday.
Activity is likely to be stock specific with corporate news, if any, providing some direction.
It is widely expected that economic recovery will gain some momentum in the next couple of quarters thanks to the massive rollout of coronavirus vaccine in several countries.
The passage of the $2.3 trillion stimulus package in the U.S. and prospects for additional stimulus in the near future may help keep sentiment positive. However, some profit taking is not ruled out.
On Wednesday, the pan European Stoxx 600 ended 0.34% down. The U.K.'s FTSE 100 slid 0.71%, Germany's DAX shed 0.31% and France's CAC 40 declined 0.22%, while Switzerland's SMI advanced 0.2%.
Stricter coronavirus restrictions due to continued increase in new cases weighed on British stocks on Wednesday, but the downside was limited thanks to Britain giving its nod to a COVID-19 vaccine developed by AstraZeneca and Oxford University.
On the Brexit front, British Prime Minister Boris Johnson signed the post-Brexit trade deal with the European Union on Wednesday.
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