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European stocks were muted on Wednesday to kick off the final trading week of 2023, but the FTSE 100 pushed higher, led by a rise in mining firms, as investors cling to year-end optimism that interest rates will be cut next year.
The FTSE 100 (^FTSE) rose 0.2% to 7,714 points at the open, while the CAC 40 (^FCHI) in Paris was muted at 7,565 points. In Germany, the DAX (^GDAXI) was also flat, trading at 16,708. Europe’s Stoxx 600 (^STOXX) was also flat.
Trading volumes are expected to be thin during the last three days of the trading year, with fewer data points on the economic calendar and all major central bank meetings out of the way.
Read more: FTSE top trending tickers of 2023
Across the pond, S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were flat as trading began in Europe.
On Wall Street, the S&P 500 briefly touched its highest level for almost two years on Tuesday.
The Dow Jones (^DJI) rose 0.4% to close at 37,545 points. The S&P 500 (^GSPC) gained 0.4% to 4,774 points and the tech-heavy NASDAQ (^IXIC) advanced 0.6% to 15,074.
In Asia, Tokyo’s Nikkei 225 (^N225) gained 1.1% to 33,681 points, while the Hang Seng (^HSI) in Hong Kong rose 1.75% to 16,625 points. The Shanghai Composite (000001.SS) climbed 0.6% to 2,914 points.
Chinese online gaming stocks rose in Hong Kong trading after Beijing’s top gaming regulator said it would “carefully study” the concerns of all stakeholders on draft rules aimed at curbing excessive gaming and spending.
Read more: Five steps to boost your pension prospects in 2024
The pound’s (GBPUSD=X) was muted against the dollar, with sterling trading at $1.2721. The sterling (GBPEUR=X) was lower against the euro, trading at €1.1516.
Meanwhile, Brent crude (BZ=F) edged higher, trading at over $81/barrel amid continued attacks in the Red Sea and escalating tensions in the Middle East.
Watch: Investors will face choppy trading in 2024: Strategist
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