January 02, 2023: -European stocks moved higher on Tuesday as positive sentiment continued in the final trading days of 2022.
Germany’s DAX was up by nearly 0.7% during afternoon trade, while France’s CAC 40 added 1% and Italy’s FTSE MIB about 0.3%. The U.K.’s FTSE main index is completed on Tuesday for a public holiday.
Autos added 1.6% to lead gains on a sector level as most sectors traded in positive territory. Travel and leisure stocks are slipping 0.4% lower.
Stocks in Europe received an improvement from their counterparts in Asia-Pacific after China officially stated overnight that it would end quarantine for inbound travellers on January 8, symbolizing an end to the zero-Covid policy that it has held for almost three years. Health officers are slated to hold a press brief on Covid at 3 p.m. Beijing time.
The Shanghai Composite increased by 1%, and the Shenzhen Composite gained 0.9% on the news that Hong Kong, Australia, and New Zealand markets were being shut down for the Christmas holiday.
Stateside, U.S. stock futures increased on Tuesday morning as investors looked to see if a Santa Claus rally would appear before year-end.
Friday marked the start of the period for a Santa Claus rally, which is mainly considered the final five-day trading stretch in the present year and the first two trading days in the recent year. Markets were closed for the Christmas holiday on Monday. There are no significant earnings or data releases in Europe on Tuesday.
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