European markets set to open mixed after Stoxx 600 closes at all-time high

Feb 23, 2024

European stocks were higher Friday, extending positive momentum after the pan-European benchmark closed at a record high in the previous session.

The Stoxx 600 index was up 0.1% in early deals, with most sectors trading in positive territory. Autos stocks were up 0.7% in early deals, while telecom stocks fell 1.1%.

The benchmark index ended the session 0.82% higher at 495.1 Thursday, surpassing its previous record close of 494.35 on Jan. 5, 2022, LSEG data showed.

Investors will digest earnings from Allianz, BASF and Standard Chartered on Friday, while fourth-quarter gross domestic product data is due from Germany.

U.K. consumer confidence dipped in February, new survey data from GfK showed Friday, indicating that higher inflation continues to weigh on hopes of an economic upturn.

U.S. stock futures were little changed Friday, after the S&P 500 and the Nasdaq Composite posted their best day since early 2023.

In Asia-Pacific, markets were mostly higher, with China stocks rising for the ninth straight session as investors digested property prices data. The CSI 300 index was flat by midday trading after rising about 0.4% at the open, while Hong Kong’s Hang Seng index dipped 0.2%.

Stocks on the move: Standard Chartered up 6.6%, Lufthansa down 4.5%

Shares of Standard Chartered jumped to the top of the Stoxx 600 in early deals, adding 6.6%, after the company reported an increase in pre-tax profits in its full-year results and announced a $1 billion share buyback program.

Meantime, Lufthansa shares fell 4.5% as ongoing strikes over staff salaries weigh on the German airline.

— Karen Gilchrist

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European markets: Here are the opening calls

European markets are set to open higher Friday.

The U.K.’s FTSE 100 index is expected to open 4 points lower at 7,686, Germany’s DAX up 23 points at 17,396, France’s CAC 6 points higher at 7,921 and Italy’s FTSE MIB down 4 points at 32,403, according to data from IG. 

Earnings are due from Allianz, BASF and Standard Chartered on Friday, and Germany is set to release its fourth-quarter gross domestic product data.

— Karen Gilchrist

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