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27 Dec 2021

European Markets Lift Higher as Holiday Week Trading Started

The Index Today

The FTSE 100 is closed today in observance of Christmas but the European markets traded slightly higher in midday Monday trading. At 1200 CET (1100 GMT / 600 ET) the CAC 40 and the DAX were up .1% and .2%, respectively, while the Euro Stoxx 50 was down .1% and the IBEX 35 was up .45%.

European stock markets and global markets in general are expected to have a quiet week due to the holiday period trading, and with many indices already closing at all-time or at least recent highs entering this week, it remains to be seen how much of a "Santa rally" is left to make, mentioned.

Meanwhile all eyes are on airlines and travel companies to see how they hold up amidst concerns over flight cancellations around the globe. So far, International Consolidated Airlines Group S.A. (MC:ICAG) is up .6% via its Spanish listing, and Deutsche Lufthansa AG (DE:LHAG) is trading down .4%, and travel software provider Amadeus IT (MC:AMA) is up .7%. Melia Hotels (MC:MEL) is also among the leaders on the Ibex, up 1.6%, a sign that investors are looking past current disruptions to a light Omicron impact. U.S. airline stocks are trading off more, perhaps due to a more concentrated spate of cancellations.

©Photo: REUTERS/Staff

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