Equities mostly higher heading into weekend

Stock markets advanced Friday, even if activity was subdued owing to the absence of many traders in the United States, dealers said.

As closing bells rang, London’s FTSE 100 had inched up by 0.1 percent while Frankfurt’s blue-chip DAX index added 0.4 percent and the CAC 40 in Paris gained 0.6 percent.

In New York, the Dow Jones index also showed a slight gain of 0.1 percent as it bobbed around the historic level of 30,000 points reached earlier in the week.

Many US traders had taken advantage of the Thanksgiving holiday on Thursday to give themselves a long weekend.

“We look set for a quiet end to the week,” said CMC Markets analyst Michael Hewson.

“This end-of-week caution appears to be predicated on concern over the short-term economic outlook, as the extension of tighter restrictions on economic activity in France, Germany and the UK creates further uncertainty over the potential for permanent economic scarring as we head into 2021.”

– Vaccine hopes –

Asian markets maintained their upward momentum Friday as investors took heart from the prospect of vaccines being rolled out in the coming weeks.

Hopes are high that, with at least three in the pipeline, life can begin to get back to normal next year and give the battered global economy a much-needed boost.

“The vaccine story is undoubtedly good news; however, there is some concern as to what the economic landscape will look like when we come out of the other side of winter,” cautioned Hewson.

Markets were also encouraged by easing US political uncertainty after Joe Biden’s election win and Donald Trump’s announcement Thursday that while he thinks the vote was rigged he will step aside if the Electoral College hands him defeat next month.

However, the rally has been kept in check by a frightening surge in virus infections across the US and Europe, with some other countries including Japan and South Korea now seeing spikes as well.

There is concern about a further acceleration in the US after millions ignored official advice and travelled to celebrate Thanksgiving, with infectious disease expert Anthony Fauci saying he expected to see “a surge superimposed upon a surge” after the holiday.

– Key figures around 1645 GMT –

London – FTSE 100: UP 0.1 percent at 6,367.58 points (close)

Frankfurt – DAX 30: UP 0.4 percent at 13,335.68 (close)

Paris – CAC 40: UP 0.6 percent at 5,598.18 (close)

EURO STOXX 50: UP 0.6 percent at 3,533.21

New York – Dow: UP 0.1 percent at 29,913.70

Tokyo – Nikkei 225: UP 0.4 percent at 26,644.71 (close)

Hong Kong – Hang Seng: UP 0.3 percent at 26,894.68 (close)

Shanghai – Composite: UP 1.1 percent at 3,408.31 (close)

Euro/dollar: UP at $1.1958 from $1.1913 at 2200 GMT

Pound/dollar: DOWN at $1.3318 from $1.3358

Dollar/yen: DOWN at 104.03 yen from 104.26 yen

Euro/pound: UP at 89.77 pence from 89.19 pence

West Texas Intermediate: DOWN 0.7 percent at $45.40 per barrel

Brent North Sea crude: UP 0.5 percent at $48.06

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