European equities trading cautiously higher in early trade on Friday following a strong performance on Wall Street as S&P 500 hit a record closing all time high at 2,954 and a mixed session in Asian markets with investors sentiment fragile by escalating tensions between the Iran and US. A report overnight that President Trump approved military action against Iran but then pulled back from launching the attacks weighted on traders mood. Earlier today the German PMI figure came in beating economist expectations. The Eurozone Composite PMI rose to 52.1 from 51.8 while the Manufacturing PMI was little changed at 47.8 above market consensus. In France the Markit PMI Composite registered at 52.9, beating analyst forecasts of 51.2 for June. Falling interest rates around the globe makes equities attractive in Europe and USA.
Here is the scorecard:
FTSE 100: +0.03% at 7,427
DAX 30: +0.09% at 12,363
CAC 40: +0.31% at 5,552
FTSE MIB: +0.25 at 21,418
IBEX 35: +0.36% 9,240