STOXX drifts 0.2% but heads for 6th weekly gain
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Homebuilders temper FTSE 100
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U.S. shortened-trading day for Black Friday
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PARTY LIKE IT'S 1999 (1104 GMT)
With just five weeks to go to the end of the year, the STOXX 600 is looking at a gain of 14% so far in the fourth quarter.
Typically, Q4 is the strongest in the year for the index. According to Refinitiv data, in the last 30 years, it's gained 5.1% in the last three months of the year, compared with the third quarter - its historically weakest - when it's lost 0.9% on average since 1992.
This year's Q4 gain of 13.5% would mark the best performance in the final three months of the year for the STOXX since Q4 1999.
ANOTHER BRICK IN THE WALL (0909 GMT)
Europe has got off to a moderately softer start. The STOXX is trading 0.2% lower on the day, as modest gains in energy stocks like Shell and TotalEnergies offset losses in luxury retailers - LVMH and Richemont are the largest drag on the index on a weighted basis.
In the UK, homebuilders Taylor Wimpey and Persimmon are among the biggest negative weights on the FTSE 100 , which is still up 0.2% on the day. Rightmove said earlier that high mortgage rates are increasingly pushing first-time buyers into the rental market.
EUROPE HEADS FOR SIXTH WEEK OF GAINS (0728 GMT)
European stocks are heading for a bit of a mixed start today. Futures on the Stoxx 50 are flat so far, while those on the FTSE 100 are down 0.1%. DAX futures are nudging higher, up 0.1%.
That said, the STOXX 600 is heading for its sixth straight week of gains - something it has not managed since October last year.
With the U.S. having been closed the day before for Thanksgiving, it's been a thin week, volume-wise. But an expectation is growing that inflation may have peaked and it may be time to start pricing in a peak for interest rates.
"Unsurprisingly, it’s been a pretty subdued 24 hours for markets, with much lower volumes than usual due to the US holiday. Nevertheless, there were fresh signs elsewhere that risk appetite was continuing to grow among investors, aided by some positive data releases and further signals that central banks might not end up hiking as aggressively as feared," Deutsche Bank's Jim Reid says.