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Europe’s markets open for closure

LONDON — European markets were higher in morning trade as investors weighed China’s reopening and awaited key European inflation figures.

Britain’s FTSE 100 rose 2.1%, while Germany’s DAX index and France’s CAC 40 both rose around 1.3%.

Overall, the pan-European Stoxx 600 rose 1.6%, led by travel stocks, up 2.7%.

German preliminary inflation figures for December are due on Tuesday afternoon, followed by France’s on Wednesday and Italy’s on Thursday.

British markets were closed on Monday, but shares across the rest of the continent rose as eurozone manufacturing data indicated the worst may be over for the 20-member currency bloc.

The figures offered hope of a light at the end of the tunnel, after a year marked by recession fears as central banks around the world raised interest rates aggressively to curb soaring inflation.

Meanwhile, Asia-Pacific markets were mixed overnight as investors weighed the short-term implications of the surge in coronavirus infections in China against the potential long-term upside from the full reopening of the world’s second-largest economy.

The Caixin purchasing managers’ index showed a further slowdown in factory activity due to rising Covid infections, but the survey also put business confidence around the 12-month outlook for output at its highest level since February 2022.

Global investors will also be looking for minutes from the Fed’s December policy meeting, due to be published on Wednesday.

The central bank raised interest rates by 50 basis points in December after four consecutive increases of 75 basis points, and markets will be keen to gauge the likely path of monetary policy in 2023.

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