Asia-Pacific and European markets close higher at the end of February
Asia-Pacific markets were completely stable in February 2023 as investors were happy with the economic data of the region. The Hang Seng index managed to rise by 0.45%. In Mainland China, the Shenzhen Component managed to climb 0.2%. Also, the Shanghai Composite managed to rise. In South Korea, Kospi managed to climb 0.94%, and it managed to lead the gain. The Kosdaq registered a gain of 1.26%. The stocks of battery material maker L&F rose after securing a contract with Tesla. The industrial and commercial activities are in full swing across Asia-Pacific markets. This is accelerating the demand for goods. In Australia, the S&P/ASX 200 managed to rise 0.47%. The retail sales for January were higher than expected. Other Asian nations are also expected to release their economic data.
European markets delivered impressive performance
The pan-European Stoxx 600 index provisionally registered growth. It closed with a 1.1% gain. All the major bourses and sectors were in positive territory. The leisure and travel stocks led the gains. They managed to climb 2.4%. Among the impressive performances was Commerzbank. The shares of the bank managed to climb 4.6% when the markets closed. Britain and the European Union signed a new trade deal. The trade deal will help to tackle the problems caused by the Northern Ireland Protocol. The British Prime Minister Rishi Sunak, and European Commission President Ursula von der Leyen are likely to hold a press conference as well. Also, the sterling managed to climb 0.9% against the US dollar. The Euro as well as the British currency, Pound were in a strong condition.
The Nordic property firm Samhällsbyggnadsbolaget also performed impressively as the European construction and materials sector managed to rise by 1.4%. The Rolls-Royce also managed to make impressive gains. Energy stocks and the insurance sector in Europe also managed to perform impressively. The energy stocks climbed by 1.43%, and it was followed by the insurance sector that climbed by 1.4%. France's CAC 40 managed to climb 1% and the UK's FTSE 100 was also up by 0.75%. The Dow Jones Industrial Average managed to rise 0.22% or 72.17 points. It closed at 32,889.09. The S&P 500 managed to climb 0.31%, and it was at 3,982.24. The Nasdaq Composite managed to climb 0.63% to 11,466.98. Oil prices are also in a strong position. The US West Texas Intermediate (WTI) crude futures managed to climb 21 cents, and it was standing at $75.89 a barrel. It is expected that demand will rise from China. The factory activity has accelerated in the world's second largest economy, and it is generating more demand for oil.