The European market faces Covid headwinds

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LONDON-As investors continue to pay attention to the Covid crisis in the region and political developments in Germany, European stock markets are expected to open higher on Thursday.

According to data from IG, the UK FTSE index opened up 18 points to 7,303, the German DAX index rose 59 points to 15,955, the French CAC 40 index rose 30 points to 7,078, and the Italian FTSE MIB index rose 154 points to 27,233.

Investors will digest the latest news in Germany. The German Social Democratic Party, the Green Party and the Liberal Democratic Party announced a new coalition government agreement on Wednesday.

The agreement will make Olaf Scholz, the former German Finance Minister, the new Chancellor of Germany after Angela Merkel resigns in early December.

European investors continue to pay attention to the severe Covid crisis in the region this week, as the number of infections continues to rise, prompting a few countries to introduce new Covid restrictions.

Italy announced on Wednesday night that it would adopt stricter Covid measures. Germany narrowly avoided another lockdown. According to reports, the incoming coalition hopes to wait and see whether stricter Covid passport regulations will help ease the rising number of cases there. Despite this, the incoming German leader Olaf Schultz said on Wednesday that the target group will be vaccinated.

CNBC Pro’s stock selection and investment trends:

Overnight the Asia-Pacific market stocks were mixed, and investors reacted to the decision of the Bank of Korea to raise the policy interest rate to 1%. The decision by the Bank of Korea follows a similar move by the Reserve Bank of New Zealand on Wednesday.

The US market is closed on Thursday for Thanksgiving and will close early on Friday, shortening the trading hours.

In terms of data, the details of Germany’s gross domestic product (GDP) in the third quarter will be released, and the December reading of the German GfK Consumer Confidence Barometer will be released soon.

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