Credit Suisse is saying the markets are in a panic, global manufacturing activity is going nowhere and Glencore and Volkswagen are still dealing with real threats to their business, but you wouldn’t know it to look at the market open on Friday morning.
All the major European share indices have started the day in positive territory despite the numbers from the latest J.P. Morgan Markit global manufacturing survey, which fell to the lowest level since July 2013.
Even Glencore stock, which has taken a battering this week, is up a little as of 8.20 a.m UK time:
Here’s the markets scoreboard as of 8:20 a.m. UK time:
UK’s FTSE: +1.07%
Germany’s DAX: +1.02%
France’s CAC40: +1.28%
Spain’s IBEX: +0.36%
And this is what’s happened to the Euro Stoxx 50, which is an index of Europe’s biggest publicly listed companies.
It opened up more than 1%: