The FTSE and European markets were higher on the final trading session of the year as investors look ahead to what’s in store for 2024.
The FTSE 100 (^FTSE) rose 0.1% and finished 2023 at 7,733 points as the final session of the year closed at 12.30pm in London.
The CAC 40 (^FCHI) climbed 0.3% to 7,555 points in Paris. In Germany, the DAX (^GDAXI) advanced 0.3% to also finish the session early at 16,743. Europe’s Stoxx 600 (^SOXX) closed 0.3% higher.
At at 7,733 points, that is the FTSE 100’s highest closing point since 23 May 2023. The UK’s blue-chip stock index has gained around 3.8% in 2023, while other European markets have gained over 12%.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “The FTSE 100 has stumbled over the line, eking out a modest gain for the year but failing to shoot the lights out.
“Compared to its international peers, 3.7% is a paltry rise since the last trading day in 2022, especially when you look at just how high the S&P 500 has climbed, up 25% over the year, while the DAX in Frankfurt has jumped by around 20%.
“The FTSE 100 reached the heady heights of 8,047.06 in February but has struggled to regain its form. Britain’s blue-chip index still appears unloved with attention grabbed by the bright lights of Wall Street and the tech heavy makeup of New York’s exchanges, with a frenzy for all things AI fuelling buying behaviour. Even though the Brexit hangover has eased, the UK’s stagnating economy and volatile political scene of recent years appears to be putting off investors.”
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Across the pond, Wall Street slipped but the three main indices are on track for both monthly and quarterly advances, setting them up for double-digit gains in 2023
The Dow Jones (^DJI) was flat at 37,738 points. The S&P 500 (^GSPC) was flat as it hovers near an all-time closing high of 4,796.56 and the tech-heavy NASDAQ (^IXIC) slipped just below the flat line to 15,094.
While stocks were in the red during early trading, the major indexes powered through a year of economic uncertainty. The Dow has risen more than 13% for the year. The S&P enjoyed gains of nearly 25%, and the Nasdaq has swelled 44% year to date.
In Asia, Tokyo’s Nikkei 225 (^N225) slipped 0.2% to 33,464 points, while the Hang Seng (^HSI) in Hong Kong finished flat at 17,036 points. The Shanghai Composite (000001.SS) climbed 0.7% to 2,974 points.
The pound (GBPUSD=X) was stronger against the dollar, trading at $1.2753. Sterling (GBPEUR=X) was also higher against the euro, trading at €1.1518.
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Meanwhile, Brent crude (BZ=F) was hovering around $78 per barrel as concerns eased about shipping disruptions along the Red Sea route in spite of rising tensions in the Middle East.
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