Europe Market Wrap 29 October: Europe Rallies as the ECB Holds and Lagarde Sets Her Exit
Europe rallied on Thursday after the European Central Bank held its rate and Christine Lagarde set her exit date, with Frankfurt’s 1.31% rise the day’s best and only Madrid lower.
The pause followed increases at two of the bank’s previous three meetings, and in The Edge’s reading the one falling sector tells the story: the banks snapped three straight gains on the day the tightening paused, while every other sector we track rose. The next tests come quickly, with Amazon and Intel reporting after tonight’s US close and the Bank of Japan deciding on Friday.
A Pause After Two Increases, and a Date for the Succession
The ECB kept its deposit rate at 2.50%, noting that financing conditions have tightened since September and committing to no path, with its next decision due on 17 December. The pause came with euro-area inflation at 3.8% in September, up from 3.2% in August. On the same day, President Lagarde said she will step down on 7 February 2027; the bank’s announcement gave no reason for the timing and named no successor.
The euro traded 0.11% firmer at $1.1164 in the regional evening and sterling rose 0.34%. Gold was 0.62% lower and Brent traded 1.30% below Wednesday’s settlement.
Four Straight Gains for Frankfurt as Milan Clears 50,000
The DAX rose 1.31% to 26,039.68, a fourth straight gain and the day’s best move. Zurich added 1.21% and Paris 1.05%, the next-best gains. Milan’s FTSE MIB rose 0.36% for a fifth straight gain and closed above 50,000.
Madrid’s IBEX 35 slipped 0.14%, the only national fall, and London added 0.26%. Among the supersectors we track, autos rose 1.57% to lead for a second day. The banks index, the only one to fall, eased 0.22%; Amsterdam’s close and the rest are in the tables.
Top gainers
| Index | Close | Change |
|---|---|---|
| DAX (Germany) | 26,039.68 | +1.31% |
| SMI (Switzerland) | 14,756.86 | +1.21% |
| CAC 40 (France) | 7,970.00 | +1.05% |
| Stoxx Europe 600 (Europe) | 649.43 | +0.83% |
| Euro Stoxx 50 (euro area) | 6,207.45 | +0.63% |
| AEX (Netherlands) | 1,142.24 | +0.59% |
| FTSE MIB (Italy) | 50,002.36 | +0.36% |
| FTSE 100 (UK) | 10,722.07 | +0.26% |
Top losers
| Index | Close | Change |
|---|---|---|
| IBEX 35 (Spain) | 18,857.60 | -0.14% |
The only index on the board to fall; the other eight rose and are ranked in the gainers table above.
Stoxx Europe 600 sectors
| Sector | Change |
|---|---|
| Autos and parts | +1.57% |
| Health care | +1.37% |
| Telecoms | +1.26% |
| Banks | -0.22% |
| Basic resources | +0.06% |
| Personal and household goods | +0.50% |
The three strongest and three weakest of the eight supersectors we track, at the day-end values; seven of the eight rose. Omitted middle: oil and gas +1.03% and technology +0.86%.
Commodities and currencies
| Instrument | Level | Change |
|---|---|---|
| Gold, COMEX (Dec’26), $ an ounce | 4,026.60 | -0.62% |
| Silver, COMEX (Dec’26), $ an ounce | 52.40 | -2.37% |
| Brent Crude, ICE (Dec’26), $ a barrel | 113.82 | -1.30% |
| WTI Crude, NYMEX (Dec’26), $ a barrel | 101.09 | -1.64% |
| US Dollar Index (DXY) | 102.00 | -0.19% |
| Euro/Dollar | 1.1164 | +0.11% |
| Sterling/Dollar | 1.3370 | +0.34% |
| Dollar/Yen | 157.87 | +0.03% |
Intraday quotes at 17:01 GMT, in fixed order; snapshots, not settlements. Commodity rows are measured against Wednesday’s settlements, currency rows against the feed’s prior reference levels.
Asia, session of Thursday 29 October
| Index | Close | Change |
|---|---|---|
| Nikkei 225 (Japan) | 64,659.47 | +1.10% |
| Nifty 50 (India) | 22,936.75 | +1.05% |
| S&P/ASX 200 (Australia) | 8,891.80 | +0.50% |
| Topix (Japan) | 4,003.28 | +0.29% |
| Shenzhen Component (China) | 11,138.20 | -2.92% |
| Taiex (Taiwan) | 46,368.33 | -1.42% |
| Kospi (South Korea) | 5,937.66 | -1.24% |
| Shanghai Composite (China) | 3,651.43 | -0.82% |
| Hang Seng (Hong Kong) | 22,958.65 | -0.59% |
| Straits Times (Singapore) | 5,396.03 | -0.03% |
Carried from The Edge’s Asia Market Wrap of Thursday 29 October, gainers then losers.
Middle East, session of Thursday 29 October
| Index | Close | Change |
|---|---|---|
| EGX 30 (Egypt) | 49,596.14 | +0.64% |
| ASE Index (Jordan) | 4,117.33 | +0.06% |
| FTSE ADX General (Abu Dhabi) | 9,477.76 | -1.17% |
| Tadawul All Share (Saudi Arabia) | 9,921.50 | -1.02% |
| QE Index (Qatar) | 9,151.18 | -0.69% |
| DFM General (Dubai) | 5,817.75 | -0.47% |
| All-Share Index (Kuwait) | 8,453.99 | -0.43% |
| MSX 30 (Oman) | 7,346.188 | -0.42% |
| All Share Index (Bahrain) | 1,830.01 | -0.27% |
Carried from The Edge’s Middle East Market Wrap of Thursday 29 October, gainers then losers.
What to watch: Amazon and Intel report after Thursday’s US close, and the Bank of Japan’s decision and Outlook Report land on Friday. Seven OPEC+ producers hold their monthly output meeting on Sunday 1 November, and the ECB’s next decision is due on 17 December.
Closes are from the index administrator’s day-end values, the exchanges’ own pages and CNBC’s feed, measured against Wednesday 28 October’s closes as published, with run lengths counted against The Edge’s published records; percentages and counts not attributed to a source are The Edge’s calculations. How these wraps are prepared: Methodology.
Sources: European Central Bank, Stoxx, Deutsche Boerse, Euronext, London Stock Exchange, Borsa Italiana, BME, SIX, CNBC, The Edge.
