Things You'll Need:
- Access to European stock exchange indexes
- Information on current exchange rates
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Step 1
Realize that an individual European Stock Exchange index is not organized in a fundamentally different fashion from an American one. There are abbreviations indicating companies, share prices, exchange composite levels and composite changes for the day, market caps and all the other familiar features. Traders speak a similar technical language regardless of the actual local language.
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Step 2
Understand that Europe has a bewildering array of exchanges compared to the United States. Euronext, which is headquartered in Paris and represents Belgium, France, Holland, Portugal and the United Kingdom, is the second largest exchange in Europe, and is aligned with the New York Stock Exchange to create the first global exchange. Another exchange is OMX, which is composed of Nordic and Baltic exchanges representing Sweden, Denmark, Finland, Iceland, Estonia, Latvia and Lithuania. It is important to know that most of the countries not encompassed by Euronext or OMX will have at least one exchange operating there, and some countries may have exchanges that are not part of a pan-European group. For example, while Euronext does operate in the United Kingdom, the important London Stock Exchange is not part of it. Germany, the single largest economy in Europe, is not a part of any pan-European exchange, and operates three distinctly German exchanges: Deutsche Boerse, Eurex and the Frankfurt Stock Exchange. This looks like quite a tangle, but in reality it is just a lot of information that needs to be organized. Determine which countries are important to your interests, investigate their exchanges and whittle the picture down to what you really need to pay attention to.
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Step 3
Understand that like all foreign exchanges, European stock markets are denominated in foreign currency. Furthermore, despite the advent of the Euro, not all of Europe (or even the European Union) is on the single European currency. Within the European Union, the United Kingdom, Sweden and Denmark do not use the Euro and retain their own currencies. Other important European states, such as Russia, exist outside the European Union altogether. The United Kingdom and Russia alone are two of the most important economies in Europe, and Sweden includes such international companies as Volvo and Ikea. This means you will need to monitor at least one, and possibly more, currency exchange rates to make sense of the prices on a European stock market index, and this becomes even more important if you want to compare and contrast between them.
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