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Global Markets: European stocks increased with Macron

European stocks increased with Macron
European stocks increased with Macron

European stocks entered the second day of their gains with the support of rising French stocks after the acquisition of Emmanuel Macron‘s historic majority in the National Assembly of France. The pound continued its rising while the euro remained unchanged as Brexit negotiations started.

Miners and banks were the biggest winners in the Stoxx Europe 600 Index. The CAC 40 Index rallied after the Emmanuel Macron government won a historic majority in the French National Assembly.

Oil scrapped its losses, however the number of active oil drilling wells in the US continued to increase, by trading at about $ 45 a barrel, and by hampering OPEC’s efforts to prevent oversupply.

Despite the uncertainty in the UK administration and the outlook of Brexit negotiations, investors tend to take risks. The Stoxx Europe 600 Index was 0.7 percent, after a 0.5 percent decline in the past week. S & P 500 index futures rose 0.3 percent after the benchmark index fell 0.1 percent in the past week.

Bloomberg Dollar Spot Index rose less than 0.1 percent while the yen fell 0.1% against the dollar and reached a level of 110.99. The Pound rose 0.1 percent to 1.2795, while the euro did not change much after Macron’s victory.

The interest rate of US 10-year treasuries dropped by 1 basis point to 2.14 percent. In the UK, 10 years’ interest increased by one BP to 1.03 percent, while the interest rate in Germany increased by 1 BP to 0.28 percent.

West Texas Oil (WTI) rose 0.2 percent and came in at $ 44.83 per barrel. Crude Oil fell for four weeks as the number of active drilling wells increased in the US.

Gold fell 0.1 per cent to $ 1.252.33 per ounce.

Samsung Electronics Co. was the winner of technology shares in the MSCI Asia Pacific Index and climbed 2.2 percent. The Topix Index rose as the yen lost value in Japan.

Hong Kong shares rose 1.2 percent before MSCI decided to add Chinese stocks to global indices. The Hang Seng China Enterprises Index made its biggest rise since May 25 with a jump of 1.4 percent.


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