After starting the week on a weaker note by falling on Monday, the United Kingdom’s FTSE index regained strength and opened higher on Tuesday. The market sentiment was weaker due to fewer miners at the beginning of the week.
According to recent surveys, non-essential spending is falling due to increased costs of day-to-day spending amid Brexit. After a disappointing performance on Monday, miners started to recover on March 7. On the other hand, the market is looking forward to the United Kingdom’s budget statement. Philip Hammond, the United Kingdom’s Chancellor of the Exchequer, will announce the budget statement on March 8. The market is expecting reforms for small businesses, increased funding for social care, and a boost for vocational studies.
The iShares MSCI United Kingdom ETF (EWU) fell 0.66% on March 6. At 4:50 AM EST on March 7, the FTSE 100 index was trading at 7,362.05—a gain of 0.13%.
After falling for three consecutive trading days, Germany’s DAX index regained strength and opened higher on Tuesday. The market sentiment was weaker at the beginning of the week after the announcement of Deutsche Bank’s plans to raise 8 billion euros by issuing shares. According to data released by Eurostat at 5:00 AM EST today, the Eurozone GDP remained unchanged and in line with the expectation of 0.4% quarterly growth. At 5:00 AM EST, the DAX index is trading at 11,973.25—a gain of 0.12%. The iShares MSCI Germany (EWG) closed the day at $27.83—a fall of 0.57% on March 6.
After a weaker start to the week, France’s CAC 40 index is weaker in the early hours on Tuesday. Political concerns are taking the risk appetite out of the markets. Francois Fillon, the Republican presidential candidate, gained support from the country’s leadership. He will continue to contest accusations of misusing public funds. At 5:05 AM EST, France’s CAC 40 index moved to 4,966.5—a fall of 0.12%. The iShares MSCI France ETF (EWQ) fell 0.51% on March 6. In the next part, we’ll see how Wall Street performed on March 6.