After showing moderate strength on Tuesday, the United Kingdom’s FTSE 100 index rose. It was trading at record highs in the morning session on Wednesday. Currently, the FTSE 100 index is trading at resistance levels created in mid-January.
The market sentiment was revived by President Trump’s speech to Congress on February 28. Even though his speech didn’t give specific details, President Trump’s pledge to spend $1 trillion on infrastructure improved the sentiment in the US. The pledge also improved the sentiment for stocks in the metals space. Considering that increased infrastructural spending supports miners, major miners like Glencore and BHP Billiton rose more than 2.5% on the London Stock Exchange.
On the other hand, the United Kingdom’s manufacturing PMI (purchasing managers’ index) fell in February. According to data released by Markit, the United Kingdom’s manufacturing PMI fell to 54.6 in February from 55.9 in January. The iShares MSCI United Kingdom ETF (EWU) fell 0.22% on February 28. At 6:15 AM EST on March 1, the FTSE 100 index was trading at 7,338.5—a rise of 1.03%.
After showing weakness for four consecutive trading days, Germany’s DAX index rose in the morning session on Wednesday. The market sentiment improved due to stronger manufacturing and employment data. According to data released by Destatis, Germany’s unemployment change fell by 14,000. It fell more than the expectation of 10,000. According to data released by Markit Economics, Germany’s manufacturing PMI for February was 56.8—close to the expected reading of 57. At 6:20 AM EST, the DAX index is trading at 12,001.25—a gain of 1.04%. The iShares MSCI Germany (EWG) closed the day at $27.52—a fall of 0.18% on February 28.
Similar to other European indices, France’s CAC 40 index rose to the highest levels since the end of 2015. The market sentiment improved as the markets digest President Trump’s speech to Congress. At 6:25 AM EST, France’s CAC 40 index moved to 4,931.5—a gain of 1.5%. The iShares MSCI France ETF (EWQ) rose 0.04% on February 28.