The United Kingdom’s FTSE 100 Index closed last week at three-month high price levels and recorded the fifth consecutive weekly gain. On April 30, the FTSE 100 Index opened higher and traded at three-month high price levels in the morning session.
The FTSE 100 Index rose on Friday. The pound fell after the release of the United Kingdom’s weaker-than-expected first-quarter GDP data. According to the Office for National Statistics, the United Kingdom’s GDP growth in 1Q18 was 1.2%, which is the slowest GDP growth since 2012. The market expected the GDP to grow 1.4%. Lower GDP growth weakened the pound and boosted the FTSE 100 Index. On Monday, the FTSE 100 Index is trading higher amid a rise in J Sainsbury, which is the second-largest supermarket chain in the United Kingdom. J Sainsbury rose on Monday amid news of its merger with Walmart’s Asda. The market is looking forward to the manufacturing PMI data. The data are scheduled to be released on Tuesday.
At 4:40 AM EST today, the FTSE 100 Index was trading at 7,518.00—a gain of 0.21%. The iShares MSCI United Kingdom (EWU) declined 0.08% to $36.34 on Friday.
Germany’s DAX 30 Index gained for five consecutive trading weeks and started this week on a stronger note. The DAX 30 Index opened higher on Monday and traded near three-month high price levels in the morning session. The improved global market sentiment and Asian markets’ strong opening this week supported the DAX 30 Index in the morning session. On the economic data front, according to Destatis, Germany’s retail sales fell 0.6% in March, while the market expected 0.8% growth.
At 4:45 AM EST on April 30, the DAX 30 Index was trading at 12,606.61—a gain of 0.2%. The iShares MSCI Germany (EWG) gained 0.4% on Friday.
After a strong performance for five weeks, France’s CAC 40 Index started this week on a stable note. The global market sentiment is stable on Monday. Geopolitical concerns subsided and shifted the market focus to corporate earnings data. France’s markets will be closed on Tuesday for the “Labour Day” holiday. At 4:50 AM EST on Monday, the CAC 40 Index was trading at 5,489.68—a gain of 0.12%. The iShares MSCI France (EWQ) gained 0.55% on April 27.
Next, we’ll discuss how the US Dollar Index and Treasury yields performed in the early hours on April 30.