The United Kingdom’s FTSE 100 Index gained for seven consecutive trading weeks—the longest weekly gaining streak in 12 years. The FTSE 100 Index opened Monday on a mixed note and consolidated at elevated levels in the morning session.
The FTSE 100 Index moved higher last week amid strength in oil companies and weakness in the pound. However, crude oil prices pulled back and there was strength in the pound in the morning session, which weighed on the FTSE 100 Index on Monday. Profit-booking at elevated levels and caution ahead of European Central Bank members’ speeches are weighing on the market. At 5:20 AM EST today, the FTSE 100 Index is trading at 7,723.98 with a drop of 0.03%. The iShares MSCI United Kingdom (EWU) gained 0.14% to $36.77 on Friday.
Following a strong performance for seven weeks, Germany’s DAX 30 Index started Monday on a stronger note but lost momentum as the day progressed. Decreased concerns about US-China trade differences and Asian markets’ strong performances are supporting the DAX 30 Index in the morning session. At 5:25 AM EST on May 14, the DAX 30 Index was trading at 12,988.79—a drop of 0.11%. The iShares MSCI Germany (EWG) declined 0.15% on May 11.
After consolidating at elevated levels last week, France’s CAC 40 Index started this week on a mixed note and traded with mixed sentiment in the morning session. There’s caution in the market ahead of ECB members’ speeches scheduled for today. The market is looking forward to France’s inflation data for April. The data are scheduled to be released on Tuesday. At 5:30 AM EST on Monday, the CAC 40 Index was trading at 5,536.41—a drop of 0.1%. The iShares MSCI France (EWQ) gained 0.12% on Friday.
Next, we’ll discuss how the US Dollar Index and Treasury yields performed in the early hours on May 14.