After gaining for six consecutive trading weeks, the United Kingdom’s FTSE 100 Index started this week on a stronger note and surged to four-month high price levels as the week progressed. On May 10, the FTSE 100 Index opened the day higher but traded below opening prices in the morning session.
On Thursday, the FTSE 100 Index opened higher following US and Asian markets’ strong performance. The Royal Bank of Scotland’s rally amid settling US complaints about risky loans boosted the blue-chip stocks. The market is stable ahead of the release of the Bank of England’s interest rate decision. The interest rate decision is scheduled to be released at 7:00 AM EST today.
At 4:50 AM EST today, the FTSE 100 Index is trading at 7,662.15 with a gain of 0.02%. The iShares MSCI United Kingdom (EWU) gained 1.6% to $36.65 on Wednesday.
Germany’s DAX Index traded with strength for six weeks and started this week on a stronger note. After trading with decreased momentum for two days, the DAX Index opened higher on Thursday and traded at the highest levels since January in the morning session. The banking sector’s strong performance amid the Royal Bank of Scotland’s settlement along with strength in oil stocks supported the DAX Index in the morning session.
At 4:55 AM EST on May 10, the DAX 30 Index was trading at 13,029.02—a gain of 0.66%. The iShares MSCI Germany (EWG) gained 0.12% on May 9.
France’s CAC 40 Index started this week on a stronger note and consolidated at elevated levels. On Thursday, the CAC 40 Index opened the day on a stronger note and traded at the highest levels since January 22 in the morning session. Strength in the financials and energy sectors amid the improved global market sentiment supported the CAC 40 Index. At 5:00 AM EST on Thursday, the CAC 40 Index was trading at 5,541.87—a gain of 0.13%. The iShares MSCI France (EWQ) gained 0.12% on Wednesday.
Next, we’ll discuss how the US Dollar Index and the Treasury yields performed in the early hours on May 10.