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EU markets start higher
On Wednesday, European markets started higher because hawkish comments by Fed Chair Janet Yellen drove market sentiment.
The EURO STOXX 50 ascended 0.66%, Germany’s DAX 30 gained 0.48% and France’s CAC 40 rallied 0.26%.
In Tuesday’s speech Fed Chair Janet Yellen told that the Fed needs to keep raising rates gradually notwithstanding uncertainty regarding the path of inflation.
Meanwhile, market participants started accepting the fact that German Chancellor Angela Merkel is going to have months of coalition negotiations to form a stable government.
Political risk in Spain is still actual, with the Catalan authorities intending to hold a referendum on whether to break up with Spain on Sunday notwithstanding opposition from the Spanish government.
In general, financial equities grew because French lenders BNP Paribas and Societe Generale rallied 0.45% and 0.29% respectively. At the same time Commerzbank and Deutsche Bank soared respectively 1.17% and 1.24% in Germany.
FTSE 100 jumped 0.44% in London.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.