In a week that sees the continuation of trade talks in Beijing, a Brexit Valentine’s Day date for MPs (though one not as exciting as initially promised) and a stacked pair of UK corporate and economic calendars, the European markets were looking a bit cocky after the bell.
The FTSE leapt past 7130 as trading got underway, rising nearly 60 points as it strove to get back to last week’s 4-ish month highs. Both its oil and mining stocks were in the green despite dips from Brent Crude and copper, while Tui (LON:TUIT) clawed back 2.6% to take the edge off of last week’s disastrous performance.
The pound, in contrast, was subdued at the start of the session, slipping 0.1% against the dollar while remaining unchanged against the euro. More movement will likely be in store, however, given the barrage of data that is about to hit the currency. Nothing necessarily in the pound’s favour, mind.
The UK’s preliminary Q4 GDP reading is expected to come in at 0.3%, against Q3’s 0.6%, while the monthly figure is expected at a measly 0.0%. Preliminary business investment for the fourth quarter is estimated at -1.3%, a smidge worse than the previous quarter’s -1.1%.
Like the FTSE, the eurozone indices opened Monday striving to make up last week’s losses. The DAX, which jumped off a cliff following the latest warnings about the German economy, rose 0.8% as it tried to stick a flag in 11000, while the CAC recrossed 5000 after climbing 40 points.
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