Taking their cues from the Dow Jones, the European markets had a proverbial spring in their step as they returned from the Easter break.
In the peace and quiet of a Europe-free Good Friday and Easter Monday, the Dow made strides, climbing above 33,500 for the first time in history following a blockbuster 916,000 nonfarm employment change reading.
This has helped the European indices bound out of the gates this Tuesday. Hitting a near 3-month peak, the FTSE crossed 6,800 with a 1.2% increase.
The UK index was aided slightly by the pound’s 0.2% decline against the dollar and euro, though the benefits of sterling’s softness were countered by a falling AstraZeneca PLC (LON:AZN) (NASDAQ:AZN).
The pharma firm has slipped on reports that the UK medicines watchdog is considering suspending use of the Oxford vaccine in under-30s, echoing the blood clot concerns seen on the continent.
It was a now routine open for the DAX. Routine here means record-breaking, as the index rose 170 points, or 1.2%, to sit within touching distance of 15,3000 for the first time.
The CAC, beset by a national lockdown, noticeably lagged behind its UK and German peers, managing to add just 0.6%.
One thing that could deflate the European markets slightly is that the Dow itself is set to retreat this afternoon. Not by much, admittedly. The futures have the index dipping by 50 points, or 0.1%, knocking it back below 33,500.
Then again, the US open is a while away, and the Dow could easily wipe the sleep from its eyes and keep climbing.
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