In a week that is severely back-weighted, building to the much-anticipated G20 tête-à-tête between Donald Trump and Xi Jinping, the European markets nevertheless made the most of a quiet calendar to maintain June’s gains.
Having slunk back under 7400 at the end of last week, the FTSE re-crossed that level this Monday, with the mild growth managed by BP (LON:BP) and Shell (LON:RDSa) in light of Brent Crude’s continued rise, informed by the unabated tensions between the US and Iran, giving the index a lift.
The DAX, which last week repeatedly surged past 12400 but was unable to ever close at that level, could only add 0.1%, keeping it the right side of 12300. In contrast the CAC was a bit livelier, nearing 5550 as it rose 0.4%. Things in the Eurozone could shift dependent on the state of the German Ifo business climate reading, which is expected to slip from 97.9 to 97.4 month-on-month.
Despite the weekend papers being full of Tory leadership controversy, the pound kept its losses at the mild end of the spectrum, drifting 0.1% lower against both the dollar and the euro. That took the edge off of last week’s cable-rebound, while keeping sterling near its 5-month lows against its single currency rival.
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