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European stock markets are prepping for another day of relief-driven trading after equities in Asia continued a rally brought on by the outcome of the first round of voting in France’s presidential election.
The euro eased 0.1 per cent to $1.0861 on Tuesday after ending 1.3 per cent higher on Monday. It touched the highest point in five months after centrist Emmanuel Macron made it into the final round of voting against far-right candidate Marine Le Pen.
The yield on 10-year French government bonds tumbled 11 basis points on Monday to 0.82 per cent, prompting declines in other eurozone bond yields including Spain, Italy and Germany.
Japan’s Topix and Hong Kong’s Hang Seng Index were both up 0.9 per cent, while markets in Australia and New Zealand were closed for a public holiday.
Corporate earnings reports out today include Rocket Internet, Puma, Ericsson, Virgin Money, Circassia and Carpetright.
The economic calendar for Tuesday is a few cards short of a full deck (all times London):
- 07.45: France business and manufacturing confidence
- 08.00: Spain producer price index
- 09.30: UK public sector net borrowing
- Hungary’s central bank interest rates decision is also expected out today.
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