European stocks follow record-breaking Wall Street

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Another record-breaking close on Wall Street, another positive start for European stocks, although the mood has not been bright in Asia.

European stock markets are making gains, tracking another set of record highs for Wall Street’s main equities gauges. The rally has reached the region even after Asia missed out, with banking and commodity stocks leading a sell-off there.

London’s FTSE 100 is up 0.4 per cent in opening trade, with energy and financial stocks leading the way. while Frankfurt’s Xetra Dax 30 is up 0.3 per cent. The international Euro Stoxx 600 is flat. Japan’s Topix is down 1 per cent, hit by weakness in the heavyweight mining and banking sectors.

Hong Kong’s Hang Seng is down 0.2 per cent while on the mainland China’s Shanghai Composite lost 0.8 per cent.

The euro is up 0.2 per cent at $1.0581 amid the wider trend for a lacklustre dollar, while the yen is 0.1 per cent softer at Y112.24, looking set to end three consecutive sessions of gains.

The pound is down 0.4 per cent at $1.2412.

Oil prices were recovering in Asia after a drop of more than 1 per cent on Friday. Brent crude, the international benchmark, is up 1.1 per cent at $56.58 a barrel while West Texas Intermediate gained 0.8 per cent to $54.45.

Gold is a touch lower at $1,254.50 an ounce following three straight days of gains that on Friday saw the yellow metal close at its highest level since Mr Trump’s election victory in November.

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