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British Pound surges after UK exit poll shows Conservatives expected to win 368 seats out of 650

DailyFX European Market Wrap: FTSE Holds onto Record High

DailyFX European Market Wrap: FTSE Holds onto Record High

2017-03-02 15:00:00
Katie Pilbeam,
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The FTSE holds onto the record highs reached Wednesday as a reshuffle of listed companies ruffles the markets. Capita and Dixons Carphone are to be booted out of the FTSE 100 after its quarterly review which will take effect on March 20th. They will be replaced by Scottish Mortgage and Rentokil Initial. But Easyjet and Intu Properties managed to stay in the top league of UK listed companies.

Dixons Carphone ends a 19-year run since it’s entry in 1995. The electronics retailer suffered in the wake of the Brexit vote. And Capita’s CEO has stepped down as a consequence of its latest annual pre-tax profits which fell 33%.

The eurozone’s unemployment rate remained unchanged at 9.6% in January. This is the lowest since May 2009. Greece still has the highest jobless rate in the eurozone at 23%, while Germany has the lowest at 3.8%.

Elsewhere, Eurozone inflation has risen to 2%. The headline rate of inflation in the eurozone rose to 2% in February from 1.8% in January, bang in line with expectations. According to Eurostat, energy prices, food, alcohol and tobacco were the main drivers of the rise. Nevertheless, a Reuters poll released today showed that economists don't expect any change in policy from the ECB this year, which is on pace to purchase in excess of half a trillion euros worth of bonds under their QE program.

Looking ahead to Friday - Japan’s economy will report the latest inflation, unemployment and consumer confidence figures. On the corporate front, there’s WPP and the London Stock Exchange which hit the news last week after it said it was unlikely to receive clearance from Brussels for its merger with Deutsche Boerse.

--- Written by Katie Pilbeam, DailyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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