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DailyFX European Market Wrap: European Equities Up after Fed Rate Hike, Dutch Elections

DailyFX European Market Wrap: European Equities Up after Fed Rate Hike, Dutch Elections

Katie Pilbeam, Contributor

European markets gain after the US interest rate rise and the Dutch election results in which Prime minister Mark Rutte’s centre-right, liberal VVD party has claimed victory in the country’s election. Markets has been on edge considering the main challenger was an anti-Islam, Eurosceptic populist Geert Wilders. The euro gained modestly as a consequence.

Meanwhile the UK central bank has left its policy measures unchanged. But one member of the MPC voted for a 0.25% rate hike, Kristin Forbes is the hawk voting for a 0.25% rate hike. The quantitative easing gilt purchase program target was left unchanged at £435 billion, while the corporate bond buying program target was also unchanged at £10 billion.

Cable picked up on the central bank release, boosted by Forbes ’hawkish vote. The bank wants to balance a desire to support growth against concern about a currency-fueled pickup in consumer prices. But for Forbes, the outlook for above-target inflation over the next three years, combined with few concrete signs of slower growth, warranted an immediate hike.

Balfour Beatty has returned to profit after two years of losses. The UK engineering giant behind Crossrail and the transformation of the former Olympic Stadium into West Ham's ground made an £8m profit, after a £199m loss in 2015.

Looking ahead to Friday international trade will be a key theme beginning with the Eurozone's trade balance and this comes just as the G20 in German kicks off – which will be the first with new US President Donald Trump.

--- Written by Katie Pilbeam, DailyFX

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