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Rising around 1% the FTSE spent the morning hitting fresh all-time highs, sporadically crossing the 7440 mark. The mining sector is providing the thrust of the index’s growth, with Anglo American leading the charge with a near 9% surge. The Eurozone, meanwhile, maintained its own healthy gains this Thursday, the DAX and CAC jumping 0.9% and 0.7% respectively as investors celebrate Mark Rutte’s defeat of the anti-EU, anti-immigrant Geert Wilders in the Dutch general election.

As for the pound, with interest rates set to remain unchanged following this afternoon’s Bank of England meeting, and the Queen giving her royal assent to the triggering of Article 50, the currency had fallen by 0.4% against the dollar and 0.5% against the euro. Sterling will likely need Mark Carney and co. to sound more hawkish than expected if it is to recover these losses as the day progresses.

Looking to the US open and the Dow Jones should continue to benefit from the Fed’s cautious rate hike after the bell, the futures suggesting the index will just about cross 20100 with a 75 point rise. With the increase in interest rates widely expected investors’ attention was on just how hawkish Janet Yellen and her colleagues would come across on Wednesday evening. And, as evidenced by the market reaction, the statement ending up working in the Dow not dollar’s favour thanks to the fact that a) the decision wasn’t unanimous, and b) the central bank still has 3, not 4, hikes pencilled in across 2017 (including the one last night).

Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Connor Campbell

Connor Campbell

Connor joined Spreadex in 2014 as part of a newly expanded financial analyst team after graduating from the University of Southampton with an MA in English. His focus is on providing Spreadex's customers with up-to-date and informative news, and is responsible for the market analysis found on the Spreadex website.

Connor produces three daily market updates, a daily stock earnings preview, a weekly financial market preview piece every Friday, a round-up of all the big financial stories making the weekend press every Monday morning and regular stock market features.

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