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24 Hour Market News

European Closing Report

May 14, 2018

European cash equity markets are mostly lower at the closing bell although declines are relatively modest (FTSE -0.2%, DAX -0.2%, CAC 0.0%). Financial service stocks are leading declines while healthcare provided a bright spot after Trump unveiled his blueprint for lowering drug prices on Friday. Wall Street opened to the upside meanwhile with US-China trade talks in focus after the US President also threw a lifeline to Chinese telecoms giant ZTE. In the bond markets, both US and European yields have inched higher amid some hawkish central bank chatter from the ECB’s Villeroy and Cleveland Fed President Mester. Data releases were relatively sparse meanwhile. Turning to currencies, the Dollar Index is nursing a minor decline as last week’s CPI miss continues to weigh while Sterling sits towards the top of the G10 pile. The Norwegian Krone was boosted by hawkish remarks from Norges Bank Governor Olsen. Elsewhere, Italian President Mattarella was expected to hold government formation talks with the Five Star at 15:30 BST and League at 17:00 BST. Five Star leader Di Maio has since said he asked the President or more time to finalize a government. Still to come today, a US 10-year TIPS auction at 18:00 BST.

For a more detailed report please visit the ‘Market Research’ section.