European cash equity markets are broadly higher ahead of the midway stage with the Euro Stoxx 600 rising to a fresh six-month high in recent trade and on course for a fifth straight daily gain (FTSE %, DAX %, CAC %, FTSE MIB %). Basic resources are among the best performers, led higher by Antofagasta after the copper-miner announced a higher-than-expected dividend. Luxury good stocks are also firmly in the green after the Swiss trade surplus widened in February. Moves in the bond markets had been relatively muted although German yields have jumped to new highs in recent trade having dipped slightly after a soft ZEW print. Gilts were largely unmoved despite stronger than expected UK jobs data, including average hourly earnings which rose +3.4% YoY (f/c. +3.2%). The data did provide a lift to the pound however and Gbp/Usd broke above $1.33 in recent trade after reports suggested the EU are planning a contingent offer on a Brexit extension. The Dollar Index has shed -0.2% to 96.3 having lost ground versus all the G10’s bar the Australian Dollar. Elsewhere, oil prices are ahead with US crude futures up +0.9% while spot gold has added +0.3%. Looking ahead, futures are pointing to a higher open on Wall Street where US factory orders and durable goods revisions are due for release.
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