Brexit Talks Begin
A year after Britain voted to leave the European Union, the negotiations have finally got underway. The pound is holding above a seven-month low.
The extent to which the Brexit talks will dictate market sentiment has yet to be seen. On day one, the FTSE 100 is up 0.7% thanks to the weaker pound.
Oil Remains Depressed
After last week’s storage increases, oil has decreased significantly. Crude oil inventories came in worse than anticipated which weighed on oil prices. Expected storages were at -2.3M, however the actual amount came in at -1.7M.
Brent oil is now at $47.49 per barrel, while crude oil is down at $45.06.
European Stocks Ignite
European equities are heading for the largest gain in seven weeks, supported by French stocks after President, Emanuel Macron, won the ability to drive through economic reforms.
Banks and automakers took the lead, lifting indices. The rally in Europe spurred a buying frenzy in the US and Asia.