The pound continues to struggle today as immense pressure knocks on British Prime Minister Theresa May’s door, the weaker currency managed to drag local and noticeable stocks today as well. The FSTE 100 and the Stoxx 600 were both down on today’s market.
European stocks continue to stay on the bullish territory as today’s market weighed the local stocks’ performance down, extending their losing streak to a total of five straight sessions of slumping and lackluster performance. On the other hand, Asian stocks were also sagging on today’s market as investors continue to follow the U.S. tax reform.
As mentioned before, the FSTE 100 Index and the Stoxx 600 Index dropped notable figures on immense pressure from their Prime Minister; the Stoxx 600 took the lead as it dips by a massive 0.3% to 387.45, the index’s poor performance can be traced down to the weak and meek performance brought by the financial and industrial shares.
Stoxx low figures were apprehended by the healthcare and consumer goods sectors; both sectors saw incremental increases which helped stop the bleeding. On the bleaker side, the regional benchmark was down by a massive 0.4% today after dipping by 1.8% last week, the biggest decrease it had from the past three months.
The France’s CAC 40 and Germany’s DAX 30 also suffered the same fate today with incremental dips tallied today. The CAC 40 was the first one to drop by 0.3% at 5,366.37, while Germany’s DAX 30 index shortly followed, shedding 0.2% to 13,102.70.
Euro, Pound Prices
The euro and pound were also pressured from the recent news; the euro was seen trading at $1.1645, incrementally down from Friday’s closing price which was at $1.1665 in New York. Against the battered pound, the euro managed to increase from 0.8843 to 0.8906 today. The pound remained to be the hardest casualty, falling by 0.8% to $1.3084 and hitting its weakest and lowest figures from almost a week now.
The immense focus on the tax reform plan also leaves the Asian stocks scrambling; Japan’s Nikkie 225 dropped 0.7% today and affecting the MSCI’s Asia-Pacific index which was also down by 0.4% today. All-in-all, Japan’s regional shares were down by 0.5%, while the Mainland Chinese’s shares were surging by 0.6% reaching new highs.
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