Stocks track higher after Wall Street hit another record
HONG KONG — Stock markets pushed higher on Tuesday as investors cheered another record day on Wall Street and looked past the political and economic uncertainty buffeting Europe.
KEEPING SCORE: France’s CAC 40 added 0.5 per cent to 4,596 and Britain’s FTSE 100 edged 0.4 per cent higher to 6,771. Germany’s DAX rose up 0.3 per cent to 10,721. U.S. stocks were poised for a flat open, with Dow and S&P 500 futures both steady.
EUROPEAN POLITICS: European markets recovered after initial losses. Leadership changes in the French government appeared to unsettle investors, who are already worried about renewed political uncertainty on the continent following Italy’s referendum. French Prime Minister Manuel Valls announced he would step down to prepare for running for president after President Francois Hollande decided not run for a second term. Market fears had largely receded after the Italian vote, which forced Premier Matteo Renzi’s resignation.
QUOTABLE QUOTE: “The markets appear to have come to the realization that the concerns paid to the Italian referendum may be too much or too early,” said Jingyi Pan of IG Markets in Singapore. “Relief rally has become the favourite description for the overnight trend seen in both European and U.S. stock markets as traders tuned back to riskier assets.”