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Positive moods before the start of European markets

London Stock Exchange

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Futures on European indices point to a positive start at the stock exchange session after mixed moods in Asia and despite the negative backdrop of weak German Chancellor Angela Merkel's poor performance in the Hessen province. The Christian Democratic Union (CDU) of the Chancellor and his coalition partner, the German Social Democratic Party, are losing support for regional elections in the western Hessen province. This is a new blow to the fragile national government. HDZ pours out first, but received only 28% of the voters' vote, according to ex-post data for ARD. This is a big drop from 38.3%, which the HDZ received in the last elections in Hesse in 2013.

I expect even during the interbank market, traders will begin to accumulate the negative results from the German elections, as the loser to be EUR.

Today, during the European session, GBP will be traded with caution, as we expect the autumn budget to be published. Expectations are that the budget will not be "generous", reflecting the situation around the Brexit talks. This in turn will lead to additional pressure on the pound.

Indicative opening prices of European stock indices:

UKX: 7056.9 +6 points
DAX: 11218 +221 points
CAC: 5146,23 +6 points


 Trader Petar Milanov

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