Mixed open in Europe despite Wall Street rally

It’s looking like another mixed open for European stock indices which is disappointing given last night’s surge on Wall Street. Investors on this side of the Atlantic may take a cautious approach going into the weekend given the uncertainty ahead of Sunday’s first round of voting in the French presidential election. After all, it’s possible we start next week with two anti-European, and frankly anti-business, candidates for the deciding vote on May. Last night’s Paris attack has added to the febrile atmosphere with all 11 candidates holding off from campaigning today.

Meanwhile, US Treasury yields continue to rally on a reduction in geopolitical tensions and as the Trump’s Treasury Secretary Mnuchin hinted that the administration was close to major tax reform. This has seen safe havens such as gold and silver pull back yet again.  At the beginning of the week both metals hit their highest levels since early November, just after Trump’s election victory.

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