Europe seen higher as Trump announces reforms

Wednesday, 01. March 2017 08:17

European stock index futures pointed towards a higher open on Wednesday as investors digested the first address to Congress of United States President Donald Trump and awaited PMI data.

Speaking to members of Congress earlier, the president stated he was bringing jobs back by convincing businesses to invest in the US and reiterated his plans to start building a wall on the southern US border ahead of schedule. Trump went on to promise a “historic” tax reform that will help businesses and reduce taxes for the middle class. He also called for a “merit-based” immigration system to be introduced, announced he would be asking Congress to approve a $1 trillion investment in US infrastructure, and said Capitol Hill must work together to improve the healthcare system in the US.

DAX futures indicated the index will rise 0.38% while the EuroStoxx 50 is set to increase 0.51%. The FTSE 100 is to gain 0.06% and the CAC 40 is seen as trading 0.35% in the green.

The euro lost 0.47% against the dollar to change hands at 1.05450 at 8:07 am CET. Meanwhile, as Brexit talk continues in the United Kingdom, the pound declined 0.45% to trade at 1.2355 against the greenback at 8:09 am CET.

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