Spreadex Market Update
European markets have continued trading in positive territory
European markets have continued trading in positive territory this afternoon with the German Dax up 35 points and the FTSE 100 up around 20 points, however both are starting to sell off slightly from their highs. AstraZeneca took the limelight this morning as Pfizer confirmed they have been in contact regarding the huge potential takeover for the drugs giant, sending AZN shares rocketing over 17% which has maintained into early afternoon trading.
The flurry of activity in the pharmaceutical sector has pushed US futures higher prior to the open thanks to Pfizer’s potential $100bn bid for AstraZeneca. Investors will be awaiting the US Pending Home Sales due at 15:00 today, set to come in at 1.0%.
The pound has strengthened throughout the morning against the US Dollar as investors eagerly await tomorrows GDP figure which will be released at 09:30, set to come in slightly stronger at 0.9%. Dependent upon the figure released, GBP/USD may break the $1.69 level or sink lower.
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