Markets Mixed as France's Political Uncertainty Has Limited Impact
Markets began Tuesday with a mix of stability and volatility, as political uncertainty in France had little impact on major European indices, while gold prices continued their upward trajectory. The Dax remained steady, and the Israeli stock market hit a record high, despite concerns about France's political future.
The Dax opened Tuesday at around 24,390 points, showing minimal changes from the previous session. This resilience comes despite worries about France's political landscape, with President Emmanuel Macron facing pressure to resign following the resignation of Prime Minister Sébastien Lecornu. However, investors seem reassured that any contagion effects are contained within the French market, with no significant spillover to other European indices.
Gold, on the other hand, continued its rally, with prices soaring from record high to record high. The precious metal's next price target is around $4,400 per ounce, driven by increased participation from private investors. Currency markets saw the euro weaken, with one euro costing 1.1682 US dollars, and the dollar strengthen, with one dollar equivalent to 0.8560 euros.
The Israeli stock market is also performing exceptionally well, reaching a record high. This is fueled by speculation about a sustainable political solution, with investors hoping for clarity from the French president. Remarkably, since the beginning of the year, Israel's stock market has outperformed those in the US, Germany, and Japan.
While political uncertainty in France has had little impact on broader European markets, investors remain watchful. Gold's rally shows no signs of abating, with prices eyeing the $4,400 mark. Meanwhile, the Israeli stock market continues to set new records, buoyed by political optimism.
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