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25 Jun 2017 17:10
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  •   Home > News > International

    Wall Street hits new highs on tech reboot and French election

    The global market returned to a "risk-off" spirit on positive news in Europe and tech stocks finding favour with investors again.

    The US stock market closed higher this morning as technology stocks rallied.

    Tech stocks rose more than 1 per cent, resulting in the Nasdaq surging 1.4 per cent and new record closes for the Dow Jones and S&P 500 indexes.

    This is a reversal from last week's situation when tech stocks were heavily sold off due to investors' concerns that they may be overvalued.

    French sentiment boosts stocks

    Also boosting global investor sentiment was the result of the French parliamentary election.

    President Emmanuel Macron secured a landslide majority in the National Assembly, giving him a strong legislative mandate for his pro-business reforms.

    Mr Macron's centrist Republic on the Move (REM) party and its centre-right ally MoDem won 350 out of 577 lower house seats in Sunday's election.

    Although it was lower than expected, Mr Macron's majority has swept aside France's main traditional parties.

    Prior to Mr Macron winning the presidency, power alternated between the Socialist and Republicans over several decades.

    Following this news, Paris's CAC 40 Index experienced its biggest rise in over six weeks.

    European shares also surged, with London's FTSE 100 gaining 0.8 per cent to 7,524, and Frankfurt's DAX surging 1.1 per cent to 12,889.

    Brexit talks begin

    The London share market performed well even as Brexit negotiations officially began on Monday, one year after the UK voted to leave the European Union.

    During this meeting, both the British and EU negotiators stressed goodwill but also the huge complexity and tight deadline.

    "We've laid solid foundations for future discussions and an ambitious but achievable timetable," Britain's Brexit secretary David Davis said.

    Mr Davis added that he was "encouraged" by the first talks, and hopeful of a "strong and special partnership" with the EU which continues after Britain's departure.

    However, the Chief EU negotiator Michel Barnier emphasised that little had been agreed but an initial calendar and a structure for negotiations.

    Mr Barnier said the talks will first focus on the "uncertainties caused by Brexit".

    Some of the key priorities expected to include the cash settlement that the EU expects the UK to pay, the status of expats, and the border between Northern Ireland and the Republic of Ireland — which will continue to be an EU member.

    Australian economic data

    The Australian dollar has weakened against the British pound, with $1 buying 59.65 British pence.

    Today is a quiet day in terms of local economic data releases.

    The Reserve Bank will release the minutes for its June meeting, in which interest rates were predictably held at the record low of 1.5 per cent.

    © 2017 ABC Australian Broadcasting Corporation. All rights reserved

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