US Futures Near Record Highs Before Burst of Data. – Europe Market Wrap

On the eve of the UK elections, politics continue to take centre stage in most of Europe. As anti-National Rally parties try to keep Marine Le Pen’s far-right faction from winning an outright majority in the final round of legislative voting on Sunday, the benchmark CAC 40 index in France increased by 1.6%. Lead by technology firms, the regional Stoxx 600 index in Europe increased by 0.9%.

Amidst optimism over the likelihood of interest rate decreases, US markets were expected to open close to the record levels achieved on Tuesday. Wall Street’s most recent all-time highs and attempts to thwart a right-wing majority in the French elections gave European markets hope.

US equity futures remained stable ahead of a session that would conclude at 1 p.m. due to the July 4 vacation. For the first time this year, the S&P 500 closed above 5,500 on Tuesday, setting a record 32 times.

Additionally, markets are preparing for Friday’s crucial US payrolls number. According to economists, the data will likely reveal that firms hired roughly 190,000 new employees in June, while the unemployment rate remained at 4%. There was little movement in the dollar or Treasuries.