- Equities across the US, Europe and UK look set to end Q2 with strong gains
- US consumer confidence is flying
- Oil steady, gold subsiding
A tentatively positive start to the session in Europe turned negative within the first hour of the session, reflecting continued uncertainty about lots of things, not least a degree of caution on the last day of the quarter; whilst over the pond US markets ground out fresh record highs as big tech holds the show on the road. Asian shares rose and global stocks were close to record highs, whilst US futures were indicating another higher open. You get the impression that markets want to get the quarter-end out of the way before we see some real movement, but the bias remains mainly positive.
The FTSE 100 is heading into the final day of trading for the quarter +5.4 per cent, and up 9.5 per cent for the year so far, and is just about holding gains for the month of June despite a soft week. The FTSE 100 still has a long way to go before it recaptures its pre-pandemic highs but should have more room to run. With a dividend yield of +3 per cent vs 2.3 per cent on German blue chips and less than 2 per cent for the US equivalents, and PE of 17 vs 19 on the DAX and 28 on the SPX, it offers considerable value still.