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FTSE 100 leads the pack so far this morning

The European stock markets have been open for around an hour now and during that time we have seen relative underperformance from the DAX and a rebound in the CAC and the FTSE 100. As things currently stand it is the FTSE 100 that has performed the best over the first hour of live trading. The drivers for that appear to be a slight drop back in the GBP/USD, further rejecting a move above 1.30 (as noted here earlier), coupled with a rebound in oil prices. At this stage it would not seem to have anything to do with anything concerning the UK budget last week. The FTSE 100 closed on Friday at 8,177.15 after basing out at 8,071.72 on budget day. The index has lifted to above 8,220 so far this morning. It is just now trading at 8,220
 

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