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The FTSE 100 (^FTSE) and European markets made tentative moves in London on Wednesday as the UK government prepares to unveil its spring budget.
The FTSE 100 was up 0.3% by the afternoon. The domestically focused FTSE 250 (^FTMC) rose 0.8%. The pound (GBPUSD=X) rose cautiously against the dollar to just above $1.27.
Elsewhere in Germany and France, DAX (^GDAXI) and CAC (^FCHI) were flat.
British Prime Minister Jeremy Hunt’s signature policy is touted to be an income tax cut.
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“The income tax cut is a nice touch, but it remains to be seen whether it’s enough to avoid losing the election,” said Neil Wilson, chief market analyst at Finalt.
“The risk is that Mr. Hunt, somewhat out of character, announces a ton of tax cuts that confuses markets. We’ve seen bond vigilantes hunting in droves again before. .”
One night in the US and Asia
Asian trade was mixed on Wednesday, with Japan’s Nikkei Stock Average (^N225) underperforming and Hong Kong’s Hang Seng Stock Average (^HSI) seeing strong gains.
The Hang Seng rose 1.7%, reversing some of the losses seen on Tuesday when concerns about China’s economic growth and security emerged.
Meanwhile, US stocks sold off across the board on Tuesday, with the three major indexes closing lower for the second consecutive day.
Uncertainty surrounding interest rate cuts and volatility in the “Magnificent Seven” stocks have created a sense of caution in the market.
The tech-heavy Nasdaq Composite Index (^IXIC) contract led the day’s decline, dropping about 1.7% as declines in Apple (AAPL) and Tesla (TSLA) continued to weigh on stocks broadly. The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) both closed more than 1% lower.
Bitcoin and cryptocurrencies
The topic of the day on Tuesday was Bitcoin (BTC-USD) and the crypto market, with the largest cryptocurrency briefly reaching an all-time high before falling more than 10%.
Prices recovered slightly on Wednesday, trading at more than $67,400.
Last week’s rally was related to both the spot Bitcoin ETF approval earlier this year and capital inflows from the upcoming halving event.
Watch: UK Budget: What to expect
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