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Midday Market Update

Stocks Rise Ahead of Earnings Season

U.S. Market    
Stocks rose this morning ahead of second-quarter earnings seasons and after Friday’s strong jobs report. The S&P 500 hit a new intraday all-time high.

Politics was in focus this morning. Japan’s ruling Liberal Democrats, and their collation partner, won 70 of 121 seats in upper house elections held over the weekend. The result is seen as boosting the prospects of further stimulus in Japan. 

The pound rallied after Andrea Leadsom unexpectedly dropped out of the race to be Prime Minster of the UK, leaving Theresa May as the sole candidate. May is likely to take over by Wednesday of this week, averting a months long leadership battle.

At midday the S&P 500Dow and Nasdaq were up 0.5%, 0.6% and 0.8% respectively.

Stocks on the Move
There was limited corporate news this morning.

Foreign Markets
European markets were broadly higher today. The FTSE 100, Paris CAC and Germany’s DAX rose 1.4%, 1.8% and 2.1% respectively.

Asian shares also rallied. The Nikkei 225 jumped 4%, the Hang Seng was 1.5% higher while the Shanghai Composite gained 0.2%.