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European and US markets had divergent fortunes yesterday, with US markets slipping back, while Europe finished the day higher. With Asian markets taking their cues from Europe’s positive session yesterday, these gains for Europe have continued this morning, ahead of what is going to be a key day for the UK economy, as the chancellor of the exchequer unveils his latest Budget.
The FTSE 100 and DAX appear to be leading the way in early trade, with the DAX posting a new record high, with consumer retail and travel leisure stocks helping to underpin the UK benchmarks. Leading the early gainers on the FTSE 100 are the likes of Premier Inn owner Whitbread, no doubt buoyed by the extension of furlough until September, at the same time as looking forward to the prospect of a decent summer of domestic bookings, along with the prospect that it will be a notable beneficiary of any extension to the help for business in this afternoon's Budget. Also higher are the likes of Holiday Inn owner Intercontinental Hotels Group, and British Airways owner IAG.