Construction leads the sub-index pack

Admittedly, US interest rates increased (by 0.25 p.p), which usually signifies that the health of the stock exchanges is flagging (because of the higher attractiveness of deposits), but statements made by the Federal Reserve seemed to indicate a moderate inclination to push rates up further. On the other hand, the higher cost of money (and the strengthening of the dollar) mean higher sales revenues. Europe has been experiencing an economic revival unseen for many years. The leading indicators and data confirm that the euro zone is in its best economic condition for the last five or six years. However, it is worth considering political factors – especially the two-round presidential election in France, which will be decided in May. The possible successful outcome of a Marine Le Pen presidency (a eurosceptic and French isolationist) might result in a sell-off on the stock exchanges. In the wake of the Brexit referendum and the elections in the USA, everybody is now braced for the k