Europe opens higher on new EU financial rules

Wednesday, 03. January 2018 09:04

European stock markets started the Wednesday trading session higher as investors digest a fresh piece of European Union legislation intended to regulate the financial sector. The remodeled version of the EU's 2008 Markets in Financial Instruments Directive (MiFID) is known as MiFID II and will come into effect today, bringing about major changes to the bloc's financial services system. Meanwhile, North Korea announced it has reopened a border hotline with the South, reviving the inter-Korean dialogue.

The FTSE 100 was 0.13% higher at the start of the session, with Marks and Spencer as the best performer. The DAX gained 0.35% to open in the green, with Volkswagen leading the gains. Meanwhile, the main French index CAC 40 added 0.17% at the opening bell, pushed higher by LafargeHolcim.

The euro lost 0.19% against the dollar to go for 1.2036 at 9:03 am CET. Meanwhile, the pound was virtually unchanged versus the greenback, selling for 1.3600 at 9:03 am CET.

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