European stock marked moved broadly higher
European stock marked moved broadly higher in the wake of the European Parliament (EP) elections, as support for eurosceptic, populist parties fell short of expectations, while the Green Party was surprisingly strong. Still, while the DAX is up 0.36% as of 10:16GMT and the Eurostoxx 50 up 0.24%, most indices are down from early highs in quiet trade, with the U.S. and the U.K. on holiday today. The Brexit party topped the leader board in the U.K., which will strengthen the no-deal Brexit camp, while in Italy eurosceptic Salvini managed to take the top spot. The political landscare in Europe is increasingly fragmented, which will complicate decision making processes going forward. The largely positive session in Eurozone stock markets followed a mixed close in Asia, where mainland China bourses outperformed and the yuan steadied after China warned that investors "shortening the yuan will inevitable suffer from a huge loss". This added to speculation that the government will step in and provide support also to the economy as data showed profit at industrial companies falling. The CSI 300 closed with a gain of 1.2%, the Shenzen Comp surged 2.5%. Topix and Nikkei also closed with gains of 0.4% and 0.3% respectively, while the Hang Seng declined -0.2%. U.S. futures are marginally lower, while the front end WTI futures is trading at USD 58.37 per barrel.