UK and European stocks are higher this morning. UK investors will be focused on Rishi Sunak’s budget statement, due to start at 12.30 UK time. The Chancellor will announce an extension of the existing furlough scheme and will reassert the government’s commitment to support the economy. Markets will be keen to hear the plans for spending and taxation.

Bond yields fell back again on Tuesday and US futures gained overnight after a weak day session. The anticipation of fresh stimulus continues to embolden traders to “buy the dip”.

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