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European equities are braced for quiet end to strong trading week
On Friday, European equities were poised for their best trading week for two months because market participants piled back into shares on signs that the world's key banks wouldn’t probably tighten monetary policy as rapidly as some had feared.
Friday’s move on indexes turned to be more muted as traders hunkered down ahead of earnings data from key American financial institutions including Citigroup and JPMorgan.
The STOXX 600 index inched up 0.1%. Meanwhile, euro zone blue chips STOXX50E were nearly intact.
Firmer metals prices backed revenues on mining equities.
Miners SXPP were pushed up by steel companies ArcelorMittal, Outokumpu as well as Norsk Hydro. They grew after Donald Trump told he was considering tariffs and quotas on Chinese steel dumping.
While a surge in bond yields has affected rate-sensitive sectors, including utilities, banking equities have managed to benefit and the sector stood still as Swedish lender SEB leapt 2.4% after its second-quarter revenue topped forecasts.
The market has started the week with a mixed sentiment…
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.