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European equities edge up for 6th day
On Tuesday, European stocks soared, demonstrating a sixth straight winning marathon because market participants put aside trade war worries and looked ahead to what’s anticipated be an upbeat earnings season.
British politics drew attention just a day after two shocking resignations from the UK cabinet generated rumors as for a fresh general election.
The Stoxx Europe 600 index inched up by 0.4% being worth 386.25.
The British FTSE 100 index gained 0.1% coming up with an outcome of 7,692.04. France’s CAC 40 index PX1 managed to surge 0.7% demonstrating 5,434.36.
In Germany, the DAX 30 index soared 0.5% ending up with 12,609.85.
The currency pair EUR/USD hit $1.1735, surging from Monday’s outcome of $1.1733, while the currency pair GBP/USD ascended from $1.3258 to $1.3262.
The fresh political turmoil in Great Britain was still in focus after Foreign Secretary Boris Johnson as well as Brexit minister David Davis unexpectedly left their posts on Monday.
As a matter of fact, eurozone house prices jumped on at the fastest tempo for 11 years for the first three months of this year.
According to the recent report the British economy managed to expand 0.2% for the three months to May.
In France, industrial output went down by 0.2% from April in May versus estimates for a 0.6% jump.
The equities of Danske Bank AS DANSKE ascended by 0.7%.
BMW AG BMW headed south by 0.3% after the German car maker told it would cooperate with Baidu Inc for the purpose of developing autonomous-driving technology in China.
The equities of TP ICAP PLC TCAP inched down by 36% after the interdealer broker came up with a revenue warning for this year.
Tesco PLC TSCO slumped by 2% after the British supermarkets giant told Charles Wilson, its chief executive of Tesco U.K. & Republic of Ireland is going to retire from the board because of health reasons.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.