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European equities inch up
On Tuesday, European equities managed to rally, tracking global profits, although advances were tamed by weakness for key crude companies because oil prices go down.
As a matter of fact, the Stoxx Europe 600 SXXP headed north by 0.2% ending up with 362.90, following Monday’s 1% dive.
In addition to this, the DAX 30 DAX surged by 0.4% in Germany trading at 11,374.47. The CAC 40PX1 ascended by 0.2% in France showing 5,067.35. As for the FTSE 100 UKX, it stood still in the United Kingdom sticking with 7,048.20.
Besides this, the FTSE MIB index I945 didn’t change in Italy showing 19,068.52.
The currency pair EUR/USD managed to ascend to $1.1267 from Monday’s outcome of $1.1220.
Besides this, the major UK currency GBP/USD rallied to $1.2961 from Monday’s reading of $1.2851.
Global shares rebounded due to the fact that market participants attempted to recuperate from Monday’s dive, and American shares rallied in early trade following a rebound at the beginning of the trading week. In the European Union, market participants were closely watching budget wrangling between the European Union and Italy, while the potential for a Brexit agreement was backing the UK currency that was putting pressure on equities in the region.
Heavily weighted major crude companies went down. BP PLC BP lost 3.7% after a 2.8% dive in the equities of Royal Dutch Shell PLC RDS.A.
Aside from that, Vodafone Group PLC VOD managed to rally almost 6% after the telecoms giant told that organic gains headed north in the first half. Moreover, the company set out fresh cost-savings objectives, although it had the interim dividend frozen while it works to cut debt.
Additionally, Bayer AG BAYN headed south more than 3% after the German firm uncovered a rally in the number of lawsuits, which allege its newly-acquired weed killers provoke cancer.
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.