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European equities rally, led by pharma companies and banks
On Tuesday, European equities jumped, led by financial institutions and pharmaceutical equities because market participants looked ahead to remarks from the Fed that could offer insight into the outlook for the US monetary policy.
The Stoxx Europe 600 Index SXXP managed to ascend by 0.5% showing 385.20, having lost between positive and negative territory earlier in the trading marathon. On Monday, the index concluded 0.6% higher, in a moderate rebound from recent dives, including a 1.2% sink over the course of the previous week that turned out to be its third straight weekly slump.
On Tuesday, American equities started higher, putting the S&P 5 00 close to record levels.
Italian equities appeared to be the day’s top gainers in the European Union, with the FTSE MIB Italy index FTSEMIB soaring by 1.7% hitting 20,809.38.
The DAX DAX ascended by 0.7% in Germany demonstrating 12,425.35. By the way, on Monday the index managed to rally by 1%, thus showing its greatest single-day percentage ascend since July 26, following its third straight losing week.
The CAC 40 gained 0.8% in France, showing 5,423.30. In Great Britain, the FTSE 100 UKX stood still demonstrating 7,591.5.
The currency pair EUR/USD extended its recent ascend versus the evergreen buck showing $1.1562 in contrast with Monday’s outcome of $1.1484.
The USD index has been diving for a fifth session in a row, which is its longest losing marathon since the beginning of 2018. So far this year, the common currency has lost over 4% versus its US rival.
Market participants are shifting their focus to upcoming news from the key American bank. The minutes from the key financial institution’s latest gathering is going to be disclosed on Wednesday, while on Friday, Fed Chair Jerome Powell will deliver a speech at the bank’s annual meeting in Jackson Hole.
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.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…