This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
European equities slip towards 1-year minimum
On Tuesday, an ugly start to EU trading pushed world equities towards their lowest value for a year due to the fact downbeat drivers from Saudi Arabia's diplomatic isolation to fears about Italy's finances as well as trade clashes pressured market sentiment.
Selling that came from Wall Street generated a devastating selloff in Asia right before affecting European markets, already facing a fifth losing day.
The tech sector reported the worst performance after chip manufacturer AMS dived by 17% because its outlook generated fears.
The STOXX 600 reached a two-year minimum with nearly half of its equities currently in bear-market territory, losing 20% from their maximum.
The DAX slipped to 2016 minimums in Germany. The FTSE approached April minimums in Great Britain. Additionally, MSCI's world share index found itself two points of a one-year minimum.
The common currency also dived to a two-month minimum.
Financial markets were also waiting for Turkey's leader to reveal his country's attitude to the killing of Saudi Arabian reporter Jamal Khashoggi that occurred in Turkey, at a Saudi consulate.
Saudi Arabia, which is a number one crude oil exporter, is currently facing international pressure to provide all the necessary facts about that tragic incident, which has provoked a storm worldwide and contributed to the threat of international sanctions against the country, thus generating market worries.
Market participants are afraid that it might force Saudi to retaliate through oil. Nevertheless, a Saudi promise to stay responsible in the market held down oil prices on Tuesday.
As a matter of fact, Brent crude futures were worth $79.51 a barrel, decreasing by 0.4%. American West Texas Intermediate crude futures hit $69.12, diving by 0.35%.
Meanwhile, versus the greenback the Japanese yen managed to surge by 0.4% against the backdrop of the risk-off mood hitting 112.42.
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What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!