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European equities start higher in risk-on trade
On Friday, European equities started higher because market sentiment was still backed notwithstanding fresh diplomatic turmoil between Russia and America. Meanwhile, traders kept monitoring post-Harvey developments in Texas.
The EURO STOXX 50 soared 0.47%, Germany’s DAX 30 rallied 0.29%, while France’s CAC 40 grew 0.71%.
Renewed tensions arose after America has told Russia to shut down its consulate in San Francisco as well as buildings in Washington and New York, housing trade missions in retaliation for Moscow reducing the American diplomatic presence in Russia.
Meanwhile, market participants kept following developments in the American crude market because the Gulf Coast struggles to obtain gasoline flowing as refineries are still shut.
Financial equities were broadly higher because French lenders Societe Generale and BNP Paribas soared 0.31% and 0.67% respectively. At the same time in Germany Commerzbank inched up 0.24%.
Britain’s FTSE 100 surged 0.20%, backed by revenues in the mining sector.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.